Moniepoint Inc. Company Analysis

Image: Benjamin Dada

Category Details
Name Moniepoint Inc. (formerly TeamApt Inc.)
Founded 2015
Founders Tosin Eniolorunda, Felix Ike
Headquarters Lagos, Nigeria
Business Type For-profit
Industry Financial Technology (FinTech)
Core Services Payments, Credit, Business Management, Banking Services
Mission To create financial happiness for the people of the world
Key Products Moniepoint (agency banking), Monnify (payment gateway)
Target Market Small and Medium-sized Enterprises (SMEs), underbanked populations
Geographical Reach Nigeria (major market), expanding to Kenya
Number of Employees Over 1,000
Funding $37.6 million over 4 rounds; latest funding from debt financing in June 2022
Major Investors British International Investment, Capria Ventures
Key Milestones
  • Acquired a banking license in February 2022
  • Processes over $14 billion in transactions monthly
  • Serves over 3 million businesses
Notable Achievements
Recent Developments
  • Acquisition of Kenyan fintech Kopo Kopo
  • Expansion into personal banking services

Moniepoint Inc. is a prominent Nigerian FinTech company that provides comprehensive financial solutions designed to cater to the needs of small and medium-sized businesses and underbanked communities.

Initially founded as TeamApt Inc. to develop back-end services for banks, the company rebranded to Moniepoint Inc. in 2023 to better align with its flagship product.

Moniepoint offers a range of services including payments, credit, business management, and banking, making it a pivotal player in Nigeria’s financial ecosystem. The company’s rapid growth is evidenced by its extensive transaction volume and widespread use across Nigeria, processing over $14 billion monthly and serving more than 3 million businesses.

Key milestones include acquiring a banking license in February 2022 and expanding into Kenya, and expanding their services to include personal banking. Major investors include British International Investment and Capria Ventures.

Moniepoint’s innovative solutions, such as the POS transfer feature, underscore its commitment to enhancing financial inclusion and business efficiency in emerging markets. Lastly, Moniepoint was named the most inclusive payment platform by the Central Bank of Nigeria (CBN) in 2022.