TeamApt Incorporated, the leading business banking platform in Nigeria, has adopted the name of its flagship product – Moniepoint, a testament to its success as the all-in-one digital banking solution for businesses across Nigeria. The Moniepoint brand is already an established and trusted name among its customer base in Nigeria, and adopting it as the name means one less layer between the brand and the people it intends to serve.
The shift to the Moniepoint brand marks the next step in the business’s expansion strategy, accompanied by relocating its headquarters to London.
Despite a rocky turn for financial markets globally in the second half of 2022, TeamApt’s Moniepoint has seen unprecedented success as a digital banking solution for small and medium businesses. It currently processes the majority of the POS transactions in Nigeria with an annualized Total Payments Volume (TPV) of more than $170 billion and a customer base of over 600,000 businesses which enabled it to more than double its annual revenues in 2022. The ubiquity of this product saw it win the National Inclusive Payment Initiative Award by the Central Bank of Nigeria.
The platform also launched a credit offering in 2022, which has already disbursed over $1.4 billion in working capital loans.
Profitable since 2020, the company is backed by world-leading institutional investors, including QED Investors, Novastar, Lightrock, BII, FMO, Global Ventures, Endeavour Catalyst and New Voices Fund. The company became QED Investors’ first investment into Africa in July 2022.
Tosin Eniolorunda, co-founder and CEO of Moniepoint said: “When we started out in 2015, we were primarily providing back office payment infrastructure for banks and needed an apt team, hence the name TeamApt. Since then we have evolved significantly and our flagship business banking solution, Moniepoint, has become our core focus and where we see the future. Now as we head into our next step in our journey, we’ve changed our name to reflect the company’s commitment to enable a world where any business has access to the digital tools and capital needed to grow, no matter its stage, size or location, and as Moniepoint we believe we can achieve this.”
Brian Waswani Odhiambo, Partner of Novastar Ventures said: “Moniepoint is uniquely positioned to accelerate the digitization of banking for underserved businesses. Its leadership team has deep sector knowledge and an enviable track record in the financial services space, which is evident from Moniepoint’s ongoing success. Since partnering, Moniepoint has already displayed amazing growth and we’re excited to see the evolution of the business, as it sets out to deliver best-in-class banking and business solutions.”
Ravi Sharma, Partner at Lightrock, commented: “We are very pleased with TeamApt’s move to Moniepoint. Recognized by millions, this brand reflects the company’s focus on innovation and customer-centricity, while also positioning the business for continued growth in Nigeria and across Africa. We look forward to working with Tosin and the talented Moniepoint team as they go from strength to strength.”