TeamApt rebrands to Moniepoint; achieves $170 billion annual business volume
TeamApt has rebranded to Moniepoint as a testament to its success as the all-in-one digital banking solution for businesses throughout Nigeria. By using the name Moniepoint, which is already well-known and reputable among its client base in Nigeria, the brand will have one fewer barrier standing between it and the target market. The company’s expansion goal moves on with the switch to the Moniepoint brand and the relocation of its corporate headquarters to London.
Despite a rough patch for global financial markets in the second half of 2022, TeamApt’s Moniepoint, a digital banking solution for small and medium companies, has achieved unparalleled growth. With a customer base of more than 600,000 businesses and an annually Total Payments Volume (TPV) of more than $170 billion, it presently processes the bulk of POS transactions in Nigeria. This has allowed it to more than treble its annual revenues in 2022. The Central Bank of Nigeria awarded this product the National Inclusive Payment Initiative Award due to its wide use.
The platform also introduced a credit offering in 2022, which has already provided working capital loans totaling more than $1.4 billion. The company, which has been profitable since 2020, is supported by eminent institutional investors such as QED Investors, Novastar, Lightrock, BII, FMO, Global Ventures, Endeavour Catalyst, and New Voices Fund. In July 2022, the business became QED Investors’ initial venture in Africa.
When we first started in 2015, we were primarily providing back office payment infrastructure for banks and needed an apt team, hence the moniker TeamApt, according to Tosin Eniolorunda, co-founder and CEO of Moniepoint. Since then, we have undergone a substantial evolution, and our flagship business banking product, Moniepoint, has taken center stage as the direction in which we want to go. As we move on to the next stage of our journey, we’ve changed our name to reflect the company’s goal to enabling a future where any business, regardless of stage, size, or location, has access to the digital tools and money needed to grow. As Moniepoint, we think we can do this.
In addition, Brian Waswani Odhiambo, a partner at Novastar Ventures, claimed that Moniepoint is specially situated to hasten the digitization of banking for underserved companies. Due to Moniepoint’s continued performance, it is clear that its leadership team has extensive industry knowledge and an excellent track record in the financial services industry. Since our partnership, Moniepoint has shown incredible progress, and we’re eager to watch the company develop as it strives to provide best-in-class banking and business solutions.
Partner at Lightrock Ravi Sharma stated that they are thrilled with TeamApt’s decision to move to Moniepoint. The company’s focus on innovation and customer-centricity is reflected in this well-known brand, which also positions the company for future expansion in Nigeria and the rest of Africa. We’re excited to collaborate with Tosin and the outstanding Moniepoint team as they continue to grow.
