Nigerian fintech startup TeamApt, is relaunching its Moniepoint product as a business bank in order to give a broader range of services to its customers and ensure that everyone has access to financial pleasure.
TeamApt was founded in 2015 to address inefficiencies in Nigeria’s developing digital financial services market, and it offers a number of solutions. The startup has 100% of Nigeria’s commercial banks as customers and secured a switching licence and a US$5.5 million Series A funding round from the Central Bank of Nigeria (CBN) in 2019.
Last year, the startup raised a multi-million dollar Series B funding round to expand after shifting its focus from B2C to B2B, and it has now spun out Moniepoint as a business bank.
Moniepoint has enabled 162,000 small business owners complete over a billion transactions totaling NGN23 trillion since its inception in 2019. While addressing the payment issue, it became clear that many of Nigeria’s 41 million small enterprises had challenges with operations, taxes, insurance, and employee welfare.
Moniepoint has evolved into a business bank to address this issue. This expansion allows Nigerians to grow their businesses with access to quick loans, manage operations, payroll, and employee welfare, and safeguard their businesses with inexpensive premiums, in addition to its payments solution.
“As Nigerians, we feel the challenges of the economy acutely, in real-time. This is why we have worked hard to evolve into a business bank that truly works for the everyday Nigerian business owner. Moniepoint in addition to being a tech-enabled all-in-one business solution is also able to provide much needed last-mile service delivery. This is in line with our mission to power the business dreams of Africa’s real economy, and provide financial happiness to all,” said TeamApt founder and CEO, Tosin Eniolorunda.