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Home Startups Nigeria’s Fintech Startup TeamApt Rebrands to  Moniepoint  to expand its suite of products

Nigeria’s Fintech Startup TeamApt Rebrands to  Moniepoint  to expand its suite of products

by Milcah Lukhanyu
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TeamApt,  a Nigerian fintech startup that offers digital financial solutions for businesses has rebranded to its flagship product – Moniepoint.

The Moniepoint brand an established and trusted name  in Nigeria   will allow the company to capitalise on an  identity that  customers already know and trust.

 Tosin Eniolorunda, CEO and Co-Founder of TeamApt, disclosed that while it initially set out to build solutions for banks in the country, Moniepoint has increasingly become TeamApt’s core focus prompting this rebrand. 

“When we started 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 the next step in our journey, we’ve changed our name to reflect the company’s commitment to enabling a world where any business has access to the digital tools and capital needed to grow.”

With the rebrand,the  company seeks to expand its suite of products to to include banking, credit, payment, and business management tools  as well as geographical expansion.

The company  is backed by global 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.Since  launch ,Moniepoint has been growing exponentially as a digital banking solution for small and medium businesses

Last year, the startup made several milestones including raising  a $50 million funding from QED Investors, Novastar Ventures, Lightrock, and BII. The company is now seeking to raise Series C round  in 2023.The startup  also launched a credit offering which has already disbursed over $1.4 billion in working capital loans.

 Currently,TeamApt 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.

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.”

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