Moniepoint Microfinance Bank
 | |
Native name | Moniepoint |
|---|---|
| ISIN | 🆔 |
| Industry |
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| Founded 📆 | June 2019 in Lagos, Nigeria |
| Founder 👔 | Tosin Eniolorunda |
Area served 🗺️ | |
Key people | |
| Products 📟 | |
| Members | |
Number of employees | |
| Parent | TeamApt Inc. |
| 🌐 Website | https://moniepoint.com/ |
| 📇 Address | |
| 📞 telephone | |
Moniepoint is a financial technology company that offers banking services to all business types. It was founded in 2019 by Tosin Eniolorunda and Felix Ike. It provides bank accounts for businesses featuring loans, cards, business management tools, payment infrastructure like POS terminals, and other services.
Moniepoint originally started as an agency bank and relaunched in 2022 as a business bank.[1][2] It operates in all states and local governments within the Nigerian market and offers banking solutions to over 400,000 businesses.[3][4]
It currently has over 5900+ contract and full-time staff and has raised over $50m in funding, making it one of Africa's most valuable and biggest startups.[5]
History
Moniepoint was founded in 2019 by two Nigerians, Tosin Eniolorunda and Felix Ike, as a stand-alone product under TeamApt.
Moniepoint began operations fully after its parent company, TeamApt, received a switching licence and a $5.5 million Series A fundraising round from Quantum Capital Partners.[6]
As operations began fully, a few services, Moniepoint, provided agency banking services to merchants through a mobile app and POS terminals to offer cash withdrawal, cash deposit, funds transfer, and bill payments to unbanked communities.[7]
Still operating in the Nigerian market alone, in 2020, Moniepoint grew to over 120,000 merchants under its network and through them, was processing $4 billion monthly.
As of April 2022, Moniepoint claims its employees of over 5000 people, directly and indirectly, serve over 400,000 businesses in Nigeria and process over $6 billion in transactions monthly.[8]
Funding
In 2019, Moniepoint began operations fully after its parent company, TeamApt, received a switching licence[9] and a $5.5 million Series A fundraising round from Quantum Capital Partners.[10]
In 2021, TeamApt received a Series B Funding round led by Novastar Ventures. Other investors – FMO, Global Ventures, CDC, Oui Capital, Kepple Africa Ventures, Soma Capital, Endeavor Catalyst, and local angel investors, including Gbenga Oyebode, participated in the funding round.[11]
References
This article "Moniepoint" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Moniepoint. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
- ↑ Daniels, Ajiri (2022-04-14). "Moniepoint evolves into business bank, to empower business owners". The Sun Nigeria. Retrieved 2022-10-28.
- ↑ Read, Kodzilla··2 Min. "MoniePoint, Nigeria's Largest Non-Bank Mobile Money Platform, Evolves into a Business Bank to Fill SME Gaps". BitcoinKE. Retrieved 2022-10-31.
- ↑ Sikiru, Odunayo (2022-10-05). "OPay, Paga, Others Make CB Insights List of Promising Fintech Startups 2022". Investors King. Retrieved 2022-10-28.
- ↑ Sanwo, Boluwatife (2022-11-03). "How the informal market is driving growth and innovation in African commerce". TechCabal. Retrieved 2022-11-04.
- ↑ Kene-Okafor, Tage (2022-08-10). "QED makes its first African investment, backs Nigeria's TeamApt". TechCrunch. Retrieved 2022-10-28.
- ↑ Eleanya, Frank (2019-02-28). "TeamApt sets Nigerian VC record, closes $5.5m Series A Round". Businessday NG. Retrieved 2022-10-28.
- ↑ Kene-Okafor, Tage (2021-07-02). "TeamApt will use its new funding round to provide digital bank services for the unbanked". TechCrunch. Retrieved 2022-10-28.
- ↑ Nwafor (2022-04-16). "Moniepoint evolves as business bank to ensure seamless banking for SMEs". Vanguard News. Retrieved 2022-10-28.
- ↑ "Teamapt secures CBN switching licence for payment infrastructure". The Guardian Nigeria News - Nigeria and World News. 2019-04-17. Retrieved 2022-10-28.
- ↑ Eleanya, Frank (2019-02-28). "TeamApt sets Nigerian VC record, closes $5.5m Series A Round". Businessday NG. Retrieved 2022-10-28.
- ↑ Venkatesh, Sai (2021-07-03). "TeamApt raises Series B funding from Novastar Ventures". SaaS Industry. Retrieved 2022-10-28.
