TeamApt is now Moniepoint! What’s next for the fintech startup?

The news

• TeamApt has announced its rebrand to Moniepoint, taking on the name of its flagship product.
• In 2022, the startup’s CEO, Tosin Eniolorunda, announced that it processed $10 billion worth of transactions for more than 400,000 businesses.
• After the rebrand, it will focus on offering banking, credit, payment and business management tools for its customers.

Seven years after first opening shop, Nigerian fintech startup TeamApt is shedding its name and taking on the moniker of its flagship product, Moniepoint. The start-up, which builds digital financial solutions for companies in the country, revealed that the rebrand makes it possible to connect to an identity that existing customers already know and trust.

Talking to Business Insider AfricaTosin Eniolorunda, CEO and co-founder of TeamApt revealed that while it initially aimed to build solutions for banks in the country, Moniepoint has increasingly become TeamApt’s core focus, leading to this rebranding.

“When we started in 2015, we primarily provided payment infrastructure for banks and needed a suitable team, hence the name TeamApt. Since then, we have grown significantly and our flagship business banking solution, Moniepoint, has become our core focus and where we look the future Now, as we enter the next step in our journey, we’ve changed our name to reflect the company’s commitment to enabling a world where every business has access to the digital tools and capital needed to grow.

In a November 2022 LinkedIn post, Eniolorunda shared that Moniepoint processed $10 billion worth of transactions for more than 400,000 businesses monthly. Founded by a team of former Interswitch employees, TeamApt began building digital financial solutions for many of Nigeria’s commercial banks. In a 2018 interview, Eniolorunda shared that the startup hoped to have closed 98% of commercial banks in the country as customers.

But they would not stick to the banks in the short term. In 2018, they already saw Nigeria’s consumer department, where experts believe more than 90% of transactions are done with cash. Moniepoint was born in 2019 to provide users with financial services such as payments, cash withdrawals and deposits. It brought in over 30,000 agents while enabling nearly 400 billion worth of transactions. It also hinted at plans to expand across West Africa in 2021.

Last year, the start-up reached several milestones. $50 million was raised from QED investors Novastar Ventures, Lightrock and BII, as sources indicated the company was in the market for a Series C round expected to be completed in 2023. It also doubled revenue while a credit offering it launched disbursed over $1.4 billion in working capital loans. While the startup has avoided disclosing its valuation, its ability to process more than $1 billion could mean it’s already a unicorn.

With the rebrand, TeamApt (now MoniePoint) will look to expand its product line to cover banking, credit, payments and business management tools, according to a video announcement on its website. A geographical expansion may also be on the cards.