Endeavor Network has announced the founders of TeamApt, Tosin Eniolorunda and Felix Ike, as the new entrepreneurs joining its network.
Before starting out their own fintech startup in 2015, both founders worked with Interswitch as engineers. The duo launched TeamApt to provide digital banking business solutions and payment architecture for businesses.
The founders bootstrapped the company until 2018 when they raised a $5.5 million Series A round that was led by Jim Ovia’s Quantum Capital Partners. The startup has since gone on to record impressive strides under the leadership of Ike and Eniolorunda.
TeamApt has an agency banking solution called Moniepoint. The first POS acquiring solution that TeamApt developed and launched was already in use by 26 Nigerian banks as far back as 2018. As of February 2019, it was processing monthly transactions in the range of $160 million.
Tosin Eniolorunda revealed at a media event in June that Moniepoint has successfully hit N1.4 trillion in monthly agency transactions.
“This is a market that had the likes of Firstmonie, Paga, OPay. So between 2019 and now, we grew our solution to become the largest in the industry. We process about N1.4tr monthly across about 68 million transactions through 100,000 agents that are distributed all over the country,” he said.
The fintech startup is reportedly eyeing unicorn status as it continues in its path towards making banking services available for businesses in Nigeria.
This goal may be realised sooner than later because of the founders’ selection into the Endeavor Network. Part of the benefits of being an Endeavor Entrepreneur is that they will gain access to comprehensive, strategic and global support services provided by other members of the Network.
Speaking about the selection, Eniolorunda said, “I believe it’s an exciting time to join the Endeavor network of high impact entrepreneurs, and I’m delighted for the opportunity. Felix and I look forward to accessing the abundance of knowledge and expertise within this network, as we continue on our mission to close Africa’s financial inclusion gap.”
Ike and Eniolorunda will be introduced to local and international business mentors, investors, and volunteers from Fortune 500 consulting firms who will, in turn, help them to address important needs.
Many founders from big tech companies in Nigeria are also a part of the Endeavor family. They include Fluterwave’s Gbenga Agboola and Ife Orioke, Kobo360’s Obi Ozor and Ife Oyedele, Paga’s Tayo Oviosu and Jay Alabraba
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