TeamApt rebrands as Moniepoint to help African SMEs grow

Godfrey Elimian
…Moniepoint’s intentions for the future are to broaden its influence and support companies in growing beyond their present capabilities
teamapt tosin and felix
teamapt tosin and felix

TeamApt Inc., one of Africa’s leading business banking platforms, has rebranded to Moniepoint, the name of its flagship product, thereby aligning with a recognizable identity that its existing business owners already trust.

The rebranding of TeamApt to Moniepoint reflects the company’s mission to help businesses grow through access to digital payments, accessible credit and business management tools.

In a statement released by the co-founder and CEO of Moniepoint Inc., Tosin Eniolorunda, he said, “When we started in 2015, we were started by providing products and financial infrastructures to banks and needed an apt team, hence the name TeamApt. 

TeamApt rebrands as Moniepoint to empower more African SMEs to grow
Moniepoint co-founder and CEO, Tosin Eniolorunda

“Over the years, we have evolved significantly, and our flagship business banking solution, Moniepoint, has become our core focus and where we see the future. The name Moniepoint which our business is already familiar with, better represents our commitment to providing our businesses with an all-in-one platform that they can use to access banking services, payments, credits, and business management tools that they can use to grow and succeed in their endeavours.

We have become Nigeria’s leading financial service platform for businesses. With this name change, we are making a promise to always be here for businesses they depend on to power their dreams.”

Led by Tosin, Moniepoint has been towing the ladder of success and has been profitable since 2020. The company has also been on course to become a Unicorn. The company is backed by leading institutional investors such as QED Investors, Novastar, Lightrock, BII, FMO, Global Ventures, Endeavour Catalyst, and New Voices Fund.

With the rebrand, Moniepoint’s intentions for the future are to broaden its influence and support companies in growing beyond their present capabilities.

Read also: Nigeria’s TeamApt eyeing unicorn status with planned $150m Series C round

More on Moniepoint

Since its launch in 2019, Moniepoint has seen unprecedented success as a platform for small and medium businesses in Nigeria. It claims to process over half of the POS transactions in the country.

Tosin Eniolorunda, Co-founder/CEO, and Felix Ike, Co-founder/CTO Moniepoint Inc
Tosin Eniolorunda, Co-founder/CEO and Felix Ike, Co-founder/CTO Moniepoint Inc

The company exceeded its revenue forecasts for 2022, more than tripling them, and won the National Inclusive Payment Initiative Award from the Central Bank of Nigeria with a total processed payments volume of over $170 billion and a customer base of over 600,000 firms (CBN).

The platform also introduced a credit offering in 2022, which has already provided working capital loans totaling more than $1.4 billion.

Eniolorunda claims that Moniepoint’s scalable business model and emphasis on local comprehension have been crucial to the company’s growth strategy, making it the ideal candidate for TeamApt’s rebrand as it continues to carry out its mission of assisting businesses in growing through access to straightforward digital payments and business banking and management tools.

Eniolorunda told Business Insider Africa that the company’s next step is to expand its suite of products on its digital banking platform, among them providing access to digital tools and also breaking into new markets to allow businesses access the tools they need to collect payments and manage their business digitally via Moniepoint’s offerings.

“Cash is still used primarily in over 90% of transactions across the continent, which means there’s still much room for businesses to grow and expand into the digital age. That’s why This rebrand supports our grand mission of powering the dreams of businesses in emerging markets with an all-in-one platform for financial services,” he said.

L-R; Vice President, Sales, TeamApt, Ifeanyi Duru; Chief Growth Officer, Bili Sule; Vice President, Moniepoint, Solomon Amadi; Head, Marketing, Edidiong Uwemakpan; Chief Operating Officer, TeamApt, Tobi Amira.

Additionally, the company plans to help businesses grow by making credit more accessible to them. They aim to empower businesses to get to the next level by making credit more efficient and accessible on the Moniepoint platform.

“We’re putting Moniepoint and everything it represents for us and these businesses at the front and center as we advance. More than ever before, we’re now in a place that makes it easy for our customers to trust in our commitment to their growth. We’re saying to these,” he added.

Read also: TeamApt raises an undisclosed Series B to expand its financial services beyond Nigeria

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