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Tag: TeamApt

  • TeamApt rebrands, becomes Moniepoint to support African SMEs

    TeamApt rebrands, becomes Moniepoint to support African SMEs

    A leading digital financial service firm in Africa has rebranded itself to be known as Moniepoint, the name of its flagship product. In this way, its business owners are aligned with a trusted brand they already know and trust.

    TeamApt rebranded to Moniepoint to help businesses develop with digital payments, accessible credit, and business management solutions.

    Tosin Eniolorunda, co-founder and CEO of Moniepoint Inc., said in an exclusive statement, “When we started in 2015, we launched by offering products and financial infrastructures to banks and needed an apt team, hence the name TeamApt.”

    ‘‘Our main commercial banking product, Moniepoint, has become our focus and our future. Moniepoint, with which our business is already familiar, better demonstrates our dedication to providing our businesses with an all-in-one platform for banking services, payments, credits, and business management tools to develop and flourish.’’

    Read also: TeamApt receives $50 Million Investment Round Support from QED Investors

     

    ‘‘Business finance services in Nigeria are provided by us. We’re promising to constantly support businesses that power their goals with this name change.’’

    Tosin has led Moniepoint to profitability since 2020. The company is also headed for unicorn status. Leading institutional investors, including QED Investors, Novastar, Lightrock, BII, FMO, Global Ventures, Endeavour Catalyst, and New Voices Fund, backed the company.

    With the rebrand, Moniepoint hopes to expand its influence and help firms grow beyond their current capabilities.

    More on Moniepoint

    Nigerian SMB platform Moniepoint has seen extraordinary success since its 2019 launch. It handles almost half the nation’s POS transactions.

     With a total processed payments volume of over $170 billion and a customer base of over 600,000 enterprises, the company tripled its revenue estimates for 2022 and earned the Central Bank of Nigeria’s National Inclusive Payment Initiative Award (CBN).

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

     Moniepoint’s scalable business model and focus on local comprehension have been important to the company’s growth strategy, making it the perfect choice for TeamApt’s rebrand as it continues to help businesses expand through simple digital payments and business banking and management tools.

    The next step for the company, according to Eniolorunda, is to expand its suite of products on its digital banking platform, including providing access to digital tools and entering new markets to give businesses access to the tools they need to collect payments and manage their businesses digitally through Moniepoint’s offerings.

    He stated, “Over 90% of transactions throughout the continent are still cash transactions, so there’s still plenty of room for businesses to grow and extend into the digital age.” “This redesign serves our wide mission of enabling firms in new areas with an all-in-one platform for financial services.”
    The startup also wants to make credit easier for businesses. Moniepoint makes credit more efficient and accessible to help businesses grow.

     “Moniepoint and everything it means for us and these businesses is front and center as we develop. “Our customers may now trust our dedication to their progress more than ever.” We’re telling them, he added. 

  • TeamApt receives $50 Million Investment Round Support from QED Investors.

    TeamApt receives $50 Million Investment Round Support from QED Investors.

    Nigerian fintech firm “TeamApt” recently completed a significant fundraising round, bringing QED Investors on board, one of the top fintech gurus around the globe. The fintech startup TeamApt provides banking and commercial payments services and is rumoured to have secured a new fundraising round of over $50 million.

    Read: Jumia Shares Rise After A Tough First Quarter

    Novastar Ventures, Lightrock, and Bill were some investors who already had money in the company. QED Investors, a venture capital firm that focuses on the financial technology industry in the United States, led the investment.

    TeamApt was established in 2015 to address inefficiencies in Nigeria’s expanding market for digital financial services. The company offers a wide range of products. The company has obtained a switching licence from the Central Bank of Nigeria (CBN) and a Series A funding round of US$5.5 million in 2019. Its clientele consists of all of the country’s commercial banks, making up one hundred per cent of those institutions.

    The company has closed another major round led by QED, a premier venture capital firm that has invested in 27 unicorns across over 180 portfolio companies in 14 different countries. The Series B funding round the startup raised was for multiple millions of US dollars the previous year. It has made its first investment in Africa through TeamApt. In addition to new investors, existing investors from the previous Series B round, including Novastar Ventures, Lightrock, and BII, took part in this round.

    TeamApt runs Nigeria’s most extensive business payments and banking platform, which currently has more than 400,000 businesses onboarded and processes an annualised run-rate transaction value of $100 billion US dollars. Its all-in-one business solution aims to digitalise Africa’s economy and is laying the groundwork that will provide Nigeria’s 41 million SMBs with digital payment acceptance channels, access to working capital and business expansion loans, and business management tools such as expense management, accounting, and book-keeping solutions to manage their operations. This will allow Africa’s economy to become more competitive globally.

    TeamApt Engineer


    TeamApt’s CEO, Tosin Eniolorunda, said the company is adding more credit products because of this funding round.

    “The investment made by QED demonstrates that TeamApt has the potential to experience exponential growth and become a world-class financial institution at the vanguard of Africa’s economic transformation.” As one of the essential fintech operators in Nigeria, QED is providing us with the necessary fintech experience as we work toward expanding our product throughout Africa. TeamApt will continue digitising Africa’s economy, enabling growth, inclusion and access to financial services. This will be possible because of QED’s experience as an operator and TeamApt’s strong management team.

    QED Investors is a significant venture capital business that operates internationally and is headquartered in Alexandria, Virginia, in the United States (US). QED Investors is a global investment firm established in 2007 by Nigel Morris and Frank Rotman with the mission of investing in innovative firms providing financial services. In September 2021, QED announced that it had successfully closed a US$1.05 billion fund that had been substantially oversubscribed. The fund consisted of US$550 million allocated to early-stage investments through QED Fund VII and US$500 million allocated to a new Growth Fund.
    In February of 2022, the company made the initial announcement that it would be expanding into Africa and hired Gbenga Ajayi and Chidinma Iwueke to head up its investments on the continent.

    According to Gbenga Ajayi, a partner at QED Investors and the head of Africa operations, “I am proud to bring Africa to QED and QED to Africa.” I was trying to think of a better method to join the continent, and I could not come up with anything better than our investment in TeamApt. Tosin and his colleagues have painstakingly constructed an outstanding payment and distribution network across Nigeria for the past five years. They will be able to keep building a more extensive network because their unit economics are solid and positive, and they pay a lot of attention to what their customers want.

    The pan-African expansion play that TeamApt has been working on is still active, according to Eniolorunda, and the company is planning to launch its first wave of international expansion inside the continent within the next few months, which will help boost African technology.