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.’’
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‘‘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.
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