Nigeria’s TeamApt rebrands as Moniepoint; shifts to London

By Gloria Methri

TeamApt Incorporated, the business banking platform in Nigeria, has adopted the name of its flagship product – Moniepoint. The shift to the Moniepoint brand marks the business’s expansion strategy, accompanied by the relocation of its headquarters to London.

Despite a rocky turn for financial markets globally in the second half of 2022, Moniepoint says it achieved success as a digital banking solution for small and medium businesses. The firm currently processes most POS transactions in Nigeria with an annualised Total Payments Volume (TPV) of more than $170 billion. This, along with the customer base of over 600,000 businesses, enabled TeamApt to more than double its annual revenues in 2022.

In the same year, the platform also launched a credit offering, which has already disbursed over $1.4 billion in working capital loans. Profitable since 2020, TeamApt is backed by key institutional investors, including QED, Novastar, Lightrock, BII, FMO, Global Ventures, Endeavour Catalyst, and New Voices Fund.

Tosin Eniolorunda, co-founder and CEO of Moniepoint said: “When we started out in 2015, we were primarily providing back-office payment infrastructure for banks and needed an apt team, hence the name TeamApt. Since then, we have evolved significantly and our flagship business banking solution, Moniepoint, has become our core focus. Now as we head into the next step in our journey, we have changed our name to reflect the company’s commitment to enabling a world where businesses have access to the digital tools and capital needed to grow.”

Ravi Sharma, Partner at Lightrock added, “We are very pleased with TeamApt’s move to Moniepoint. Recognised by millions, this brand reflects the company’s focus on innovation and customer-centricity, while also positioning the business for continued growth in Nigeria and across Africa.”