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Moniepoint

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Overview

Moniepoint, formerly known as TeamApt, is a Nigerian fintech company founded in 2015 by Tosin Eniolorunda and Felix Ike. This comprehensive overview highlights key aspects of the company:

Headquarters and Operations

Moniepoint is headquartered in Lagos, Nigeria, with operations focused primarily in the African market.

Services and Products

Moniepoint offers an all-in-one platform for banking, payments, and business operations, including:

  • Payments: Infrastructure and distribution networks for merchant payment solutions
  • Banking: Business and personal banking solutions for instant transactions and financial management
  • Business Management: Operational tools such as expense cards, accounting, and bookkeeping solutions
  • Credit: Loans for business owners to finance inventory purchases and expansion
  • Monnify: A payment gateway for businesses to accept recurring or one-time payments

Technology Infrastructure

Moniepoint utilizes Google Cloud alongside on-premises infrastructure to provide reliable financial services. Key technologies include Kubernetes, Cloud SQL, and Cloud Bigtable for managing large datasets and high-traffic transaction workloads.

Growth and Recognition

  • Serves over 1.9 million businesses, processing more than $12 billion in 400 million transactions monthly
  • Ranked second-fastest growing company in Africa by Financial Times in 2023
  • Achieved unicorn status in October 2024 after raising $110 million in Series C funding
  • Recipient of several awards, including the Financial Inclusion Award and Best Hospitality Industry Support Fintech award

Funding

Moniepoint has secured significant funding through various rounds:

  • 2019: $5.5 million Series A funding
  • 2021: Undisclosed Series B funding
  • 2021: $50 million pre-Series C funding
  • 2024: $110 million Series C funding

Impact

Moniepoint focuses on financial inclusion, particularly for underbanked SMEs and individuals in remote areas of Nigeria and beyond. The company aims to provide equal access to financial tools and services, promoting financial empowerment and business growth across Africa.

Leadership Team

Moniepoint Inc., formerly known as TeamApt, is led by a team of experienced executives who drive the company's vision and strategy. Key members of the leadership team include:

Chief Executive Officer (CEO)

  • Tosin Eniolorunda: Founder and current CEO of Moniepoint. Eniolorunda brings valuable experience from his previous roles at companies such as Interswitch and SLB.

Chief Technology Officer (CTO)

  • Felix Ike: Co-founder and CTO of Moniepoint. Ike plays a crucial role in the company's technological development and innovation.

Chief Financial Officer (CFO)

  • Bayo Olujobi: Appointed in November 2024, Olujobi serves as the CFO, supporting the company's mission to improve financial inclusion in Africa. The leadership team at Moniepoint is responsible for:
  • Steering the company towards its strategic goals
  • Driving growth and ensuring operational efficiency
  • Managing brand perception and market positioning
  • Promoting financial inclusion through innovative technology
  • Overseeing various departments to maintain alignment with the company's mission and objectives Their collective expertise and vision are instrumental in Moniepoint's continued success and expansion in the African fintech landscape.

History

Moniepoint, formerly known as TeamApt, has a rich history in the Nigerian fintech sector. Here's a chronological overview of the company's key milestones:

2015: Founding

  • Founded by Tosin Eniolorunda and Felix Ike as TeamApt
  • Initially served as a service provider for banks and financial institutions

2019: Expansion and Funding

  • March: Secured $5.5 million in Series A funding from Quantum Capital Partners
  • November: Received a switching license from the Central Bank of Nigeria
  • Entered the agency banking space with the Moniepoint platform

2021: Further Growth

  • Secured undisclosed Series B funding led by Novastar Ventures
  • Raised $50 million in pre-Series C funding led by QED investors

2022: Banking License and Consumer Banking

  • February: Obtained banking license
  • April 13: Launched Moniepoint MFB, marking entry into consumer banking

2023: Rebranding and New Services

  • January: Officially rebranded from TeamApt Inc. to Moniepoint Inc.
  • March: Led a $3 million seed investment round for Nigerian neobank Payday
  • July: Launched personal banking services

2024: Unicorn Status

  • October: Raised $110 million in Series C funding, achieving unicorn status

Current Status

Moniepoint has become a leading agency banking solution in Nigeria, processing up to $7 billion monthly in over 120 million transactions. The company continues to focus on innovation, customer satisfaction, and expanding its financial services across Africa, with a strong emphasis on improving financial inclusion and empowering businesses through technology.

Products & Solutions

Moniepoint offers a comprehensive range of financial products and solutions for businesses and individuals, particularly in African markets:

Personal Banking Solutions

  • Moniepoint Personal: Includes savings accounts, reliable debit cards, and personal loans.
    • Instant debit cards delivered within 48 hours
    • Single app for managing all banking needs (transfers, bill payments, airtime purchases)
    • State-of-the-art cybersecurity and NDIC insurance protection up to N250,000
    • Virtual cards for secure online shopping

Business Banking Solutions

  • Business Accounts: Free, quick-setup bank accounts with 24/7 support and no hidden fees
  • POS Terminals: Reliable terminals for seamless payments with instant settlement
  • Expense Cards: Business expense management cards with tracking and limit-setting features
  • Loans: Working capital loans with simple request process and flexible terms
  • Multi-Business Management: Handle multiple businesses from a single platform
  • Business Performance Tracking: Tools to monitor business performance
  • Support: Quick and accessible customer service

General Financial Services

  • Cross-Border Payments: Facilitating global transactions
  • Credit Solutions: Access to credit for businesses and individuals
  • Payment Processing: Handling large transaction volumes (17 billion monthly in 800 million transactions)

Key Features

  • Wide Reach: Used by over 30 million people monthly, supporting 1.5 million+ businesses
  • Reliability and Security: 99.9% uptime with advanced cybersecurity measures Moniepoint aims to enhance financial inclusion and support economic growth in Africa through its comprehensive financial solutions.

Core Technology

Moniepoint's core technology is built on several key components that enable robust and scalable financial services:

Core Banking Application (CBA)

  • Custom-built from the ground up
  • Handles banking transactions, financial records, and various banking functions
  • Evolved from a simple database table to a sophisticated system

Data Architecture and Scalability

  • Adopted Confluent Cloud (based on Apache Kafka) for real-time data streaming
  • Addressed scalability challenges and eliminated manual data lag management

Real-Time Data Processing

  • Near real-time data availability in read replicas
  • Enables efficient reporting and decision-making
  • Facilitates seamless tracking of transaction stages

Multi-Technology Stack

  • Initially used MySQL and Java Spring
  • Introduced Clickhouse and Change Data Capture (CDC) system for scalability
  • Optimized system performance by separating write and read operations

Backup and Failover Mechanisms

  • Robust backup systems and cloning for testing
  • Ability to redirect traffic to other providers during failures

Integration and Microservices

  • Seamless integration of diverse financial services
  • Microservices architecture to avoid tightly coupled systems Moniepoint's core technology enables efficient processing of billions of transactions and supports rapid growth in the financial services sector through its custom CBA, scalable data architecture, real-time processing, multi-technology stack, robust backup systems, and well-integrated microservices.

Industry Peers

Moniepoint operates in a competitive fintech landscape with several key industry peers:

Paystack

  • Prominent payment processing company in Nigeria
  • Known for seamless online payment solutions for businesses

Flutterwave

  • Provides global payment infrastructure for merchants and payment service providers
  • Offers a wide range of services with international presence

Interswitch

  • Pioneer in the Nigerian fintech industry
  • Offers payment processing, digital banking, and e-commerce solutions

Carbon (formerly Paylater)

  • Provides digital lending and credit services to individuals and businesses
  • Innovative approach to lending and credit scoring

Opay

  • Multifaceted fintech platform offering payment, lending, and investment services in Nigeria

FairMoney

  • Digital lending services provider

PalmPay

  • Offers mobile payment solutions

Other Competitors

  • OurPass, TechFusion, and NorthOne also operate in the fintech space with overlapping services These competitors challenge Moniepoint across various segments of the fintech industry, including payments, digital banking, lending, and mobile financial services. The competitive landscape drives innovation and improved service offerings in the African fintech market.

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