Teamapt rebrands; changes name to Moniepoint

Nigerian fintech startup, Teamapt, announced that it has changed its name to Moniepoint, the name of its flagship product. Moniepoint is the brand name of one of its mobile money platform.

According to Tosin Eniolorunda in a recent video, the reason for the name change was informed by the evolution of its business services and target market.

CEO and Co-founder of Teamapt, Tosin Eniolorunda

When the company commenced in 2015, it provided products and infrastructure to financial institutions and banks. The fintech startup has now evolved, over the years, to provide digital financial solutions to businesses directly.

“As we grow further in our journey, the name Moniepoint that our businesses are already familiar with, better represents our commitment to provide for our businesses and all in one platform that they can use to access banking services, payments, credit and business management tools that they need to grow and succeed in their endeavours.”

“We have become Nigeria’s leading financial service platform for businesses and with this name change, we’re making a promise we are here for businesses and they can always depend on us to power their dreams,” he adds.

The shift to the Moniepoint brand marks the next step in the business’s expansion strategy, along with the relocation of its headquarters to London.

Moniepoint currently processes the majority of the POS transactions in Nigeria with an annualized Total Payments Volume (TPV) of more than $170 billion and a customer base of over 600,000 businesses which enabled it to more than double its annual revenues in 2022.

The platform also launched a credit offering in 2022, which has already disbursed over $1.4 billion in working capital loans.

In 2022, the company completed a financing round and brought on-board QED, a premier Venture Capital firm in the fintech space becoming QED Investors’ first investment into Africa.

Turning profitable in 2020, Moniepoint is backed by world-leading institutional investors, including Novastar, Lightrock, BII, FMO, Global Ventures, Endeavour Catalyst and New Voices Fund.