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MoniePoint | Company profile, Business Model, and Operations

Recieved Funding?
yes
Type of Funding
Venture capital
Number of Funding Phases
19
Business Type
Private Company

All you need to know about MoniePoint

Moniepoint Inc. (formerly TeamApt Inc), is a fintech company founded by Tosin Eniolorunda and Felix Ike in 2015. The two met during their time at Interswitch. Their focus is to provide financial solutions for businesses.

This company was founded in Lagos, Nigeria and is now based in London, United Kingdom.

In 2019, Nigeria granted Moniepoint Inc. a switching license. After obtaining a banking license from the Nigerian Central Bank in 2022, Moniepoint started providing commercial banking services to Nigerian merchants. In keeping with the Central Bank of Nigeria's objective of financial inclusion, Moniepoint introduced personal banking services for individuals in July 2023.

Established as Moniepoint Microfinance Bank, it provides a wide range of financial solutions, including banking, payments processing, loans, and business management tools. Moniepoint serves over 3 million customers, processing about ₦30 trillion monthly. The platform is popular for its extensive network of financial service distribution, reaching every local government area in Nigeria

According to Global Ventures, Moniepoint is recognized as the second-fastest growing company in Africa.

PitchBook confirmed that Moniepoint has 19 investors with few being Bossanova Investimentos, Fedha Capital, Global Ventures (Dubai), QED Investors, The Continent Venture Partners, etc.

Locations

The headquarter of Moniepoint is in London, 241 Southwark Bridge Rd, United Kingdom, and also has 3 office locations.

  • United Kingdom

241, Southwark bridge road, SE1 6FP, United Kingdom

  • United States

Suite 105, 112 S. French Street, Wilmington, Delaware, United States of America

  • Nigeria

The Post Square, Off Adeola Odeku, Victoria Island, Lagos, Nigeria

Mission

To bring financial happiness to people by empowering businesses with the necessary tools to thrive and grow. They aim to provide seamless financial services that enhance the economic activities of small and medium-sized enterprises across Nigeria.

Vision

Moniepoint envisions becoming the most trusted and inclusive financial services provider for businesses in emerging markets, offering comprehensive solutions that facilitate financial growth and stability.

Core Values at Moniepoint

The core values that guide the services at Moniepoint are:

  1. Grit: “I can’t’, “It’s Impossible”. These words don’t exist in our dictionaries. It doesn't matter what the task is, we never give up.
  2. Customer Empathy: We put ourselves in people’s shoes. There is no other way to truly understand how they feel and how to help them.
  3. Candour: In all we do, honesty and openness come through. We empower our people to always speak up and be heard.
  4. Technical Depth: We believe that every employee should have a solid understanding of what he or she does at Moniepoint, regardless of the role.
  5. No Ego: We prioritise getting the job done over our ego. Everyone is a DreamMaker, irrespective of their level in the organisation, and every voice matters.
  6. Integrity: We adhere to all professional standards as we power business dreams. We always give our best shot, but never at the expense of our integrity.

Services

Moniepoint provides the following financial services to meet the needs of businesses and individuals:

  • Banking: Free business and personal banking accounts, providing easy management of finances.
  • Credit: Business and individual loans to support growth and financial needs.
  • Payments: Secure and reliable payment processing solutions for businesses.
  • Business Management: Tools for managing business finances, including spending insights and reports.
  • Personal Banking: Recently launched personal banking products, including debit cards, money transfers, bill payments, and salary advances.

Business Model

In 2023, Moniepoint processed 5.2 billion transactions valued at over $150 billion. That year, it was the second-fastest-growing company in Africa, according to the Financial Times. By January 2024, around 2.3 million businesses were using Moniepoint's payment machines. Most of Moniepoint's income comes from fees on its point-of-sale machines and its online payment gateway. The company also offers business loans through its microfinance bank license.

So far, Moniepoint has raised over $85.6 million from investors like QED Investors, Quantum Capital Partners, and Global Ventures. The company's expansion is supported by more than 600,000 "business managers," who earn commissions by signing up businesses and distributing POS terminals.

Related Topics


Industry

Felix Ike
Tosin Eniolorunda

MoniePoint
Business Model

The Company major services and product include: Agency Banking, POS (Point of Sale), Mobile Money, Cash Withdrawal, Fund Transfer, Financial Inclusion Initiatives, Technology-driven Solutions, and Customer Support.

The Company was Founded
The Company was established on
June 1, 2015
HeadQuarters
The Company has its Operational Headquarters at Southwark, United Kingdom
Industry
The Company is contributing to the development of the Industry Finance, Financial Software, FinTech
Staff Strength since Inception
The Company prides in her team member of about 1001 - Above active members

MoniePoint Business Model

The Company major services and product include: Agency Banking, POS (Point of Sale), Mobile Money, Cash Withdrawal, Fund Transfer, Financial Inclusion Initiatives, Technology-driven Solutions, and Customer Support.

yes
Have they recieved Funding from VCs
yes
Have they recieved Funding from VCs
yes
How many number of Funding rounds?
M
Company Net worth as of 2023

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