TeamApt Rebrands Itself As Moniepoint And Moves To London
TeamApt has changed its name to Moniepoint to be more like the name of its leading online banking service.
The Nigerian FinTech startup said in a press statement on Friday (Jan. 13) that it is moving its headquarters from Lagos to London as it prepares for the next stage of its journey.
When they started in 2015, we primarily provided back-office payment infrastructure for banks and needed qualified staff. Thus the name TeamApt, explained Tosin Eniolorunda, co-founder and CEO at Moniepoint.
But since then, he said that the company has “evolved significantly” and that Moniepoint, its commercial banking solution, has taken center stage as “where we see the future.”
Felix Ike, the co-founder and chief technology officer of TeamApt, recently talked about how Nigeria needs commercial banking solutions that work with the country’s payment infrastructure and consider what customers want.
He used Nigeria as an example, noting that account transfers made up 80% of all business transactions, whereas card payments made up only 18% of all trades.
Moniepoint “currently processes most of the POS transactions in Nigeria,” per the company’s press release. With more than 600,000 corporate clients and a total annual payments volume (TPV) of over $170 billion, the company will be able to quadruple its revenue in 2022.
According to the press release, the Central Bank of Nigeria also gave Moniepoint the National Inclusive Payment Initiative Award.
Because Moniepoint is so prevalent in the Nigerian market, some of the biggest names in FinTech investing, like QED Investors, gave money to the business.
And as Eniolorunda revealed in April, the company plans to grow outside of Nigeria to protect itself from the volatile foreign currency market; this desire probably had a role in its decision to relocate to London.
“If we’re able to provide services for people beyond the shores of Nigeria while providing our service in Nigeria, it will enable us to counter the effects of some of these macros,” he said. He continued the company is also planning to develop additional currency services to assist Nigerian firms in managing their foreign exchange.
Eniolorunda stated that the company’s ultimate objective is to penetrate the significant markets in the area and get international recognition as the digital business operating system for African firms.
He compared the success of payment systems like Square in the US, Razorpay in India, or StoneCo in Brazil to this objective, saying such businesses have developed “to be big players in their regions.” Additionally, he stated that they want to dominate the African market by offering this service to both minor and prominent merchants.
