TeamApt of Nigeria relaunches its Moniepoint product as a business bank

TeamApt, a Nigerian fintech startup, is relaunching its Moniepoint product as a business bank in order to provide a broader range of services to its customers.

TeamApt was founded in 2015 to address inefficiencies in Nigeria’s growing digital financial services market, and it offers a variety of products. The startup’s customers include all of the country’s commercial banks, and in 2019, it received a switching license from the Central Bank of Nigeria (CBN) as well as a US$5.5 million Series A funding round.

Last year, the startup raised a multi-million dollar Series B funding round as it looks to expand after shifting its focus from B2B to B2C, and it has now spun out Moniepoint as a business.

Moniepoint has helped 162,000 small business owners process over a billion transactions worth NGN23 trillion since 2019. While resolving the payment issue, it discovered that many of Nigeria’s 41 million small businesses struggle with operations, taxes, insurance, and employee welfare.

Moniepoint has evolved into a business bank to address this issue. This expansion, in addition to its payments solution, enables Nigerians to grow their businesses with access to quick loans, manage operations, payroll, and employee welfare, and protect their businesses with low-cost premiums.

“As Nigerians, we are acutely aware of the country’s economic challenges in real time.” This is why we have worked so hard to become a business bank that truly serves the needs of the average Nigerian business owner. Moniepoint, in addition to being a technologically advanced all-in-one business solution, can also provide critical last-mile service delivery. This is consistent with TeamApt’s mission of “powering the business dreams of Africa’s real economy and providing financial happiness to all,” said Tosin Eniolorunda, founder and CEO of TeamApt.