Moniepoint’s Journey to Unicorn Status: From Team Apt to Africa’s Fintech Powerhouse

By Oladeji Olabisi
3 Min Read
Monipoint founders

Entrepreneurship is more than a career path—it’s a mission to solve problems while building something impactful. For Tosin Eniolorunda, co-founder of Moniepoint (formerly Team Apt), this mission began with a bold decision to leave his role at Interswitch and address gaps in Nigeria’s financial services sector. Moniepoint’s journey to unicorn status is a testament to perseverance, innovation, and strategic bootstrapping.

 

Tosin Eniolorunda
Tosin Eniolorunda

 

Moniepoint Banner
Moniepoint Banner

From Team Apt to Moniepoint: Solving Financial Gaps

In 2015, Eniolorunda partnered with ex-Interswitch colleagues Felix Ike and Odun Adeboye to launch Team Apt, a fintech startup focused on building software solutions for banks. Their early clients included Sterling BankUnity Bank, and Zenith Bank, which leveraged Team Apt’s merchant-acquiring platforms. By prioritizing profitability over external funding, the company generated seven-figure revenues within two years.

In a landmark interview with Techpoint Africa, Eniolorunda emphasized the importance of proving value before seeking investment:

“Since people will jump on you when you have value, it’s better to prove that value first, then place demands on it.”

Pivoting to Moniepoint: Challenges and Growth

As Team Apt evolved, challenges in Nigeria’s payment ecosystem prompted a strategic split. The company divided into two arms: Moniepoint (online payments) and Moniefy (offline payments). Moniepoint quickly gained traction, driven by its focus on solving accessibility issues for underserved businesses.

Moniepoint’s Growth Over 5 Years

Moniepoint’s journey to unicorn status accelerated with key milestones:

  • 2019: Secured $5.5M Series A funding from Quantum Capital Partners and obtained a Central Bank of Nigeria (CBN) switching license.
  • 2021: Raised $50M in pre-Series C funding led by QED Investors.
  • 2023: Launched personal banking services and invested $3M in Nigerian neobank Payday.
  • 2024: Became Africa’s eighth unicorn after raising 110MinSeriesCfunding,valuingthecompanyatover1 billion.

By 2024, Moniepoint was recognized as Africa’s second-fastest-growing company by the Financial Times and won awards for financial inclusion and industry excellence.

 

Monipoint Bank Head office
Monipoint Bank Head office

Why Moniepoint’s Unicorn Status Matters

A “unicorn” is a startup valued at $1 billion or more, a rare achievement globally. Moniepoint’s success reflects Nigeria’s booming fintech sector and its ability to bridge gaps in financial access. Today, it stands as one of Nigeria’s largest financial institutions, serving millions of businesses and individuals.

Key Takeaways for Entrepreneurs

  1. Bootstrap First: Focus on profitability before seeking investors.
  2. Solve Real Problems: Moniepoint thrived by addressing offline payment challenges.
  3. Adapt Strategically: Pivot when market demands shift.

For more on Moniepoint’s licensing and regulatory milestones, visit their Wikipedia page.

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