Moniepoint Inc.

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Research record

Moniepoint Inc. · Staged record CTL-I-0228 · Entity Depth Program · 668 words · Evidence grade: VERIFIED (canonical master, carried unchanged) · Researched 2026-10-25

Moniepoint began as plumbing for other banks. The company was founded in 2015 in Lagos, Nigeria, as TeamApt, by Tosin Eniolorunda and Felix Ike, two engineers who had worked together at Interswitch, building technology — payment processing, switching, banking software — for financial institutions. The pivot that made the company came from that work: the founders saw that Nigeria's agent banking networks and small merchants were underserved by the banks they supplied, and turned to serving businesses directly. A $5.5 million Series A in 2019 (Quantum Capital Partners), a switching and processing license from the Central Bank of Nigeria in November 2019, and the Moniepoint product's 2019 launch as an agency banking platform, and the company's own adoption of the Moniepoint name — announced in January 2023, dropping TeamApt — mark the transition from vendor to platform (an earlier draft of this record, following a legal-press summary, dated the company name change to 2019; TechCabal's contemporaneous report and the company's own blog date the product to 2019 and the corporate rebrand to January 2023, and this entry follows them).

The scale claim in the graph's verification source is the company's own, and this entry attributes it as such: Moniepoint's October 2024 announcement of its $110 million Series C — led by Development Partners International's African Development Partners III fund, with Google's Africa Investment Fund and Lightrock — describes a business-banking platform processing over 800 million transactions a month for more than ten million businesses and individuals, and the recognized figure in the reference record: the round made Moniepoint Nigeria's newest unicorn, valued above $1 billion and counted as Africa's eighth. A 2025 extension added roughly $90 million more, taking the Series C above $200 million. Earlier funding included a $50 million pre-Series C led by QED Investors with Novastar and Lightrock, and the company launched personal banking in July 2023 and was ranked by the Financial Times as Africa's second-fastest-growing company that year. In January 2026, per the reference record, its microfinance bank license was upgraded to national status.

What the company operates, beneath the funding story, is the agent network: hundreds of thousands of point-of-sale agents — the kiosks and shops that function as Nigeria's cash-in/cash-out infrastructure — plus business accounts, cards, credit, and expense tools for small and medium enterprises. That network is why its transaction volumes are structural rather than cosmetic: in a cash-dominant economy, the agent at the corner is the bank branch.

The graph carries Moniepoint as an Institution at VERIFIED grade — fintech and business-banking platform — located in Lagos, with its founder Tosin Eniolorunda affiliated. Its place in this archive is in the African tech-capital layer beside the fund managers and founders of Batches 001–008: a Lagos company that reached a billion-dollar valuation by building rails for the informal economy rather than an app for the already-banked.

The subsequent funding history extends the verification source's account. Visa made a strategic investment in the company in January 2025, and the Series C ultimately closed above $200 million after a further extension of roughly $90 million that October — the round's structure (DPI's ADP III fund, Google's Africa Investment Fund, Lightrock, Verod Capital, and others) marking Moniepoint as the rare African fintech to raise growth capital at that scale in the 2024–2025 market. The Financial Times named it among Africa's fastest-growing companies in 2023, 2024, and again in 2025 by revenue growth. Operationally, the company describes its agent network — the POS-equipped local agents who handle cash-in, cash-out, transfers, and bill pay in neighborhoods where bank branches are scarce — as the largest of its kind in Nigeria, and its monthly processed transactions grew past the 800 million figure of its 2024 announcement as the customer base passed ten million businesses and individuals. The January 2026 upgrade of its microfinance banking license to national status, per the reference record, cleared the company to operate that banking business across Nigeria rather than in a single state — the regulatory capstone of the TeamApt-to-Moniepoint decade.

Sources for this record

• Moniepoint Raises $110 Million to Drive Financial Inclusion Across Africa — BrandArena (company release)
  Claims supported: Master verification source: fintech and business-banking platform founded 2015, Lagos, Nigeria; processing more than 800 million transactions monthly per the company release; the $110 million Series C announcement.
• Moniepoint — Wikipedia
  Claims supported: Founded 2015 as TeamApt by Tosin Eniolorunda and Felix Ike, former Interswitch engineers; $5.5 million Series A (2019); Central Bank of Nigeria switching license (November 2019); $50 million QED-led pre-Series C; personal banking launched July 2023; Financial Times second-fastest-growing company in Africa (2023); October 2024 Series C unicorn round and 2025 extension above $200 million; microfinance bank license upgraded to national status January 2026.
• Will TeamApt's new name change its status? — TechCabal
  Claims supported: TeamApt announced in January 2023 that it would drop the TeamApt name (in use since 2015) and adopt Moniepoint, the name of its flagship product launched in 2019 as an agency banking solution; 2022 annualized total payment volume exceeding $170 billion; the company's start as a service provider to Nigerian commercial banks.

Citations

Published October 25, 2026, from the head-verified staged record in the Entity Depth Program (Batches 004–008). Source: CultureTechLens