Nigerian fintech startup TeamApt has rebranded to Moniepoint, adopting the name of its flagship product. The move, the company said, is a show of how successful Moniepoint has been and shows its desire to get closer to customers. Via a statement, the company explained that “The Moniepoint brand is already an established and trusted name among its customer base in Nigeria, and adopting it as the name means one less layer between the brand and the people it intends to serve.”
Following the move, the company will be moving its headquarters to London. The company will not be providing services in the UK market but describes the move as one inspired by its ambition to be “an employer of choice, not just in Africa, but globally.” The company also highlighted expansion plans into East Africa and North Africa and mentioned that this expansion is dependent on “identifying large markets where millions of businesses are underserved”.
Moniepoint has done well for itself, especially in a time characterized by slowed investment from investors and macroeconomic challenges. In 2022, various global markets faced a downturn that affected their operations and saw more than a handful of them cut down on their workforce as a way to survive. For Moniepoint, however, it was a good year. Currently, the company counts 967 employees under its workforce and has 6,000 business managers scattered around the country. Although these business relationship managers are independent, they are exclusive distribution associates to Moniepoint.
As of 2022, Moniepoint had at least 600,000 businesses and processed an annual total payments volume (TPV) that exceeded $170 billion. Revenue also grew 146 percent in 2022. The startup also won the National Inclusive Payment Initiative Award from the Central Bank of Nigeria and got recognized by CB Insight as one of the top 250 fintech companies worldwide. Moniepoint was one of the six African fintech that made it up to the list.
Last year, Moniepoit launched a credit offering that has already disbursed over $1.4 billion in working capital loans. “As of December ‘22, we provided credit to 20,000 businesses, lending them more than $1bn at an average default rate of less than 0.1%,” the company said.
Following the rebranding, Moniepoint will also be expanding its product offerings. “In the coming months, we plan to launch new products including bookkeeping and accounting, longer-tenured working capital loans, and international payment collections, amongst others,” it said.