logoAiPathly

Moniepoint

M

Overview

Moniepoint, formerly known as TeamApt, is a Nigerian fintech company founded in 2015 by Tosin Eniolorunda and Felix Ike. This comprehensive overview highlights key aspects of the company:

Headquarters and Operations

Moniepoint is headquartered in Lagos, Nigeria, with operations focused primarily in the African market.

Services and Products

Moniepoint offers an all-in-one platform for banking, payments, and business operations, including:

  • Payments: Infrastructure and distribution networks for merchant payment solutions
  • Banking: Business and personal banking solutions for instant transactions and financial management
  • Business Management: Operational tools such as expense cards, accounting, and bookkeeping solutions
  • Credit: Loans for business owners to finance inventory purchases and expansion
  • Monnify: A payment gateway for businesses to accept recurring or one-time payments

Technology Infrastructure

Moniepoint utilizes Google Cloud alongside on-premises infrastructure to provide reliable financial services. Key technologies include Kubernetes, Cloud SQL, and Cloud Bigtable for managing large datasets and high-traffic transaction workloads.

Growth and Recognition

  • Serves over 1.9 million businesses, processing more than $12 billion in 400 million transactions monthly
  • Ranked second-fastest growing company in Africa by Financial Times in 2023
  • Achieved unicorn status in October 2024 after raising $110 million in Series C funding
  • Recipient of several awards, including the Financial Inclusion Award and Best Hospitality Industry Support Fintech award

Funding

Moniepoint has secured significant funding through various rounds:

  • 2019: $5.5 million Series A funding
  • 2021: Undisclosed Series B funding
  • 2021: $50 million pre-Series C funding
  • 2024: $110 million Series C funding

Impact

Moniepoint focuses on financial inclusion, particularly for underbanked SMEs and individuals in remote areas of Nigeria and beyond. The company aims to provide equal access to financial tools and services, promoting financial empowerment and business growth across Africa.

Leadership Team

Moniepoint Inc., formerly known as TeamApt, is led by a team of experienced executives who drive the company's vision and strategy. Key members of the leadership team include:

Chief Executive Officer (CEO)

  • Tosin Eniolorunda: Founder and current CEO of Moniepoint. Eniolorunda brings valuable experience from his previous roles at companies such as Interswitch and SLB.

Chief Technology Officer (CTO)

  • Felix Ike: Co-founder and CTO of Moniepoint. Ike plays a crucial role in the company's technological development and innovation.

Chief Financial Officer (CFO)

  • Bayo Olujobi: Appointed in November 2024, Olujobi serves as the CFO, supporting the company's mission to improve financial inclusion in Africa. The leadership team at Moniepoint is responsible for:
  • Steering the company towards its strategic goals
  • Driving growth and ensuring operational efficiency
  • Managing brand perception and market positioning
  • Promoting financial inclusion through innovative technology
  • Overseeing various departments to maintain alignment with the company's mission and objectives Their collective expertise and vision are instrumental in Moniepoint's continued success and expansion in the African fintech landscape.

History

Moniepoint, formerly known as TeamApt, has a rich history in the Nigerian fintech sector. Here's a chronological overview of the company's key milestones:

2015: Founding

  • Founded by Tosin Eniolorunda and Felix Ike as TeamApt
  • Initially served as a service provider for banks and financial institutions

2019: Expansion and Funding

  • March: Secured $5.5 million in Series A funding from Quantum Capital Partners
  • November: Received a switching license from the Central Bank of Nigeria
  • Entered the agency banking space with the Moniepoint platform

2021: Further Growth

  • Secured undisclosed Series B funding led by Novastar Ventures
  • Raised $50 million in pre-Series C funding led by QED investors

2022: Banking License and Consumer Banking

  • February: Obtained banking license
  • April 13: Launched Moniepoint MFB, marking entry into consumer banking

2023: Rebranding and New Services

  • January: Officially rebranded from TeamApt Inc. to Moniepoint Inc.
  • March: Led a $3 million seed investment round for Nigerian neobank Payday
  • July: Launched personal banking services

2024: Unicorn Status

  • October: Raised $110 million in Series C funding, achieving unicorn status

Current Status

Moniepoint has become a leading agency banking solution in Nigeria, processing up to $7 billion monthly in over 120 million transactions. The company continues to focus on innovation, customer satisfaction, and expanding its financial services across Africa, with a strong emphasis on improving financial inclusion and empowering businesses through technology.

Products & Solutions

Moniepoint offers a comprehensive range of financial products and solutions for businesses and individuals, particularly in African markets:

Personal Banking Solutions

  • Moniepoint Personal: Includes savings accounts, reliable debit cards, and personal loans.
    • Instant debit cards delivered within 48 hours
    • Single app for managing all banking needs (transfers, bill payments, airtime purchases)
    • State-of-the-art cybersecurity and NDIC insurance protection up to N250,000
    • Virtual cards for secure online shopping

Business Banking Solutions

  • Business Accounts: Free, quick-setup bank accounts with 24/7 support and no hidden fees
  • POS Terminals: Reliable terminals for seamless payments with instant settlement
  • Expense Cards: Business expense management cards with tracking and limit-setting features
  • Loans: Working capital loans with simple request process and flexible terms
  • Multi-Business Management: Handle multiple businesses from a single platform
  • Business Performance Tracking: Tools to monitor business performance
  • Support: Quick and accessible customer service

General Financial Services

  • Cross-Border Payments: Facilitating global transactions
  • Credit Solutions: Access to credit for businesses and individuals
  • Payment Processing: Handling large transaction volumes (17 billion monthly in 800 million transactions)

Key Features

  • Wide Reach: Used by over 30 million people monthly, supporting 1.5 million+ businesses
  • Reliability and Security: 99.9% uptime with advanced cybersecurity measures Moniepoint aims to enhance financial inclusion and support economic growth in Africa through its comprehensive financial solutions.

Core Technology

Moniepoint's core technology is built on several key components that enable robust and scalable financial services:

Core Banking Application (CBA)

  • Custom-built from the ground up
  • Handles banking transactions, financial records, and various banking functions
  • Evolved from a simple database table to a sophisticated system

Data Architecture and Scalability

  • Adopted Confluent Cloud (based on Apache Kafka) for real-time data streaming
  • Addressed scalability challenges and eliminated manual data lag management

Real-Time Data Processing

  • Near real-time data availability in read replicas
  • Enables efficient reporting and decision-making
  • Facilitates seamless tracking of transaction stages

Multi-Technology Stack

  • Initially used MySQL and Java Spring
  • Introduced Clickhouse and Change Data Capture (CDC) system for scalability
  • Optimized system performance by separating write and read operations

Backup and Failover Mechanisms

  • Robust backup systems and cloning for testing
  • Ability to redirect traffic to other providers during failures

Integration and Microservices

  • Seamless integration of diverse financial services
  • Microservices architecture to avoid tightly coupled systems Moniepoint's core technology enables efficient processing of billions of transactions and supports rapid growth in the financial services sector through its custom CBA, scalable data architecture, real-time processing, multi-technology stack, robust backup systems, and well-integrated microservices.

Industry Peers

Moniepoint operates in a competitive fintech landscape with several key industry peers:

Paystack

  • Prominent payment processing company in Nigeria
  • Known for seamless online payment solutions for businesses

Flutterwave

  • Provides global payment infrastructure for merchants and payment service providers
  • Offers a wide range of services with international presence

Interswitch

  • Pioneer in the Nigerian fintech industry
  • Offers payment processing, digital banking, and e-commerce solutions

Carbon (formerly Paylater)

  • Provides digital lending and credit services to individuals and businesses
  • Innovative approach to lending and credit scoring

Opay

  • Multifaceted fintech platform offering payment, lending, and investment services in Nigeria

FairMoney

  • Digital lending services provider

PalmPay

  • Offers mobile payment solutions

Other Competitors

  • OurPass, TechFusion, and NorthOne also operate in the fintech space with overlapping services These competitors challenge Moniepoint across various segments of the fintech industry, including payments, digital banking, lending, and mobile financial services. The competitive landscape drives innovation and improved service offerings in the African fintech market.

More Companies

E

Ethena

Ethena is a decentralized finance (DeFi) protocol built on the Ethereum blockchain, designed to provide a crypto-native alternative to traditional banking systems. The protocol introduces several key features and services: ### Synthetic Dollar (USDe) Ethena's core offering is USDe, a synthetic stablecoin generated when users deposit collateral such as USD, Ethereum (ETH), or liquid staking tokens (LST). USDe accumulates yield from staked Ethereum returns and funding payments from futures markets. ### Delta Hedging and Stability To maintain USDe's stability, Ethena employs a delta-neutral strategy using short ETH perpetual futures positions. This hedges against Ethereum's price volatility, ensuring USDe's value remains consistent with the US dollar. ### Collateral Management Ethena utilizes on-chain Multi-Party Computation (MPC) custodial contracts to distribute collateral, enhancing transparency, security, and programmability while reducing counterparty risk. ### Financial Services The protocol offers: - Staking mechanisms for USDe with competitive yields - Globally accessible USD-denominated bonds (floating and fixed-rate) - Capital-efficient leverage options ### Governance and Utility Token (ENA) The ENA token serves for governance and utility within the Ethena ecosystem. Token holders can participate in decentralized governance and influence the platform's development. The total supply is 15 billion tokens, allocated to various stakeholders and ecosystem development. ### Funding and Partnerships In July 2023, Ethena raised $6 million in seed funding led by Dragonfly Capital, with participation from notable figures and major crypto derivatives exchanges. This funding supported the launch of USDe and established key industry partnerships. ### Recent Developments Ethena has formed strategic partnerships, such as integrating its sUSDe token (staked USDe) with World Liberty Financial's Aave instance, aimed at increasing stablecoin liquidity and utilization rates. Ethena's goal is to create a self-sufficient DeFi system by decoupling stablecoins from traditional banking systems, ensuring censorship resistance, transparency, and security through its decentralized architecture.

I

Impetus Technologies

Impetus Technologies is a leading digital engineering company specializing in advanced cloud, data, and AI solutions. This overview highlights key aspects of the company: ### Services and Expertise - Focus on cloud and data engineering services - Design, development, and implementation of cloud-based solutions - Expertise in hybrid cloud and multi-cloud enablement strategies - Automated DevOps and next-gen enterprise-grade DNS solutions ### Industry Impact - Collaborates with Fortune 100 companies to build groundbreaking products - Successfully implemented projects including: - Database migrations - Fault detection platforms on AWS - Centralized data lakes - Achieved cost reductions and improved scalability for clients ### Technology Focus - Cloud engineering - Data engineering - Enterprise AI - Helps businesses navigate evolving business models and enhance user experiences ### Case Studies and Successes - Reduced costs by 30% for an IoT solutions provider with an AWS-based fault detection platform - Enabled 2x faster application deployment using AWS Kubernetes - Successfully migrated a database from Oracle to MySQL, reducing client license costs ### Partnership and Recognition - Recognized as an AWS Partner, highlighting expertise in cloud and data engineering services ### Work Culture - Offers employees opportunities to work on game-changing projects - Encourages learning new technologies - Allows contribution to solving critical business problems for global companies Impetus Technologies stands as a leader in digital engineering, driving business transformation and innovation through its focus on cloud, data, and AI solutions.

L

Lambda

AWS Lambda is a serverless compute service offered by Amazon Web Services (AWS) that enables developers to run code without managing servers. Key aspects of AWS Lambda include: Event-Driven Computing: Lambda executes code in response to various triggers or events from AWS services or external sources. Serverless Architecture: Eliminates server management tasks, allowing developers to focus on code while AWS handles infrastructure. Key Features: - Environment Variables: Adjust function behavior without code changes - Versions and Aliases: Manage function deployments - Container Images: Support for larger workloads - Lambda Layers: Package and share libraries - Lambda Extensions: Enhance monitoring, security, and governance - Function URLs: Dedicated HTTP(S) endpoints - Concurrency and Scaling Controls: Fine-tune performance - Code Signing: Verify trusted code - Private Networking: Secure resource access - File System Integration: Mount Amazon EFS - Lambda SnapStart: Achieve sub-second startup times Use Cases: - File processing - Stream processing - Web and mobile application backends - IoT device data handling - Real-time data analysis Pricing Model: Pay-per-request, charging only for consumed compute time. Scalability and Availability: Automatic scaling based on demand, ensuring high availability and performance. Limitations: - Cold start latency - Limited control over infrastructure - Maximum execution time of 15 minutes AWS Lambda enables developers to build scalable, cost-efficient applications while focusing on code rather than infrastructure management.

S

Solera Health

Solera Health is a healthcare company specializing in connecting individuals, particularly those with chronic conditions, to a network of community and digital health solutions. This comprehensive overview highlights key aspects of the company: ### Business Model and Platform Solera Health operates on a unique model that integrates a network of community-based programs and digital health tools. The platform uses data-driven algorithms to match individuals with vetted, evidence-based programs tailored to their specific needs, preferences, and health goals. ### Services and Solutions - Community Health Solutions: Partnerships with local organizations to offer a wide range of health programs, including nutrition, fitness, mental health, and chronic disease management. - Digital Health Tools: Access to mobile apps, online coaching services, and virtual support groups. - Personalized Support: Assistance in finding resources that best fit users' goals and lifestyles. ### Target Customers and Market Footprint - Primary customers: Health plans and employers, including Blue Shield of California, Anthem Blue Cross Blue Shield, and Blue Cross Blue Shield of Kansas City. - Market reach: Network spans over 11,000 local programs, covering more than 40 million lives across 50 states, with over 15 enterprise customers. ### Partnerships and Collaborations Solera Health collaborates with partners such as FitBit, Blue Cross Blue Shield Institute, and US Preventive Medicine to expand its network and enhance offerings. ### Revenue Generation and Pricing Model The company uses an outcomes-based billing model with performance-based contracts tied to specific health outcomes. Payments are made through medical claims or value-based invoice payments. ### Key Features and Benefits - Data-Driven Matching: Advanced algorithms match individuals with appropriate health programs. - Centralized Hub: A single platform for accessing various health and wellness resources. - Improved Health Outcomes: Reported improvements in healthier food choices, weight loss, and increased physical activity among participants. ### Leadership and Funding - Founded in 2015 and headquartered in Phoenix, AZ. - Leadership team includes Brenda Schmidt (CEO & Founder), Ian Gordon (President & COO), Sandeep Wadhwa, MD (Chief Health Officer & SVP, Market Innovation), and Rick Smith (CFO). - Received $72.3 million in funding from investors such as Blue Cross Blue Shield Ventures/Sandbox Industries, Adams Street Partners, and HCSC Ventures. Solera Health aims to make healthcare more accessible, affordable, and effective by connecting individuals with diverse health solutions, thereby improving outcomes and reducing healthcare costs.