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Nigeria’s fast-growing fintech landscape continues to capture global investor attention, and Moniepoint stands out as one of its most significant success stories. The company’s latest milestone was marked by a $10 million equity investment from Swedfund, Sweden’s development finance institution, joining an impressive lineup of backers that includes Development Partners International (DPI), the International Finance Corporation (IFC), and Proparco.
This new investment is another chapter in Moniepoint’s journey from a humble startup to one of Africa’s leading digital financial service providers. Here is a timeline of how the company evolved and how investor confidence has grown with it.
2015–2018: Laying the Foundation
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint initially began as TeamApt, a software company dedicated to helping Nigerian banks digitise their operations. In its early days, the company built and maintained payment infrastructure for banks, serving as part of the hidden framework that powered Nigeria’s early digital banking growth.
During this period, TeamApt operated without external funding, relying on organic growth and reinvested revenue. Its early focus on technology reliability and compliance built the credibility that would later attract institutional investors.
2019–2021: Institutional Interest and Product Diversification
By 2019, TeamApt had started transforming into a fintech company serving micro, small, and medium-sized enterprises (MSMEs), which form the backbone of Nigeria’s economy. The shift aligned with Nigeria’s growing demand for agency banking and mobile payment solutions.
This phase saw Development Partners International (DPI) make a strategic equity investment that provided the capital needed for TeamApt to expand its agent network, roll out business banking products, and strengthen its regulatory footing.
By 2021, the company had secured a microfinance banking license, enabling it to serve customers directly through Moniepoint, a platform offering digital payments, business accounts, and credit facilities.
2022–2023: Global Backing and Rebranding
As Moniepoint scaled across Nigeria, international investor interest increased significantly. IFC and Proparco, two leading global development finance institutions, joined DPI in an equity round aimed at strengthening Moniepoint’s lending and payments infrastructure.
The company also underwent a major rebranding from TeamApt to Moniepoint in 2023. The new identity reflected its broader mission to simplify financial access for small businesses. Its impact-driven model, combining technology, finance, and inclusion, resonated with development investors seeking sustainable private sector growth in Africa.
2024: Swedfund’s $10 Million Equity Investment
In October 2024, Swedfund invested $10 million in Moniepoint, joining its existing investors in a co-investment round. The deal reinforces Moniepoint’s position as one of Africa’s most investable fintech companies and a catalyst for small business growth.
According to Helen Hagos, Senior Investment Manager and Lead of Fund Co-Investments at Swedfund:
“In a country with a large and youthful population, where unemployment often leads individuals to start informal businesses, empowering MSMEs has the potential to shift socio-economic dynamics. By facilitating their operations, we can help unlock opportunities for innovation, income growth, and improved livelihoods.”
Swedfund’s participation reflects a strategic focus on expanding access to financial services for underserved business owners, a core principle of inclusive development.
Looking Ahead: The Next Chapter of Growth
Moniepoint’s trajectory mirrors the broader evolution of African fintech, moving from back-end infrastructure providers to full-fledged financial ecosystems that drive inclusion and innovation. The company now serves millions of businesses, processing billions of naira in transactions monthly, while extending credit and digital tools to enterprises that were previously excluded from the formal economy.
With Swedfund’s investment, Moniepoint is poised to deepen its reach across Nigeria and beyond, strengthening its digital infrastructure, expanding lending capacity, and empowering entrepreneurs across Africa.
About Moniepoint
Moniepoint provides business banking services to Nigeria’s micro, small, and medium-sized enterprises. Its suite of products includes digital payments, business accounts, credit facilities, and cross-border transfer solutions, all designed to simplify how businesses receive, send, and manage money.
Source: Swedfund, Development Partners International, IFC, Proparco, Africa Private Equity News
