Tosin Eniolorunda and Felix Ike are reportedly behind Africa’s fastest-growing fintech company.
According to a press release shared with AFROTECH™, the founders lead Moniepoint, which initially launched under the name TeamApt in 2015. The company has since become a trusted provider of financial solutions, reaching millions of entrepreneurs across Africa and processing over 800 million transactions a month, with those having a monthly total value of more than $17 billion.
Moniepoint offers a free personal banking app that allows customers to benefit from a “debit card that always works,” Eniolorunda said in a YouTube video.
In addition to banking accounts, the company offers loans, expense cards, instant payouts, and accounting and bookkeeping solutions, its website lists.
Moniepoint’s business model has made it Africa’s fastest-growing fintech in both 2023 and 2024, per the press release. It is now poised for further growth following a $110 million equity financing round led by Development Partners International’s African Development Partners III (ADP III) fund. Participating investors include Google’s Africa Investment Fund, Verod Capital, and Lightrock, an existing investor.
“Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure,” Eniolorunda mentioned in the news release. “The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible.”
He added, “We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started, as it is just day one from here.”
Adefolarin Ogunsanya, a partner at Development Partners International, commented:
“We are delighted to lead this investment round in Moniepoint, one of Africa’s most exciting and fastest growing companies. A profitable business led by an excellent leadership team with clear strategic vision, Moniepoint is well positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa.”
