Moniepoints Road to Unicorn Status
Published on: November 23, 2024
This is a typical example of how starting small, focusing on real problems, and staying dedicated to a mission can create extraordinary results.
In 2015, Tosin Eniolorunda and his team started Moniepoint (then called TeamApt) to help everyday Nigerians, especially small traders, access financial services. These traders were making money but couldn’t use traditional banks due to the lack of credit history. Moniepoint began by giving them small loans, using their communities to determine trustworthiness instead of relying on formal records.
The team built and refined their products without seeking external funding for three years. In 2019, they raised $5.5 million in their first funding round, which allowed them to expand rapidly. They rebranded to Moniepoint Inc. and moved their headquarters to London, aiming to bring solutions to more people beyond Africa.
This Nigerian financial technology company has transcended its humble beginnings to become one of Africa’s most celebrated unicorns, achieving a valuation of $1 billion. Its journey is a masterclass in leveraging technology, understanding customer needs, and creating solutions for financial inclusion.