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This Week in Startups

Fast growth, big capital, and how Moniepoint is building a fintech unicorn in Africa | E2036

Oct 31, 2024
54:29
Snipd AI
Tosin Anya-Larunda, CEO and co-founder of Moniepoint, discusses the impressive $110 million Series C funding that propelled his fintech unicorn in Africa. He shares insights about Moniepoint's transformation from software provider to a leading financial services competitor. The conversation highlights the balance between rapid growth and profitability, digitalization's role in scaling, and the unique challenges faced by African fintech startups in attracting investment. Tosin’s passion for empowering small businesses through innovative solutions shines throughout.
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Podcast summary created with Snipd AI

Quick takeaways

  • Moniepoint successfully pivoted from servicing banks to targeting end consumers, significantly expanding its market potential since 2019.
  • The company has embraced a unique agent network model, enhancing financial inclusion by providing localized access to essential financial services.

Deep dives

Evolution from Teamapt to MoneyPoint

MoneyPoint transitioned from its original identity as Teamapt, which was founded in 2015 to develop digital banking solutions for financial institutions. The founders, having experience in engineering and product management, realized that while they were successful in servicing banks, their growth potential was limited within that sector. Faced with the constraints of a service-based business model, they pivoted to establish MoneyPoint in 2019, targeting a much larger addressable market. This strategic shift allowed them to leverage their existing knowledge while also identifying and addressing specific gaps in financial services for end consumers.

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