This Week in Startups

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

Oct 31, 2024

54:29

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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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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.

By prioritizing profitability and strategic funding, Moniepoint secured $110 million in investment, showcasing resilience in Africa's unpredictable venture capital landscape.

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.

Intro

2min

Teamapt's Transformative Journey

7min

Revolutionizing Fintech for SMBs

5min

Balancing Growth and Profitability in Fintech

11min

Fintech Expansion Strategies

11min

Valuing African Fintech Startups

13min

Unlocking the Secrets of Angel Investing

5min

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Todays show:

Moniepoint made waves this week by raising a massive $110 million Series C. For a startup in a category (fintech) that has seen its venture fortunes falter and a company building for the African market (which has seen its venture inflows slow), Moniepoint is an outlier – twice. Three times if you consider how quickly the company has grown in recent years. How did its round come together? How was it priced? And why aren’t more investors putting capital to work in Africa? Tune in, we have answers.

Timestamps: (0:00) Alex Wilhelm kicks off the show

(1:21) Moniepoint's origin story and pivot to the current model

(10:30) OpenPhone - Get 20% off your first six months at https://www.openphone.com/twist⁠

(10:13) Balancing profitability and venture capital

(16:48) Digitalization's impact on Moniepoint's growth

(25:11) Lemon.io - Get 15% off your first 4 weeks of developer time at https://Lemon.io/twist

(26:43) Moniepoint's office and IPO strategies

(28:18) Launch of consumer banking services

(31:07) Linear - Streamline issues, projects, and product roadmaps in a tool your team will actually enjoy using. Get 25% off at https://www.linear.app/twist

(32:07) The recent fundraising round and valuation insights

(38:32) Moniepoint's expansion plans in Africa

(42:17) Fostering the early-stage startup ecosystem

(44:18) Tosin's journey in angel investing

(46:38) Spotlight on African startups in the global market

(49:37) Angel University - Apply now at https://www.angel.univeristy

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LinkedIn: ⁠https://www.linkedin.com/in/alexwilhelm

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