How Oui Capital’s $150K Moniepoint bet paid off big with an $8M return in five years

In 2019, TeamApt was primarily focused on developing financial technology for banks, not yet widely recognised for its Moniepoint brand, which many Nigerians now know well. It was during this time that Oui Capital made a bold investment of $150,000 in the company.

Fast forward five years, and that investment blossomed into an impressive $8 million return. Oui Capital recently shared the story, highlighting that their initial investment yielded a staggering 53 times the original amount, especially after TeamApt transitioned into Moniepoint and achieved unicorn status.

This investment was part of Oui Capital’s first fund, rooted in its belief that Africa’s tech ecosystem was on the brink of significant growth. By September 2026, the firm noted that this investment had become one of the standout successes in its early portfolio.

What’s particularly compelling about this story isn’t just the transformation of $150,000 into $8 million, but the reasons behind Oui’s decision to invest before TeamApt rebranded to Moniepoint and the remarkable journey the company embarked on thereafter.

TeamApt was building for banks before Moniepoint became the business

TeamApt was founded in 2015 by Tosin Eniolorunda and Felix Ike. The company started with a focus on creating technology and payment systems for banks and financial institutions. Their early products made it easier for banks to automate parts of their operations and offer digital financial services.

By 2017, TeamApt was already working with 26 financial institutions and handling around $160 million in transactions each month, all without taking any outside funding. They relied solely on the revenue from their projects, giving them valuable insights into Nigeria’s banking and payment systems.

In 2018 and 2019, TeamApt shifted its focus to everyday consumers and businesses. One major product that came from this change was Moniepoint, an agency banking platform aimed at people and businesses that traditional banks often overlooked. Moniepoint grew quickly through a network of agents and POS terminals, allowing people to withdraw cash, make deposits, and transfer money without needing to visit a bank branch.

However, as they developed the service, they noticed that agents faced a big challenge in keeping track of transactions and managing their businesses. To address this, TeamApt improved the technology behind Moniepoint and provided local support for their agents.

By 2019, the company was heavily focused on Moniepoint and another product called Monnify, while still maintaining its services for banks. Essentially, they transitioned from just creating tech for banks to developing financial products directly for merchants and businesses, catching the attention of investors like Oui Capital.

Similar read: The Movers: Inside Moniepoint’s resourceful team of founders and experienced hands

TeamApt initially raised $5.5 million in a Series A funding round in 2019, led by Quantum Capital Partners. However, when Oui Capital invested, it was more about believing in the company’s potential rather than supporting a well-known brand.

As TeamApt grew its merchant and agency-banking services, it reached new funding milestones. In 2021, the company secured another round of investment from notable firms like Novastar Ventures, Global Ventures, and Oui Capital. They focused on promoting Moniepoint, their platform designed to provide financial services to consumers, micro, and small businesses.

A significant turning point came in 2022 when QED Investors led a funding round of over $50 million, attracting attention from international investors and boosting TeamApt’s valuation. By then, TeamApt was processing annual transactions worth $100 billion through its platforms, Moniepoint and Monnify. The company also gained a microfinance banking licence and launched Moniepoint Microfinance Bank, enabling it to expand into banking and credit services.

In January 2023, TeamApt rebranded to Moniepoint, signifying the growth of its flagship product, which had gained popularity among customers while the original name faded into the background.

By October 2024, Moniepoint hit a major milestone, raising $110 million in Series C funding led by Development Partners International and including investments from Google’s Africa Investment Fund and others. This funding round valued Moniepoint at over $1 billion, officially making it a unicorn.

For early investors like Oui Capital, the journey paid off handsomely. Their initial investment of $150,000 turned into an impressive $8 million return, about 53 times what they put in. In a fantastic twist, Oui used the funds from this investment to fully pay back their original $4 million debut fund to investors while keeping their remaining shares, which could keep generating even more returns.

Why Oui Capital made the bet in the first place

The story of Moniepoint is more than just about a single investment; it highlights the potential of Africa’s tech scene. Oui Capital, founded in 2019 by Olu Oyinsan and Francesco Andreoli, focuses specifically on early-stage ventures in Africa. They believe that Africa’s tech ecosystem is on the brink of a transformation similar to what we’ve seen in Southeast Asia.

As an early-stage investor, Oui Capital backs African tech companies with a focus on fintech, software-as-a-service, digital commerce, and healthtech. They don’t just invest; they also support entrepreneurs with fundraising, market strategies, and building strong teams.

When Oui invested in Moniepoint, they didn’t have the benefit of a $1 billion valuation or the allure of a unicorn title. Instead, they saw a company rooted in Nigeria’s financial system, led by a dedicated founder and a team eager to tackle the challenges faced by banks and merchants. They recognised a market with countless businesses still outside the formal financial network, believing it had immense growth potential.

Moniepoint has since expanded beyond payment processing and agency banking to include business accounts, credit, foreign exchange, and management tools. By 2025, Moniepoint reported handling ₦412 trillion in transactions, a testament to its extraordinary growth.

What sets Oui Capital’s investment apart is that it was grounded in a strong understanding of Nigeria’s financial landscape. The TeamApt group not only grasped the intricacies of the banks but also built its own distribution network and used transaction data to innovate in credit services.

The result for Oui Capital was an impressive $8 million return. However, the real story lies in the initial decision to invest $150,000, which demonstrated their confidence in the potential of the company and the market.

Read also: How a $5.5M cheque from Jim Ovia helped build Moniepoint into a unicorn