Last week, Tosin Eniolurunda, CEO and Founder of TeamApt, shared insights on starting a fintech business, drawing from his time at Interswitch and his journey in Nigeria’s fintech industry.
A Builder at Heart
Tosin’s passion for creating started early. “I began building things in secondary school and continued through university. I even funded my education by working on various projects,” he shared. His drive to innovate led him to join Interswitch, which he described as the ideal workplace for payments technology in the mid-2000s.
Though content at Interswitch, Tosin’s desire to leave a lasting impact ultimately motivated him to step out and start his own venture. While acknowledging that entrepreneurship isn’t for everyone, he emphasized how his experiences at Interswitch—spanning both technical and business roles—equipped him with the tools to succeed.
“Having both technical expertise and business acumen gives you an edge,” Tosin said. “I thought I’d spend many years at Interswitch, but as I approached my 30s, I felt the need to create something of my own.”
Taking the Leap
Tosin spoke candidly about the risks of leaving a stable job. “I knew that even if I tried and failed, my professional reputation wouldn’t be worse off. I could always return to Interswitch,” he explained.
With that mindset, he launched TeamApt. Like many startups, raising initial capital was a challenge. TeamApt tackled this hurdle by developing solutions for banks, which generated revenue to sustain the business.
“Securing funding is often a chicken-and-egg problem: you need capital to grow, but you need growth to attract capital,” Tosin noted. “We started with projects that weren’t our end goal, but they funded what we wanted to achieve long-term.”
Pivots and Growth
Initially focused on bank solutions, TeamApt soon realized that connecting with customers directly offered more opportunities. In 2019, the company pivoted to develop products for consumers and businesses, launching Moniepoint and Monify.
- Moniepoint: Now one of Nigeria’s largest agency banking platforms.
- Monify: A widely used bill payment solution integrated into partner banks.
Today, TeamApt processes around 44 million transactions monthly, handling approximately ₦600 billion in transaction value.
Why Banks Can’t Do It All
Addressing why banks don’t provide such services themselves, Tosin attributed it to a lack of strong product development history among Nigerian banks. “Banks focus on delivering financial services. It makes sense for specialized companies to handle the tech,” he said.
Execution is Key
Tosin credits TeamApt’s success to consistent execution and letting results speak for themselves. “Our DNA is about flawless execution,” he stated. “Let your achievements be your trumpet.”
The story of TeamApt highlights the challenges, pivots, and strategies involved in building a successful fintech company in a competitive market.
