Nigerian-founded fintech startup, Moniepoint (formerly TeamApt), has appointed Pawal Swiatek as its Chief Operating Officer (COO), following the startup's rebranding in January. Recall that Moniepoint raised a $50 million+ pre-Series C round in August 2022, led by QED Investors in its first African investment.
Launched in 2015, the startup has evolved from providing only agency banking services to offering other banking services, including credit, through its working capital loan option to businesses. According to the official statement, Swiatek will be "initially focusing on reworking Moniepoint's operating system, ultimately ensuring the business can more accurately predict growth and key trends through a data-science-led approach."
Prior to Swiatek's appointment, Moniepoint's management team had only the founder and CEO, Tosin Eniolorunda, and CTO, Felix Ike, in C-suite roles. Swiatek's appointment is aimed at relieving the CEO from overseeing daily business operations.
Hiring highly experienced foreigners to occupy C-level roles seems to be a recent trend among prominent Nigerian startups. In May 2022, for instance, Flutterwave hired Gurbhej Dhillon as its CTO, while in August, it announced Mansi Babyloni as its Chief People and Culture Officer. While Flutterwave's case can be argued given its presence in over 15 countries (with 13 of them in Africa), Moniepoint's reason is around bringing in global expertise to help in its scaling and growing journey.
Following its Series A raise in 2019, the CEO hinted at a possible global expansion to some parts of Europe and Canada. In 2021, Eniolorunda also mentioned a possible expansion to other countries in West Africa and North Africa. So far, Moniepoint, which is now London-based, has its services mainly consolidated in the Nigerian market.
Moniepoint claims to have become profitable since its inception and is currently serving 600,000+ businesses in Nigeria.
"In 2022 alone, Moniepoint processed over $100 billion, facilitated $1.4 billion in disbursed loans with a default rate of less than 1%, processed 8,000 transactions per minute and handled over 55 million unique cards."
Interesting facts about Pawal Swiatek
- Before joining Moniepoint, Swiatek was Capital One's Managing Vice President. Capital One is a popular US commercial bank. He spent over four years at the bank.
- Swiatek is a venture partner at NextGen Venture Partners and also belongs to four company boards either as an advisor or member, including Theorem LP, Pedago, LLC, and Crunch-a-Mame/Greenwave Foods.
- Swiatek is Polish and started his career in Poland in 1999 before moving to the US in 2004.
- His longest time at a company was 10 years when he was a Senior Investment Associate, Senior Management Associate, and Management Committee Advisor at Bridgewater Associates, a global Hedge Fund Manager.