Nigerian fintech TeamApt is apt for $5.5m of funding
TeamApt raises $5.5m
TeamApt, a Nigerian fintech, has closed on a $5.5 million Series A round, led by Quantum Capital Partners.
The Lagos-based company develops digital banking, digital business solutions and running payment infrastructure for Africa.
The firm plans to dedicate this investment to scale more aggressively into additional markets, as well as further product development, talent acquisition and expansion of its internal operations.
“Banking on the continent is changing at a rate never seen before by Africa’s financial institutions. Innovation and technology are no longer nice-to-haves, but must-haves, as both businesses and customers demand convenient, quick, and easy services from their banks,” says Tosin Eniolorunda, founder and CEO of TeamApt.
TeamApt builds white-labelled products to simplify digital financial transactions. The company’s flagship product is Moneytor, an end-to-end omnichannel digital banking solution for financial institutions to fast track digital transformation processes with web and mobile interfaces.
The firm says it working with 26 African banks, including all commercial banks in Nigeria, including Zenith, ALAT, UBA and Diamond Bank. Since its launch in 2015, has so far has on-boarded 100,000 Nigerian businesses, serving three million customers across Africa’s largest economy and is currently processing monthly transactions of $160 million. The company says it has recorded revenue growth of 4,500% over a three-year period.
TeamApt says it is an engineer-led firm, with over 40 engineers, that aims to solve inefficiencies in Nigeria’s digital financial services market using automation.
According to the Central Bank of Nigeria (CBN), the total value of electronic e-payment transactions recorded in 2017 rose by 32.5% to NGN83.1 trillion ($229 billion) in 2017 from NGN62.7 trillion ($176 billion) recorded in 2016.
The company is also set to launch its first consumer-facing product, which is currently in beta. Aptpay is a payment infrastructure product aiming to centralise all services currently used on banking mobile apps, providing a one-stop system from which all banking transactions.The platform will also be tailored towards curbing financial fraud.
