Nigerian fintech startup TeamApt, which provides digital solutions and payment infrastructure to financial institutions, has closed a US$5.5 million Series A funding round to help it scale into new markets.
Launched in 2015, the Lagos-based TeamApt was formed to solve inefficiencies in Nigeria’s growing digital financial services market, at scale, using automation, and has deployed over 55 tailored solutions to 26 African banks, including 100 per cent of Nigeria’s commercial banks.
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.
TeamApt has already on-boarded 100,000 Nigerian businesses, is serving three million customers, and processes monthly transactions of US$160 million. The company has recorded revenue growth of 4,500 per cent over a three year period, and has now raised Series A funding in order to scale.
The US$5.5 million round, led by Quantum Capital Partners, will see TeamApt expand more aggressively into additional markets, whilst deploying investment into 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,” said Tosin Eniolorunda, founder and chief executive officer (CEO) of TeamApt.
“Every financial provider is under pressure to provide seamless and cost-effective digital solutions. Our engineers are building platforms that promote simplicity in how banks and businesses are run – and we continue to forge ahead building products that are becoming part of the very fabric of Africa’s banking infrastructure.”
TeamApt is about to launch its first consumer-facing product, Aptpay, which is currently in beta. Aptpay is a payment infrastructure product that will centralise all services currently used on banking mobile apps. This will allow for self-reconciliation for customers, providing a one-stop system from which all banking transactions can be powered.
“Quantum Capital Partners was an early adopter of fintech and insurtech solutions within its portfolio of financial services investments. We sought to partner with TeamApt to leverage the significant opportunities within the African financial services landscape to optimise financial inclusion across the continent. TeamApt’s ability to continuously innovate with a strong focus on customer delivery driven by an impressive management team were the key elements that supported our investment thesis,” said Elaine Delaney, co-founder of Quantum Capital Partners.
