Founded by ex Interswitch Software Engineer and Product Manager Tosin Eniolorunda, Nigeria’s TeamApt, which provides digital solutions and payment infrastructure for Africa, has closed on a $5.5M Series A round, led by Quantum Capital Partners.
The firm will use the $5.5 million to scale more aggressively into additional markets, whilst deploying investment into further product development, talent acquisition and expansion of its internal operations.
According to Tosin Eniolorunda, Founder and CEO of TeamApt, “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. 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.
Launched in 2015, TeamApt has so far on-boarded 100,000 businesses in Nigeria, is serving 3M customers across the country and is currently processing monthly transactions of $160M with a revenue growth of 4,500%. The firm works with 26 African banks, and 100% of all commercial banks in Nigeria, including Zenith, ALAT, UBA and Diamond Bank, TeamApt builds white-labeled products, to ensure digital financial transactions are easier, faster, cheaper and safe.
With a team of 40+ developers, TeamApt has deployed over 55 tailored solutions to 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.
“We are now several steps further to building a symbiotic and frictionless digital banking ecosystem connecting not only Nigeria but Africa and creating technology for financial happiness for Africans,”
According to the Central Bank of Nigeria (CBN), the total value of electronic e-payment transactions recorded in 2017 rose by 32.5 percent to N83.1 trillion (approximately $229 billion) in 2017 from N62.7 trillion (approximately $176 billion) recorded in 2016, demonstrating the immense potential available in the market.
TeamApt is set to launch Aptpay, its first consumer-facing product that will provide a one-stop system from which all banking transactions [bill payments, transfers, direct debits and more] – are powered through a single platform. Aptpay will allow for self-reconciliation for customers to curb financial fraud.
“We sought to partner with TeamApt to leverage the significant opportunities within the African financial services landscape to optimize financial inclusion across the continent,” said Elaine Delaney, Co-Founder of Quantum Capital Partners. “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.”