TeamApt, the Nigerian digital financial services solutions and payments firm, is pivoting from delivering financial services products to banks to delivering products for consumers and businesses.
The Lagos-based fintech company is also exploring opportunities to deliver financial services for underserved individuals and businesses in other countries in West and North Africa.
According to Tosin Eniolorunda, CEO and Co-Founder of TeamApt, “We had a lot of success working with banks but we have identified some unique opportunities to empower underserved individuals and businesses with products designed to make it easier to access and manage their money more efficiently. We are confident in our competence and the technical expertise to deliver products and services that will transform access to financial services across Africa”.
Founded in 2015, TeamApt has worked with a wide range of African banks and 100% of all commercial banks in Nigeria but the firm will now focus on building products that make it easier for individuals and businesses to access financial services, as well as growing its agent network and other touchpoints for its existing products – Moniepoint and Monnify.
Despite the global pandemic in 2020, TeamApt says it saw $3.9 billion in transaction value across its products, more than 90 million transactions processed, and 500% merchant growth. Moniepoint, TeamApt’s mobile money platform, which was launched in 2019, was also a top non-bank mobile money operator in Nigeria and TeamApt’s agent network grew to 50,000 (900% growth).
In 2019, TeamApt closed a $5.5M Series A round, led by Quantum Capital Partners to scale more aggressively into additional markets, whilst deploying investment into further product development, talent acquisition and expansion of its internal operations.
TeamApt said it was building platforms that promote simplicity in how banks and businesses are run – and had so far on-boarded 100,000 businesses in Nigeria, and was serving 3M customers across the country and is currently processing monthly transactions of $160M with revenue growth of 4,500%.