TeamApt, a Nigerian fintech startup that delivers financial services to Africa’s underserved mass market, has closed its Series B fundraising round, indicating that it is looking to expand its financial services beyond Nigeria.
Founded in 2015, TeamApt’s initial approach to delivering financial happiness was by creating financial solutions aimed at optimizing the operations of partner banks and financial institutions. The startup counts 100 per cent of the country’s commercial banks amongst its customers and in 2019 secured a switching license from the Central Bank of Nigeria (CBN) as well as a US$5.5 million Series A funding round.
In January the startup announced it would shift its focus from delivering financial services products to banks to delivering products for consumers and businesses, as it aims to build on a strong performance in 2020.
Its ambitions have now been boosted by an undisclosed Series B funding round, led by Novastar Ventures with participation from FMO, Global Ventures, CDC, Oui Capital, Kepple Africa Ventures, Soma Capital, and a syndicate of local angel investors including Gbenga Oyebode.
The funding will see TeamApt extend its offerings directly to customers and micro-SMEs, giving them access to the financial access lifelines they need to succeed, while expanding its solutions beyond Nigeria.
“Universal access to financial services is key to the advancement of any society. We built Moniepoint because we believe everyone deserves to enjoy financial happiness and this can only happen when they can access financial services effortlessly,” said Tosin Eniolorunda, co-founder and chief executive officer (CEO) of TeamApt.
“This fundraise is happening at a significant time in our growth as a company. In the past years, we have exceeded several strategic milestones without external funding, helping accelerate the Central Bank of Nigeria’s target of 95 per cent financial inclusion by 2024, but as the hurdles of financial access are not unique to Nigeria, this funding allows us to extend our solutions to other parts of Africa.”
Brian Waswani Odhiambo, head of West Africa at Novastar Ventures, said TeamApt had swiftly and successfully established its agency network to become the leading operator in Nigeria, a testament to the team’s capabilities and the platform’s superior user experience.
“We are glad to catalyze their vision by providing TeamApt with sufficient capital to pursue its new phase of growth,” he said.
TeamApt’s influence on the lives of countless Nigerians continues to grow. Due to the country’s high unemployment rate, the startup has constantly improved the living conditions of its over 100,000 agents by improving their income-earning opportunities.