TeamApt, a Nigerian fintech startup that delivers financial services to Africa’s underserved mass market, has closed its Series B funding round.
The startup that is looking to expand after altering its focus from B2B to B2C.
TeamApt, which was founded in 2015 to address inefficiencies in Nigeria’s burgeoning digital financial services market, offers a number of solutions.
The startup has 100% of Nigeria’s commercial banks as customers and received a switching license and a US$5.5 million Series A funding round from the Central Bank of Nigeria (CBN) in 2019.
Tosin Eniolorunda, the company’s co-founder and CEO, said in a statement that the funding “allows us to extend our solutions to other countries of Africa.” The company is presently only active in Nigeria, but it plans to open a branch in a francophone African country later this year.
Global Ventures based the United Arab Emirates, CDC Group a UK development finance institution, Soma Capital, Kepple Africa Ventures, and Oui Capital all participated in the round, which was led by Kenyan firm Novastar Ventures.
This round of funding comes after a $5.5 million Series A round in 2019.
“A series C discussions is underway and should be finalized in the next few months,” the startup added.
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