Lagos-based fintech firm, TeamApt which recently closed a 5.5 million USD Series A round led by Quantum Capital Partners has made moves to expand to Latin America in the third quarter of the year. This is in conjunction to the announcement they made last month during the investment funding- that they will be deploying the funding to product development, talent acquisition and internal operation expansion.
TeamApt is a Lagos based company that deals in the development of Digital Business Solutions, Digital Banking and running Payment Infrastructure for Africa. This funding will enable the company expand aggressively and also invest further into product development and talent acquisition, even in its internal operations.
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TeamApt Founder Tosin Eniolorunda has revealed that TemApt is already expanding to Ghana, Kenya, Liberia and South Africa and will also expand its services to Senegal, Cameroon and Ethiopia by the second quarter of the year, with plans to expand to Latin America by the third quarter of the year. There is also plans to expand to the US and Canada by the first quarter of 2020.
According to Eniolorunda the TeamApt’s pitch level reached the Quantum capital and they were impressed by TeamApt’s achievement with little external help. Prior to the funding, TeamApt has been a bootstrapped establishment with a startup capital of 15 million Naira, with its first revenue from payment project. The CEO said “We were fortunately selected for some important enterprise project for some banks and payment firms. Our clients paid us upfront and this provided the bootstrapping capital.”
Eniolorunda believes TeamApt solutions have more complexity and capture customer needs concisely than his competition. “We follow the easier, faster, cheaper mantra. This often makes many customers select us even when we were the underdogs, customers will accept these channels more and will forget that it was once needed to go to a physical location,” he said.
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