TeamApt, a Nigerian based fintech firm closed a 5.5 million USD during its Series A round which was led by Quantum Capital Partners. 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.
Launched in 2015, TeamApt ensures financial happiness for Africans through technology. As they have over 100,000 Nigerian businesses on board and 3 million customers across Africa’s largest economy. The firm works with over 26 African banks and almost all commercial banks in Nigeria like; Zenith, ALAT (Wema), UBA and Diamond Bank. TeamApt creates white-labelled products that guarantees safer, easier and cheaper digital financial transactions. The company processes up to 160 million USD monthly and has a record of 4,500% revenue growth within a three year period. They have over 40+ developers.
See also: Africa Fintech Foundry calls for $10,000 Pitch Submission
Tosin Eniolorunda, Founder and CEO of TeamApt says; “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. 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”.
The Central Bank of Nigeria (CBN) said, 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, thereby demonstrating the immense potential available in the market.
Elaine Delaney, Co-Founder of Quantum Capital Partners “Quantum Capital Partners was an early adopter of Fintech and Instech solutions within its portfolio of financial services investments. We sought to partner with TeamApt to leverage the significant opportunities within the African financial services landscape to optimize financial inclusion across the continent. 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.”
The company is also set to launch its first consumer-facing product Aptpay which is currently in beta. It is a payment infrastructure product that will centralize all services used on mobile banking apps. The platform will allow self-reconciliation for customers. The platform will be tailored towards curbing financial fraud.