TeamApt Completes Series B Funding, Commits to African Market

Nigerian Fintech startup, TeamApt has completed its series B funding round.

The entire process was 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.

According to the firm, the funding would see the company extend its offerings directly to customers and micro-SMEs, giving them access to the financial access lifelines, which they need to succeed, while expanding its solutions beyond Nigeria.

Citing a recent statistics, which stated that over 50 per cent of Nigeria’s 99 million adult population is financially underserved, comprising 36 million unbanked and 14.5 million underbanked people with distrust and access cited as key drivers of this exclusion, TeamApt stated that given its operation across the 36 states of Nigeria, it would tackle the exclusion profitably with its hybrid solution. It promised to bridge the gap through a current distribution network of over 100,000 agents and reliable technology-enabled payment solutions.

TeamApt stated that it has in less than two years scaled its agent banking product, Moniepoint, to serve the 29 million previously underserved individuals who had limited access to financial services.

“Through Moniepoint and payment gateway Monnify, TeamApt said it processed $17.5 billion worth of transactions in the past 12 months, which is a 1,081 per cent increase from the previous year, with an average of 68 million transactions performed on its platform every month,” it added.

With this, it stated that it expects to further leverage its agent network to provide wider financial services to the underserved consumers and businesses in Nigeria.

Co-founder and Chief Executive Officer of TeamApt, Tosin Eniolorunda, was quoted to have said: “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.”

According to him, “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”.