Nigeria based TeamApt Closes $5.5M Series A Funding Round

 In news

TeamApt, a Lagos, Nigeria-based fintech company that provides digital solutions and payment infrastructure for Africa, closed on a $5.5M Series A funding.

The round was led by Quantum Capital Partners.

The company intends to use the funds to scale into additional markets, whilst deploying investment into further product development, talent acquisition and expansion of its internal operations.

Led by Tosin Eniolorunda, Founder and CEO, TeamApt is a financial technology company creating Digital Banking, Digital Business solutions and running Payment Infrastructure for Africa.

The company, which currently works with 26 African banks, and 100% of all commercial banks in Nigeria, including Zenith, ALAT, UBA and Diamond Bank, builds white-labeled products to facilitate digital financial transactions.

Its flagship product is Moneytor, an end-to-end omnichannel digital banking solution for financial institutions to fast track digital transformation processes with web and mobile interfaces.

The company is also set to launch its first consumer-facing product, which is currently in beta. Aptpay is a payment infrastructure product that will centralize all services currently used on banking mobile apps.

Since its launch in 2015, TeamApt has on-boarded 100,000 Nigerian businesses, serving 3M customers across Africa’s largest economy and is currently processing monthly transactions of $160M. Source: FinSMEs

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