TeamApt, a Nigerian startup that provides digital solutions and payment infrastructure for Africa, has closed on a $5.5M Series A round, led by Quantum Capital Partners.
The Lagos-based company is a leader in the development of Digital Banking, Digital Business solutions and running Payment Infrastructure for Africa. The new funding will see the company scale more aggressively into additional markets, whilst deploying investment into further product development, talent acquisition and expansion of its internal operations.
Working with 26 African banks, and 100% of all commercial banks in Nigeria, including Zenith, ALAT, UBA and Diamond Bank, TeamApt builds white-labeled products, to ensure digital financial transactions are easier, faster, cheaper and safe. Since its launch in 2015, TeamApt has focused on its mission to create financial happiness for Africans through technology, and so far has on-boarded 100,000 Nigerian businesses, serving 3M customers across Africa’s largest economy and is currently processing monthly transactions of $160M. The company has recorded revenue growth of 4,500% over a three year period.
With a team of 40+ developers, TeamApt is an engineer-led company that was built to solve inefficiencies in Nigeria’s growing digital financial services market, at scale, using automation and has deployed over 55 tailored solutions to banks. The company’s 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.
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”.
According to the Central Bank of Nigeria (CBN), 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, demonstrating the immense potential available in the market.
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. This will allow for self-reconciliation for customers, unlike via current transfer gateways which require reconciliation, providing a one-stop system from which all banking transactions [bill payments, transfers, direct debits and more] – are powered through a single platform. The platform will also be tailored towards curbing financial fraud.
According to 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.”
Have anything to add to this story? Leave us a comment in the comments section below. In the meantime, follow or subscribe to our Startup Digest newsletter here to ensure you don’t miss out on any future updates on African startups.