Nigerian fintech startup TeamApt has closed its Series B fundraising round, as it looks to expand its financial services beyond Nigeria.
The fintech startup was launched in 2015 and provides financial services for the underserved mass market in Africa was launched in 2015,
The undisclosed funding was led by Novastar Ventures with participation from FMO, Global Ventures, CDC, Oui Capital, Kepple Africa Ventures, Soma Capital, Endeavor Catalyst and a syndicate of local angel investors including Gbenga Oyebode.
The fintech says it will use the funding to extend its offerings directly to customers and micro-SMEs, giving them access to the financial access lifelines they need to succeed, while expanding its solutions beyond Nigeria.
Over 50% of Nigeria’s 99 million adult population are financially underserved, comprising 36M unbanked and 14.5M underbanked people with distrust and access cited as key drivers of this exclusion. Operating in Nigeria’s 36 states, TeamApt is tackling this exclusion profitably with its hybrid solution – bridging the gap through a current distribution network of over 100,000 agents and reliable technology-enabled payment solutions.
TeamApt has in less than two years rapidly scaled its agent banking product, Moniepoint, overtaking long-time incumbents and in the process serving 29 million previously underserved individuals who had limited access to financial services. Through Moniepoint – and payment gateway Monnify – TeamApt has processed $17.5 billion worth of transactions in the past 12 months, a 1,081% increase from the previous year; with an average of 68 million transactions performed on its platform every month.
With this raise, the starup it will further leverage this agent network to provide wider financial services to the underserved consumers and businesses in Nigeria. The company also has its sights on other markets in Africa where there are significant opportunities for leveraging technology and offline distribution to provide financial services to the mass market.
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