Nigerian fintech startup TeamApt counts 100 per cent of the country’s commercial banks amongst its customers, and is now planning on taking its solutions pan-African.
Launched in 2015, the Lagos-based TeamApt was formed to solve inefficiencies in Nigeria’s growing digital financial services market, and has a variety of products, including payments service AptPay, digital banking solution Moneytor, and Profectus Robotics, a back-office automation solution.
Founder and chief executive officer (CEO) Tosin Eniolorunda gained his experience in the financial services space at Interswitch, where he says he spotted the growing digital banking needs of banks.
“They needed technology companies to accelerate these needs. I began to notice the impact money transfer inefficiencies had on all consumers,” he said.
“TeamApt was actually named in reference to the expertise my team and I have built in this sector. Our goal is to blend these skills to provide stronger payments systems in Africa.”
The size of the need is emphasised by the success of TeamApt since its launch. The startup has deployed over 55 tailored solutions to 26 African banks, including 100 per cent of Nigeria’s commercial banks. Last month it secured a switching licence from the Central Bank of Nigeria (CBN) to increase the impact of AptPay.
Now, on the back of a US$5.5 million funding round earlier this year, it has expansion in its sights, both in terms of products and markets.
“We intend to use the funding for further product development as well as talent acquisition and the strengthening of our internal operations,” said Eniolorunda.
Major pan-African growth is also a goal.
“We currently operate in Nigeria as mentioned, and also in Ghana, as many of the banks with which we work have branches there too,” Eniolorunda said, while detailing further plans. TeamApt has already started the process of launching in Kenya, Liberia and South Africa, while rollouts in Senegal, Cameroon and Ethiopia are planned to this quarter.
Beyond the continent, it is looking at expanding to a Latin American market by the end of this year, and Canada and the United States (US) at the beginning of 2020.
Eniolorunda said the startup, which makes money from licensing fees, transaction revenues, revenue shares on white-labelled solutions, and subscriptions on its licences, had overcome a variety of challenges to get to where it is now, mostly related to talent. This is an ongoing issue, but with its team now comprised of 40 people, the startup is well stocked and set for growth.