Nigerian fintech startup TeamApt, which provides financial services for the underserved mass market in Africa, has announced the completion of its Series B funding round as it looks to expand in the aftermath of switching its focus from B2C from B2B.
Launched in 2015, TeamApt was formed to solve inefficiencies in Nigeria’s growing digital financial services market, and has a variety of products. The startup counts 100 per cent of the country’s commercial banks amongst its customers and in 2019 secured a switching licence from the Central Bank of Nigeria (CBN) as well as a US$5.5 million Series A funding round.
Disrupt Africa reported in January the startup announced it will be shifting its focus from delivering financial services products to banks to delivering products for consumers and businesses, as it aims to build on a strong performance in 2020.
Its ambitions have now been boosted by an undisclosed Series B funding round, 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.
The funding will see TeamApt 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.
“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,” said Tosin Eniolorunda, co-founder and chief executive officer (CEO) of TeamApt.
“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.”
Brian Waswani Odhiambo, head of West Africa at Novastar Ventures, said TeamApt had swiftly and successfully established its agency network to become the leading operator in Nigeria, a testament to the team’s capabilities and the platform’s superior user experience.
“We are glad to catalyse their vision by providing TeamApt with sufficient capital to pursue its new phase of growth,” he said.