TeamApt, a fintech startup in Nigeria, has announced the completion of its Series B funding round. The Nigerian Startup specializes in providing financial services for the underserved financial market in Africa. The amount was not disclosed.
The company was established in 2015 to solve inefficiencies in Nigeria’s growing digital financial services market and issue a variety of products.
The startup has counted 100 percent of the country’s commercial banks among its customers. Not only did secure a switching license from the Central Bank of Nigeria, but also US$5.5 million in Series A funding in 2019.
In January, the firm announced to shift its focus from delivering financial services products to banks to delivering products for consumers and businesses as a way to increase performance.
The goals of the company will be supported by the Series B funding round. With the funding, TeamApt can extend its offerings directly to customers and micro-SMEs by giving them access to the financial access lifelines they need to succeed, and also by expanding its services beyond Nigeria.
“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 percent 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,” according to Tosin Eniolorunda, the co-founder and chief executive officer (CEO) of TeamApt.
The Series B funding was led by Novastar Ventures. Other investors included FMO, Global Ventures, Kepple Africa Ventures, Soma Capital, CDC, Oui Capital, and a syndicate of regional investors including Gbenga Oyebode.
According to the head of West Africa at Novastar Ventures, Brian Waswani Odhiambo, TeamApt has proven it is a leader in Nigeria with the team’s capabilities and the platform’s superior user experience.