Nigeria-essentially based entirely TeamApt, which presents agent banking products and companies with plans to roll out user-focused digital banking aspects, has raised an undisclosed sum in a Sequence B spherical.
In an announcement, co-founder and CEO Tosin Eniolorunda said the funding “enables us to lengthen our solutions to other aspects of Africa.” The corporate currently operates ideally suited in Nigeria however has its sights space on breaking ground in a francophone African country later this year.
Formally undisclosed “for business reasons” in accordance to a TeamApt advisor in an e-mail, Eniolorunda had indicated in June that it became as soon as “a pair of millions of greenbacks” in size. Two other folks conversant in the company’s fundraising course of confirmed it is rarely no longer as much as $20 million.
Novastar Ventures, the Kenya-essentially based entirely firm, led the spherical with the participation of World Ventures (a firm within the United Arab Emirates), CDC Group (the UK’s order finance establishment), Soma Capital, Kepple Africa Ventures and Oui Capital.
Dutch entrepreneurial order financial institution FMO also bought in on the action with a $2 million punt, in accordance to TechCrunch.
This most up-to-date funding announcement follows TeamApt’s $5.5m Sequence A spherical closed in 2019 led by Quantum Capital Companions, a Lagos-essentially based entirely funding firm owned by Jim Ovia, the founding father of Zenith Financial institution.
Despite the indisputable fact that below the radar for various its six year existence, TeamApt boasts numbers that would space it among Nigeria’s most racy and most efficient performing financial technology startups.
TeamApt’s pivotal business within the mean time is Moniepoint, a intention solution that powers agent banking in Nigeria. The corporate says that it processed $3.5bn in Might presumably well also and is the main agent banking platform on volume of transactions, citing an April document from the Shared Agent Network Enlargement Facility (SANEF) – the body accredited by the Central Financial institution of Nigeria to oversee agent banking in Nigeria.
SANEF’s experiences will no longer be public and it is rarely positive which other corporations are captured in it. However the agent banking reputation is believed to encompass Firstmonie, Paga and OPay, the Opera-backed fintech.
In March 2021, TeamApt said it processed over ₦1trillion ($2.4 bn) for the first time. The $3.5 bn processed in Might presumably well also became as soon as from a obnoxious of 68 million transactions. Underlying these transactions is a community of brokers numbering about 100,000 one day of Nigeria’s 36 states.
Within the twelve months ended April 2021, the company said it had processed a whole of $16bn one day of its platforms which contains Monnify, a service that provides virtual accounts to fintechs and other service suppliers to facilitate immediate notification of financial institution transactions.
However the majority of the company’s operations (and income) is from Moniepoint, forming the premise for plans to adapt the platform into the user digital banking reputation. Whereas Moniepoint will continue to energy agent banking, TeamApt plans to gain a user app facet of it for folks as a digital financial institution.
Moreover geographical growth and a product originate, what else does TeamApt personal up its sleeves?
Closing week, the company’s founders had been announced because the most up-to-date contributors of the Endeavor Nigeria community, which formula they qualified to gain funding from the community’s Catalyst Fund (There’s precedent: Endeavor’s funding in Flutterwave‘s Sequence B in January 2020).
Plans for extra funding are already underway.
A TeamApt advisor said “a series C dialog is ongoing [and] needs to be carried out within the impending months and we’ll be overjoyed to speak at that point.”
Eniolorunda, the CEO, anticipates that they may quickly rise to transform one billion-greenback startup. “We search recordsdata from the company to realize unicorn-fashion valuations quickly,” he told TechCabal in June.
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