Fintech Startup TeamApt Raises $5.5 Million Investment
Quantum Capital Partners, a Lagos based investment firm founded by Nigerian banker Jim Ovia, has invested $5.5 million, about 1.98 billion naira in Nigeria fintech startup TeamApt.
TeamApt was founded by ex-Interswitch engineer, Tosin Eniolorunda in 2015 and bootstrapped successfully to a million-dollar valuation in less than 2 years.
According to TechCrunch, TeamApt will use the fund from the series A round “to expand its white label digital finance products and pivot to consumer finance with the launch of its AptPay banking app”.
Over the past three years, TeamApt has pioneered several digital banking products including Moneytor— a digital banking service for financial institutions to track transactions with web and mobile interfaces—and Monnify, an enterprise software suite for small business management.
In an interview with Bounce News in 2018, Tosin said TeamApt played a significant role in developing Nigeria’s first fully-digital bank, ALAT by Wema Bank.
TeamApt also worked with Sterling Bank to develop its Sterling Onepay mobile payment app and POS merchant online platform.
The TechCrunch report noted that on performance, TeamApt claims 26 African bank clients and processes $160 million in monthly transactions, citing the company’s data.
TeamApt claimed revenue growth of 4,500% over a three-year period and Quantum Capital Partners confirmed it verified the numbers.
“Our CFO sat with them for about two weeks,” Elaine Delaney, a Director at Quantum Capital Partners said.
“TeamApt’s results and the startup’s global value proposition factored into the fund’s decision to serve as sole-investor in the $5.5 million round.”
TeamApt said it will now focus on developing more consumer-based financial products while expanding to other markets across the world. But the ultimate goal, according to Eniolorunda is to go public.
“The project code name for the recent funding was NASDAQ. We’re clear about becoming a public company,” Eniolorunda told TechCrunch.
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