TeamApt Series B: providing digital bank services for the unbanked
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.
Novastar Ventures led with participation from FMO, Global Ventures, CDC, Oui Capital, Kepple Africa Ventures, Soma Capital, Endeavor Catalyst and a syndicate of local angel investors including Gbenga Oyebode. The funding will see TeamApt extend its offering directly to customers and micro-SMEs, giving them access to the financial access lifelines they need to succeed, while expanding beyond Nigeria.
Over 50% of Nigeria’s 99 million adult population are financially underserved, comprising 36M unbanked and 14.5M underbanked people with distrust and access cited as key drivers of this exclusion. Operating in Nigeria’s 36 states, TeamApt is tackling this exclusion profitably with its hybrid solution – bridging the gap through a current distribution network of over 100,000 agents and reliable technology-enabled payment solutions.
TeamApt has in less than two years rapidly scaled its agent banking product, Moniepoint, overtaking long time incumbents and serving 29 million previously-underserved individuals who had limited access to financial services. Through Moniepoint – and payment gateway Monnify – TeamApt has processed $17.5 billion worth of transactions in the past 12 months, a 1,081% increase from the previous year; with an average of 68 million transactions performed on its platform every month. With this raise, it will further leverage this agent network.
“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 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% 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 has 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 catalyze their vision by providing TeamApt with sufficient capital to pursue its new phase of growth.”
Read more in TechCrunch: TeamApt will use its new funding round to provide digital bank services for the unbanked