Nigerian FinTech startup TeamApt has raised US$5.5 million funding in a Series A round led by Quantum Capital Partners to expand its digital finance products to consumer finance with the launch of its AptPay banking app.
Founded in 2015 by a team of ex-Interswitch employees led by Tosin Eniolorunda, TeamApt develops digital banking, digital business solutions, and running payments infrastructure by rethinking the needs of consumers, businesses, the financial industry and counts Zenith, UBA, and ALAT as its customers.
“Banking on the continent is changing at a rate never seen before by Africa’s financial institutions. Innovation and technology are no longer nice-to-haves, but must-haves, as both businesses and customers demand convenient, quick, and easy services from their banks,” said Tosin Eniolorunda, founder and chief executive officer of TeamApt.
The startup which has bootstrapped its way to its Series A by generating revenue project to project serves over 3 million customers in Nigeria while processing over US$3 million with over 100,000 businesses on-board.
“The problem that they’re solving might be African but the technology is universal. ‘Can it be applied to any other market?’ of course it can,” said ElaineDelaney, Quantum Capital Partners CFO.
The company will be launching its first consumer-facing product, Aptpay which will centralise all services currently used on banking mobile apps allowing for self-reconciliation for customers, providing a one-stop system from which all banking transactions can be powered.