Another bucket of money arrives in the fintech space in Lagos. TeamApt, a payment startup supplying solutions to some leading Nigerian banks like Zenith, UBA and ALAT, has raised $5.5 million from Quantum Capital Partners, an investment firm founded by Zenith Bank’s Jim Ovia. The investor wrote the whole cheque. According to the company, founded in 2015, it serves 26 African bank clients and processes $160 million in monthly transactions, growing revenue at 4,500 percent over a three year period. With this money, the company wants to expand into Canada and Europe. And TeamApt plans another destination: NASDAQ.
Nigerian fintech startup TeamApt has raised $5.5 million in capital in a Series A round led by Quantum Capital Partners.
The Lagos based firm will use the funds to expand its white label digital finance products and pivot to consumer finance with the launch of its AptPay banking app.
TeamApt joins several fintech firms in Africa that announced significant rounds, expansion, or partnerships over the last year. As covered by TechCrunch, in September 2018, Nigeria’s Paga raised $10 million and announced possible expansion in Ethiopia, Asia, and Mexico. Kenyan payment company Cellulant raised $53 million in 2018, targeted to boost its presence across Africa. And in January, Flutterwave partnered with Visa to launch the GetBarter global payment product.
Tosin takes on his former employer, Interswitch, even as Flutterwave, Paystack and others loom around. Many Nigerian companies largely funded this firm demonstrating that one does not need to raise money first if one can find a customer-investor!
“To start, we closed a deal with Computer Warehouse Group to build a payment solution for them and that’s how we started bootstrapping,” he said. A project soon followed for Fidelity Bank Nigeria.
TeamApt worked with Sterling Bank Nigeria to develop its Sterling Onepay mobile payment app and POS merchant online platform, Sterling Bank’s Chief Client Engagement Officer, CCEO, Moronfolu Fasinro told TechCrunch.