TeamApt, a Nigerian fintech has raised an undisclosed Serie B in a funding round led by Novastar Ventures alongside participation from Global Ventures, FMO, Oui Capital, CDC, Soma Capital, Kepple Africa Ventures, and some prolific local angel investors.
This indicates continued investor confidence in the Nigeria fintech after their earlier 2019 raise of $5.5 million in a Serie A led by Quantum Capital Partners. The exact amount of investment in their new round remains undisclosed, though Technext estimates the figure between $20 million to $100 million. According to the publication, TeamApt will channel the funds to expand its offerings to customers and micro-SMEs, in addition to scaling across Africa.
Novastar Ventures is a major venture catalyst firm, announcing a $108 million raise for its Africa Fund II last year, totaling it to $200 million. Based in both Nairobi and Lagos, Novastar Ventures has firms like Kenya Agtech M-Farm , energy startup SolarNow, healthtech MPharma, and several others on its portfolio. Tosin Eniolorunda is the TeamApt CEO, who founded the company in 2015.
The company has progressively grown with products such as Moneytor, Monnify, and AptPay. Their most successful product was Moniepoint, unveiled after their Serie A raise. This platform became an instant hit as it immediately resonated with the mass market. Moniepoint relies on agents and POS terminals to offer services such as cash deposits, bill payments, cash withdrawals, airtime purchases, and funds withdrawals. TechCrunch reveals that the platform has processed over 68 million transactions thus far valued at $3.5 billion every month.
We are partnering with @TeamApt on their #mission to bank the unbanked and underbanked across #Africa. We are excited to back the team’s mission-driven and product focused approach to enhance #financial services in #Nigeria.
More about TeamApt: https://t.co/6iJcEZcsoz
— Global Ventures (@GlobalVC_MENA) July 4, 2021