TeamApt, a Nigerian fintech startup raises Series B, to expand to other African countries

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TeamApt, a FINTECH company in Nigeria, which offers underserved individuals and businesses in emerging and frontier markets with a range of financial services, has raised an undisclosed sum in a Series B round.

Tosin Eniolorunda, the CEO of TeamApt said in a statement that “this funding will allow the company to extend her solutions to other parts of Africa.” The company currently operates only in Nigeria but has its sights set on breaking ground in a francophone African country later this year.

Novastar Ventures, a Kenya-based venture capital led the series B round with the participation of Global Ventures based in UAE and CDC Group based in UK. Other venture capital firms involved include Soma Capital, Kepple Africa Ventures and Oui Capital.

A Dutch entrepreneurial development bank, FMO also dropped a cheque of $2 million according to TechCrunch.

Banking in Nigeria has improved over the years. Competition amongst the individual banks has made for more improvements as the banks try to offer their customers the best service.

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The population in the rural area still makes the Banking services Poor and they still get complaints from their customers using their financial services. For instance, when you get to the rural areas, there is a lack of access to services; even those living in the urban areas can’t access some financial services such as loans because of certain rules guiding the banking sector.

Editorial Team

We uniquely tell the story of African startups in the Fintech, Tech and Startup space. Get your story feature on Stackpreneur Africa: Email: [email protected]

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