TeamApt secures Series B to support more unbanked in Nigeria

TeamApt, which provides financial services to the underserved market in Africa, has closed its Series B round to help support more consumers in Nigeria.

The round was led by Novastar Ventures, with commitments also coming from FMO, Global Ventures, CDC, Oui Capital, Kepple Africa Ventures, Soma Capital and Endeavor Catalyst. A number of local angel investors also committed capital to the round.

Funds from the round will be used to expand its offerings to consumers and micro-SMEs and expand beyond Nigeria.

TeamApt claims that more than 50% of Nigeria’s 99 million adult population are underserved financially. This includes 36 million unbanked and 14.5 million underbanked. The FinTech company was built to rectify this issue.

Its services are available in all of Nigeria’s 36 states and has a distribution network of more than 100,000 agents and payment solutions.

In under two years, the company has scaled its banking product, Moniepoint, to serve 29 million previously-underserved individuals, overtaking many incumbents in the process.

TeamApt co-founder and CEO Tosin Eniolorunda said, “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.”

Earlier in the week, fellow Nigeria-based banking platform FairMoney closed its own funding round. The FinTech company pulled in $42m in seed funding from Tiger Global Management and other previous investors.

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