TeamApt, Nigerian Fintech Startup Secures Over $50 Million to Expand its Credit Offerings

Nigerian fintech firm TeamApt recently secured more than $50 million in funding to increase the range of loan products it offers.

TechCrunch reports that TeamApt is not giving this round a “letter.” The company is still reportedly trying to raise a Series C in 2023, thus it might be considered a pre-Series C round.

Novastar Ventures and QED Investors jointly led the financing. Participating investors included Lightrock and BII.

In order to create financial platforms for companies that integrate payment, banking, credit, and company management capabilities, Tosin Eniolorunda launched TeamApt in 2015.

In addition to providing services to clients and businesses through its agency banking platform (Moniepoint) and merchant solution, TeamApt has advanced from creating mobile apps for significant commercial banks (Monnify).

Using its products Moniepoint and Monnify, the fintech company runs one of Nigeria’s biggest business banking and payments networks, processing $100 billion in annualized transaction value.

400,000 small and medium-sized enterprises in Nigeria are currently served by Moniepoint, which offers them a variety of advantages.

These elements, which include working capital, loans for business expansion, and business management tools like expense management (business payment cards), accounting and bookkeeping services, and insurance, help these companies run their operations.

Due to the company’s continued usage of the microfinance bank subsidiary’s balance sheet as collateral, its loan portfolio continues to be modest.

However, as its portfolio expands, the company plans to use a variety of financing arrangements, including banks, development finance organizations, and securitization structures, to obtain financial facilities.