TeamApt closes $5.5mn Series A funding, mulls expansion

Nigerian Fintech company TeamApt has recently closed a successful $5.5 million Series A funding round to bolster its internal operations and pave the way for expansion into Africa and globally. In a recent interview with CNBC Africa, Tosin Eniolorunda, the Founder and CEO of TeamApt, shed light on the company's plans for the future. Eniolorunda expressed TeamApt's mission to develop and deliver innovative financial solutions not just for Nigerian institutions but for a global audience. He emphasized the importance of changing the narrative that Africans can build solutions for people worldwide and underscored the company's commitment to spreading financial happiness through technology. Eniolorunda also highlighted that despite not having raised capital previously, TeamApt managed to secure this significant funding due to their strong growth track record and the exceptional team they have built over the years. The company has been bootstrapping since 2015 and has achieved substantial revenue figures, proving their capability to attract investors with a compelling product and vision. TeamApt's core focus has been on providing digital banking and payment infrastructure solutions for banks, enabling them to offer white-label services to their retail and corporate clients. The company also specializes in back office process automation, utilizing robotics to streamline operations for maximum efficiency. Eniolorunda shared that TeamApt is currently working on developing payment infrastructure such as APIs for businesses, with an eye towards fostering financial inclusion and expanding its market reach beyond Nigeria and Ghana. One of the key projects in the pipeline is AptPay, a payment infrastructure targeted at enhancing money transfer processes for banks and businesses. The technology aims to minimize reconciliation and settlement issues, ensuring seamless transactions and immediate dispute resolution. It is based on blockchain technology, enabling real-time settlements and facilitating smooth financial interactions across institutions. Looking towards the future, TeamApt envisions itself as a global player in the technological space, delivering cutting-edge solutions developed by Africans for the world. Eniolorunda affirmed the company's commitment to global expansion and emphasized their mission of providing financial happiness through technology. The company currently operates in Nigeria and Ghana but has ambitions to expand its footprint across the African continent and beyond. Eniolorunda shared insights on the future of banking, predicting a seamless digital banking experience with an emphasis on partnerships between traditional banks and Fintech companies like TeamApt. He noted that the bank of the future will be shaped by technological innovations, strategic collaborations, and a customer-centric approach to financial services. With their recent funding success and a clear vision for the future, TeamApt is poised to make significant strides in the FinTech industry, driving financial inclusion and innovation on a global scale.