FinTech

Nigeria’s TeamApt Raises $5M, Acquires Payment Switching License

digital banking

TeamApt, a financial technology company specialized in development, designing and selling of digital banking has raised $5.5 million in capital in a Series A round led by Quantum Capital Partners.

The fintech company will use the funds to expand its white label digital finance products and pivot to consumer finance with the launch of its AptPay banking app.

Founded by Tosin Eniolorunda, TeamApt supplies financial and payment solutions to Nigeria’s largest commercial banks — including Zenith, UBA, and ALAT.

TeamApt, whose name is derivative of aptitude, bootstrapped its way to its Series A by generating revenue project to project working for Nigerian companies, according to CEO Eniolorunda.

Eniolorunda said, “to start, we closed a deal with Computer Warehouse Group to build a payment solution for them and that’s how we started bootstrapping,” he said.

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TeamApt now has a developer team of 40 in Lagos, according to Eniolorunda, who spent 6 years at Interswitch as developer and engineer himself, before founding the startup in 2015 .“The 40 are out of a total staff of about 72 so the firm is a major engineering company. We build all the IP and of course use open source tools,” he said.

TeamApt’s commercial bank product offerings include Moneytor— a digital banking service for financial institutions to track transactions with web and mobile interfaces—and Monnify, an enterprise software suite for small business management.

TeamApt worked with Sterling Bank Nigeria to develop its Sterling Onepay mobile payment app and POS merchant online platform.

On performance, TeamApt claims 26 African bank clients and processes $160 million in monthly transactions, according to the company data. Though it does not produce public financial results, TeamApt claimed revenue growth of 4,500 per cent over a three year period.

TeamApt plans to develop more business and consumer based offerings. “We’re beginning to pilot into much more merchant and consume facing products where we’re building payment infrastructure to connect these banks to merchants and businesses,” CEO Tosin Eniolorunda said.

Part of this includes the launch of AptPay, which Eniolorunda describes as “a push payment, payment infrastructure” to “centralize…all services currently used on banking mobile apps.”

The company recently received its license from the Nigerian Central Bank to operate as a payment switch in the country.