A Two-sided Ecosystem

Nigeria – TeamApt eyes unicorn status, looks to become Africa’s largest digital bank

By Ruth Olurounbi

Premium badge Reserved for subscribers

Posted on December 1, 2021 16:32

A woman looks at Nigerian banks apps on a smart phone in Abuja
A woman looks at Nigerian banks apps on a smart phone in Abuja, Nigeria September 21, 2020. REUTERS/Afolabi Sotunde

A Nigerian fintech startup, TeamApt, which provides financial services to the underserved mass market in Africa, is eyeing the unicorn status on the back of nearly $50bn in yearly transactions, as it seeks to raise a Series C funding round ‘at well over $1bn in valuation from some of the world’s biggest investors’. TeamApt could be the fifth unicorn from the Nigerian fintech ecosystem, following Interswich, Opay, Flutterwave and most recently, Andela.

“We are in conversation with some of the world’s Tier 1 VCs, mainly in the US. We are also speaking to VCs in Europe, the Middle East and Asia. While we cannot name them until the round is closed, they include notable VCs known for investing in companies at our stage,” Tosin Eniolorunda, CEO at TeamApt tells The Africa Report.

Largest banking operator

With its 14 million monthly users and 72 million transactions carried out monthly, as well as a 100% month-on-month growth rate in transaction value from $2bn to $4bn, TeamApt is Nigeria’s largest agency banking operator, according to Shared Agent Network Expansion Facilities (SANEF), the regulatory body for agency banking in the country.

Four months ago, the fintech company raised an undisclosed amount in its Series B funding round by Novastar Ventures, which also included FMO, Global Ventures as well as local angel investors in Africa. In

There's more to this story

Get unlimited access to our exclusive journalism and features today. Our award-winning team of correspondents and editors report from over 54 African countries, from Cape Town to Cairo, from Abidjan to Abuja to Addis Ababa. Africa. Unlocked.

Subscribe Now

cancel anytime