Barely four years after launch and bootstrapping to profitability, TeamApt, a Nigerian fintech company that provides digital banking business solutions and payment architecture for businesses, invests $5.5 million in Series A funding.
Lagos-based Quantum Capital Partners, the sole investor in this financing round, is owned by Jim Ovia. Even more, he is the chairman of Zenith Bank.
A series A round is a company’s first significant round of venture capital financing. Also, it represents preferred stock sold to investors in exchange for their investment.
Chief Executive Officer of TeamApt, Tosin Eniolorunda, recalled the bootstrapping of his start-up. He said the company earlier decided not to raise funding from external investors. According to him, raising funds too early for start-ups traps them in a cycle of fear. Also, it makes them unable to take risks or innovate spontaneously.
Eniolorunda recalls on-boarding 98% of Nigerian banks as customers with its payments solutions. It has recorded 4500% revenue growth, $160 million in monthly transactions, 55 deployed solutions, 100,000 active monthly users and 71 staff.
The company’s first client was the Computer Warehouse Group (CWG). With it, it closed a deal to build a payment solution.
In 2016, TeamApt developed and launched its first Point of Sale (PoS) acquiring solution for Fidelity Bank. By end of 2018, not fewer than 26 Nigerian banks had adopted its PoS solution.
Also, TeamApt has developed Moneytor, a digital banking solution that enables financial institutions to track transactions on mobile and web platforms, and Monnify, an enterprise software targeted at small and medium enterprises.
Furthermore, TeamApt plans to use its new funding to build its AptPay App, and other business and consumer products.
Even more, TeamApt projects to expand its operations to markets in Europe and Canada by the fourth quarter.
For more about monies that he invests, visit www.smefinance.org