TeamApt, the Nigerian Fintech Startup, is set to become the latest billion-dollar as it is in talks with investors to $150 million. This will take valuation of the firm to over $1 billion.
If the startup eventually raises the funding, it will join the likes of Interswitch, Flutterwave, OPay and Jumia as the unicorn startups from Nigeria.
Chief Executive Officer, Tosin Eniolorunda said the investment will be used to expand its services into Egypt, Ghana and Cameroon, and also, develop its digital banking product targeted at the underserved.
Founded in 2015, TeamApt is an agency banking operator focused on building the largest digital bank offering financial services products tailored to meet the needs of the underserved mass market. The company leverages technology and low cost offline distribution models to offer products including micropayments, savings, lending, insurance, pensions.
The company’s initial approach was to make financial services seamless by creating financial solutions aimed at optimising the operations of partner banks and financial institutions.
Its focus was on improving the experiences of the customers and businesses that these institutions served. Within a period of two years, TeamApt was already servicing 26 financial institutions.
TeamApt says that it processes $3.5 billion in month-on-month transactions, has 150,000 agents on its platform, and 14,000,000 users.
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