Nigerian fintech startup TeamApt Ltd. is raising its third round of funding at a value of more than $1 billion. If that happens, the fintech firm will become only the eighth company out of Africa with unicorn status.

This information is according to TeamApt Chief Executive Officer, Tosin Eniolorunda who has said American and European investors are showing interest in the startup. The funding round, with a $150m target, is going to be used to expand to other African countries and build out its digital banking product.

TeamApt is a financial technology companyfocused on developing digital banking, business solutions and payments infrastructure. The startup raised $5.5m in Series A round and an undisclosed amount in Series B.

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TeamApt was founded in 2015 by several breakout employees of Interswitch. It initially started as a software company that built digital banking solutions like Web or Mobile apps for banks.

Just two years after founding, the startup says it is servicing 26 financial institutions and processing $160 million in monthly transactions.

TeamApt CEO, Tosin Eniolorunda

Now, the startup has four channels through which it offers its products tailored to meet the needs of the financial industry, especially the unbanked.

One of its products, Moneytor, is a digital banking service for financial institutions to track transactions with web and mobile interfaces. Another of its products, Monnify is an enterprise software suite for small business management while AptPay is a push payment infrastructure used to centralize services used on banking mobile apps.

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Moniepoint, the agency banking channel launched last year is perhaps its biggest win. Moniepoint agents use mobile apps and point-of-sale terminals to the unbanked access to financial services like cash withdrawal, cash deposit, funds transfer, airtime purchase and bill payments.

Agency banking in Nigeria now represents a financial access lifeline and is a readily available and fast option for accessing financial services. Breaking into the agency banking market with giants such as Opay and Paga was an impressive feat for the startup.

327 thoughts on “Nigeria’s TeamApt eyeing unicorn status with planned $150m Series C round”

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