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Nigerian fintech startup TeamApt has raised $5.5-million in investment in a Series-A round led by Nigerian venture capital (VC) company Quantum Capital Partners. This, according to a US tech news site Techcrunch article published earlier today.
Techcrunch said the startup — which is based in Lagos and was founded by Tosin Eniolorunda (pictured above) in 2015 — 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.
TeamApt supplies financial and payment solutions to Nigeria’s largest commercial banks — including Zenith, UBA, and ALAT.
Quoting Eniolorunda, Techcrunch said TeamApt has a developer team of 40 in Lagos.
TeamApt which has landed $5.5-million in investment, was founded in 2015 by Tosin Eniolorunda
In a report today, business daily Business Day Nigeria said the investment is historic, as it is the first deal involving a Nigerian VC which has crossed the $5-million mark in funding technology startups in the country.
Business Day Nigeria said that since it was founded, TeamApt has signed up 100,000 Nigerian businesses and that it currently serves three million customers and processes monthly transactions valued at $160-million.
Featured image: TeamApt founder Tosin Eniolorunda (Facebook)