TeamApt — the Nigeria-based fintech startup — has recently finished a $5 million funding round that will help the company expand to other regions across Africa, according to TechCrunch.
TeamApt is helping facilitate transactions between banks, companies and people in partnership with some of Nigeria’s largest banks. So far, TeamApt is working with Zenith, UBA, and ALAT to provide banking access to Nigeria.
“We’re beginning to pilot into much more merchant and consume facing products where we’re building payment infrastructure to connect these banks to merchants and businesses,” CEO Tosin Eniolorunda said to TechCrunch.
The company offers four products that offer personalized banking services, business organization tools, payment infrastructure and automation.
Financial inclusion has been a growing issue in Africa for some years. Countries like Zimbabwe have been suffering from inflation rates that make their money worth pennies in U.S. dollars. More companies are looking to offer mobile banking as a way to increase financial inclusion in Africa, while others have seen cryptocurrencies as a way to offset issues.
TeamApt’s Series A round was led by Quantum Capital Partners. The company will use its funding to expand its product offerings and scale to become a public company.