TeamApt will use its new funding round to provide digital bank services.
TeamApt has a great story. CEO Tosin Eniolorunda started the company in 2015 after leaving Interswitch. The multi-billion dollar company went head-to-head when TeamApt received a license to operate as a payment gateway providing institutional improvements for banks in the country.
TeamApt bootstrapped with revenue made on a per-project basis. By 2017, the company, the world’s largest operating company was operating 26 financial institutions and organizing $ 160 in business per month without raising funds. A year later, TeamApt began releasing investors and businesses facing the prospect of investing in the country.
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Moneytor is a digital banking service for financial institutions to track online transactions on the mobile front; Monnify, a software company for small business management with AptPay, a payment software to promote services used in mobile applications. While these products have been very successful in their own right, Moniepoint, the banking company that started a few months later, became a shining light because it connected with society.
In urban markets where banking networks operate sophisticated and highly accessible, the idea of a company saves money abroad. But in emerging markets such as Nigeria, it is important because banks and Nigeria’s population are low. According to the report, there are 4.3 branches per 100,000 population compared to the global average of 11.7.
About finance and companies act as an alternative distribution strategy for traditional commercial banks by employing authorized personnel who act as employees to expand the reach of the branch. For many Nigerians, savings companies represent a way of life to earn money and one of the most effective options for getting the financial services they need.
Moniepoint users use mobile apps and retail prices to give these customers access to financial services such as cash withdrawals, deposits, money transfers, air purchases and bill payments. In less than two years, Moniepoint says it accounts for 74% of the company’s business in Nigeria. The platform handles about 68 million transactions of more than $ 3.5 billion per month from 100,000 employees and 14 million customers. When adding business from Monnify, TeamApt said it had managed $ 17.5 billion in the last 12 months.
But despite its success, TeamApt is ready to add digital banking security services to its largest game at the banking centre in Moniepoint. “What is the reason for this? With so many players, banking companies so ubiquitous that Moniepoint couldn’t get enough sales? “I ask Eniolorunda.
“There is still room for growth and industry space. We can grow more and more as more and more people enter the market and customers receive network and company and network. So, the reason we are trying to do this is for two purposes – objective and business, ”he replied.
Most of the well-known digital banks in Nigeria are in the banking system, ignoring the unsecured or unsecured banks and not working. Eniolorunda’s “objective” is to provide them with financial services by launching a digital bank. Is it business? “We want to be the center of the bank and the digital way to serve another billion Africans truly. The reason we can do this is that we have demonstrated our traction in Nigeria so that we can be the largest employee care company in just two years, ”the CEO added.
Judging by the transactions made in Moniepoint as well as the fact that digital banks now hold the same clients as the big business, TeamApt sits on a large foothold if it has able to change a large part of offline employees if it proves to be a great success, other platforms may accept an approach that will go a long way in providing existing banks with cash flow different.
To test this system in bulk, TeamApt has obtained an undisclosed version of the B system.
Investors included Novastar Ventures investor managing $ 200 million Pan-Africa; Global Ventures, FMO, CDC Group, Dubai, Soma, and Pan-African VC companies Kepple Africa and Oui Capital well as some local investors.
TeamApt, as it continues to transform its business for the company, would like to extend its offerings immediately to customers and micro-SMEs at Moniepoint. In addition, both based on applicable policy, both companies and online companies will be subject to Moniepoint.
Brian Waswani Odhiambo, president of West Africa at Novastar Ventures, said TeC supported Teampt when he saw the speed of his company’s network; he became a major player in Nigeria. The firm, “by providing TeamApt sufficient funding to pursue its new venture,” does not doubt that the company will do the same through its digital banking platform.
Last month, TeamApt announced that it was now closing another process. Eniolorunda proved this at TechCrunch that it would be a Series C environment. In the meantime, TeamApt is planning to expand to other African countries with major economies in all regions – Central, East, North and South. The company also wants to get a few things going its way to provide the necessary opportunities to promote technology and offline distribution to provide financial services and marketing services in Africa.