9 months after, still no external investment, TeamApt reveals impressive milestones

by | Dec 6, 2018

Earlier in the year, Techpoint shared the story of four engineers who left payments giant, Interswitch to start a company which they called TeamApt.

A captivating thing about the story is how the startup (at the time) bootstrapped to profitability within two years.

It piqued the interest of many because, not only was it a new startup, it also happens to play in a terrain that had established names like Paystack, Flutterwave and even Interswitch.

In the Nigeria tech scene presently, fintech undeniably is the toast of everyone and such influx is proving that a crowded space is no doubt highly competitive. For this reason it seemed improbable that a startup barely finding its footing in the industry would manage such feat.


Team Apt Interview 8 of 13

The TeamApt team as at January, 2018

A couple of days back, I got an invitation to the office of TeamApt, located in a sprucely decorated section of the Lagos Island. As I made my way into the office of Tosin Eniolorunda, TeamApt’s CEO, thoughts of how they grew in a short while still filled me.

Tosin had other plans; he wanted to clarify the current position of the company. From experience, this sort of thing happens only when business is on the upbeat. But just how correct are my assumptions?

One thing Tosin made sure to emphasise, from the beginning of the discussion, is that TeamApt till date has not raised any funding.

He followed this with the confirmation of ₦15 million as his total savings — from Interswitch and other personal projects — that went into starting TeamApt. But that is not all.

You know how hard it is to get one’s first paying customer? Well, according to Tosin, it took a while, and ironically, a break had to be sealed off the back of running against an all too familiar competitor.

“Fidelity Bank needed a reliable client to help them build out support systems and although TeamApt bid alongside Interswitch, it was us who landed the job,” Tosin recalls.

Earlier in the year, during Techpoint’s first  interview with TeamApt, Tosin pratically boasted of plans to on-board 98% of banks in Nigeria before the end of 2018.

The numbers of banks in Nigeria is presently put at 30 and Tosin tells me 26 among them are already clients of TeamApt. While this is 12% short of the 98% target, Tosin affirms that the plans to unboard Ecobank and Polaris Bank — two banks that will make up the numbers — are in the final stages.


Interestingly, they have achieved all these by just mere word of mouth.

Also, Tosin alluded to 4500% revenue growth, $160 million in monthly transactions, 55 deployed solutions, 100,000 active monthly users and a staff strength of 71 people — all within just three years of operation.

Impressive as they all sound, I had many questions of my own. But because of time I left Tosin’s office with a few of them unanswered. Before leaving though I asked, if raising funding is an option for TeampApt in the near future, but he refused to give a definite answer.

As I think deeper on it, I keep arriving at the same conclusion; a projected 4500% revenue growth is otherwise an open invitation to high value investors. Could this really be the play?

Any way it plays out, TeamApt will certainly be holding the control card.

Featured Image: reynermedia via Compfight cc

Ifeanyi Ndiomewese
Ifeanyi Ndiomewese

Ifeanyi is a desk reporter-turned administrator. Outside of work, I love to read and travel.

On January 22, 2022, be part of the largest gathering of innovators, startup founders, thinkers, programmers, policymakers, and investors in West Africa. Register free.

Notify of
Inline Feedbacks
View all comments

Recent News

Uber’s bet on ‘Okada’

Uber’s bet on ‘Okada’

Today on #TechpointDigest, @nifemeah discusses Uber’s launching its motorbike hailing service, UberMoto, in Ibadan.

Subscribe to Techpoint Digest!

A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day!

Please check your email to confirm your subscription.

Subscribe to Crypto Explorer

A monthly series featuring in-depth analysis on the cryptocurrency sector in Africa

Please check your email to confirm your subscription.

Subscribe to The Experts

A bi-weekly where tech career specialists take us on their journey from newbie to expert, and how they became successful in the industry.

Please check your email to confirm your subscription.

Subscribe to Founder's Table

A monthly series, where we catch up with founders in the startup ecosystem, learn about their failures, successes and a few tricks of the trade

Please check your email to confirm your subscription.

Copy link
Powered by Social Snap