TeamApt, a Nigerian fintech startup, has raised more than $50 million in its most recent funding to expand its credit offerings.
According to TechCrunch, TeamApt is not assigning a "letter" to this round. However, it could be classified as a pre-Series C round because, according to sources, the company is still looking to raise a Series C in 2023.
The round was co-led by QED Investors and Novastar Ventures. Other investors, including Lightrock and BII, took part.
Tosin Eniolorunda founded TeamApt in 2015 to build financial platforms for businesses that include payment, banking, credit, and business management tools.
TeamApt has progressed from developing mobile apps for major commercial banks to serving customers and businesses through its agency banking platform (Moniepoint) and merchant solution (Monnify).
The fintech company operates one of Nigeria's largest business payments and banking platforms, with a $100 billion annualised transaction value processed through its products Moniepoint and Monnify.
Moniepoint now serves 400,000 small and medium-sized businesses in Nigeria, providing them with various features.
These features assist these businesses in managing operations like working capital, business expansion loans, and business management tools like expense management (business payments cards), accounting and bookkeeping solutions, and insurance.
The company's lending portfolio remains small because it continues to lend from the balance sheet of its microfinance bank subsidiary.
However, as its portfolio grows, the company intends to access debt facilities through various lending partnerships, including banks, development finance institutions, and securitisation structures.