Nigerian fintech, TeamApt, raises over $50 million to broaden its credit score choices

TeamApt, a Nigerian fintech startup, has raised greater than $50 million in its most up-to-date funding to broaden its credit score choices.

In response to TechCrunch, TeamApt is just not assigning a “letter” to this spherical. Nonetheless, it might be labeled as a pre-Collection C spherical as a result of, in keeping with sources, the corporate remains to be seeking to increase a Collection C in 2023.

The spherical was co-led by QED Traders and Novastar Ventures. Different traders, together with Lightrock and BII, took half.

Tosin Eniolorunda based TeamApt in 2015 to construct monetary platforms for companies that embrace fee, banking, credit score, and enterprise administration instruments.

TeamApt has progressed from creating cell apps for main industrial banks to serving clients and companies by means of its company banking platform (Moniepoint) and service provider answer (Monnify).

The fintech firm operates considered one of Nigeria’s largest enterprise funds and banking platforms, with a $100 billion annualised transaction worth processed by means of its merchandise Moniepoint and Monnify.

Moniepoint now serves 400,000 small and medium-sized companies in Nigeria, offering them with numerous options.

These options help these companies in managing operations like working capital, enterprise growth loans, and enterprise administration instruments like expense administration (enterprise funds playing cards), accounting and bookkeeping options, and insurance coverage.

The corporate’s lending portfolio stays small as a result of it continues to lend from the steadiness sheet of its microfinance financial institution subsidiary.

Nonetheless, as its portfolio grows, the corporate intends to entry debt services by means of numerous lending partnerships, together with banks, growth finance establishments, and securitisation constructions.

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