UAE’s Global Ventures Invests in Leading Nigerian Fintech TeamApt

UAE’s Global Ventures has participated in Nigerian fintech TeamApt’s Series B funding round as the startup gears up for expansion after switching from business-to-customer (B2C) to business-to-business (B2B). The undisclosed funding round was led by Novastar Ventures with participation from FMO Ventures, CDC Ventures, Oui Capital, Kepple Africa Ventures, Soma Capital, and a syndicate of local angel investors.

TeamApt offers financial services for the underserved mass market in Africa. The startup’s mission-driven and product focused approach to enhancing financial services in Nigeria fits within Global Venture’s mission to support emerging-market founders on a mission to achieve change.

Founded in 2015, TeamApt was established to offer solutions to the inefficiencies in Nigeria’s developing digital financial services market. Notably, the startup has secured all of Nigeria’s commercial banks as its clients. In 2019, TeamApt acquired a switching license from the Central Bank of Nigeria as well as a $5.5 million Series A funding round.

The new round of funding will allow TeamApt to extend its services directly to customers and micro, small, and medium-sized enterprises (MSMEs), providing them with the financial access support needed to grow and to expand into new markets outside of Nigeria.

TeamApt now joins Global Ventures’ portfolio of high-growth startups focused on enterprise technology solutions across the Middle East and Africa (MEA) region.