The Venture Codex

Led · Series A · Feb 2019

TeamApt operates one of Nigeria’s largest business payments and banking platforms, powering products Moniepoint and Monnify. The company processes an annualized $100 billion in transaction value and Moniepoint serves about 400,000 small and medium-sized businesses. TeamApt reports over $100 million in annualized revenue, is profitable, and has grown roughly 300% year-on-year since its earlier stages. The firm bootstrapped for four years before raising a venture round in 2019 and has built positive unit economics and expanding margins. TeamApt is targeting pan‑African expansion in the coming months and plans to widen its credit offerings as its lending portfolio expands. To scale lending, the company intends to leverage partnerships with banks, development finance institutions and securitization structures to access debt facilities. TeamApt builds payment-switching infrastructure and consumer- and business-facing fintech products such as Moneytor, Monnify, AptPay and Moniepoint. Moniepoint, an agency banking platform launched after the Series A, processes about 68 million transactions worth over $3.5 billion monthly through roughly 100,000 agents and 14 million customers and claims 74% of agency banking transactions in Nigeria. Including Monnify, TeamApt said it processed $17.5 billion in the past 12 months. The company was founded in 2015 and initially bootstrapped, servicing 26 financial institutions and processing $160 million in monthly transactions by 2017 before raising outside capital. TeamApt plans to add digital banking services to Moniepoint to serve unbanked and underbanked Nigerians and to convert offline users online. It also plans expansion to other African regions and expects to pursue acquisitions to combine technology with offline distribution to reach the mass market. TeamApt develops white‑label digital finance and payment solutions for banks and businesses, with commercial products such as Moneytor and Monnify. Founded in 2015 and based in Lagos, it supplies services to major Nigerian banks including Zenith, UBA and ALAT and counts 26 African bank clients. The company processes roughly $160 million in monthly transactions and reports 4,500% revenue growth over three years, while operating a team of about 72 staff with 40 developers. TeamApt recently received a Nigerian Central Bank license to operate as a payment switch. The startup is expanding from bank-focused infrastructure into merchant and consumer-facing products and plans to launch the AptPay banking app as part of a pivot into consumer finance. Management has signaled international expansion plans (parts of Europe and Canada) with an expected announcement by Q4 2019.