Nigerian Fintech TeamApt Raises $5.5M to Scale White-Label Banking Products
Nigerian fintech firm TeamApt announced a $5.5 million Series A funding round led by Quantum Capital Partners in late February 2019. The investment was earmarked for scaling the company's white-label digital banking products, which are supplied to major Nigerian banks such as Zenith Bank, UBA, ALAT, and Sterling Bank. TeamApt's key products include Moneytor, a digital banking service enabling transaction tracking via web and mobile, and Monnify, an enterprise software tool for small business management.
The company also announced plans to launch AptPay, a consumer-facing banking app offering push payments and centralized financial services. TeamApt had recently secured a Nigerian Central Bank payment switch license, positioning it for broader operations. The company outlined international expansion ambitions, targeting entry into European and Canadian markets by Q4 2019.
The round underscores growing investor interest in African BaaS-style infrastructure providers that enable banks to offer modern digital services through white-label technology.
- Demonstrates demand for white-label BaaS infrastructure in African banking markets where incumbent banks seek digital transformation partners
- International expansion plans signal growing ambition of African fintech infrastructure players to compete in European and North American embedded finance markets