Novastar leads investor group backing TeamApt’s Series B

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Nairobi-based Novastar Ventures has led a group of investors backing a Series B round for TeamApt, a six-year-old Nigerian fintech that has processed $17.5 billion in transactions over the past 12 months. The value of transactions represents a jump of more than 1,000% on the prior year. The other investors in the group include two DFIs –  FMO and CDC – as well as venture investors Global Ventures, Oui Capital, Kepple Africa Ventures, Soma Capital, and a syndicate of local angels. The financial details of the investment had not been disclosed as we went to press.

TeamApt will use the capital to expand its agent network within Nigeria as well as penetrate new markets in Africa where there are significant opportunities to leverage technology and offline distribution and provide financial services. In less than 2 years, TeamApt has rapidly scaled Moniepoint, its agent banking product, and overtaken several long-term market incumbents in Nigeria to serve 29 million individuals who had only limited access to financial services previously.

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