Dutch entrepreneurial bank FMO announced on Thursday, May 6, its intention to participate in TeamApt Inc’s Series A equity (fundraising) with USD 2 million through the FMO Ventures program.
The initiative aims to help the development of emerging markets by investing in innovative technology-based business models. It is supported by contributions from the Ministry of Foreign Affairs of the Netherlands as well as by a guarantee from the European Commission.
As a reminder, TeamApt is a financial technology company that creates financial services for millions of underserved consumers and businesses in Nigeria. The company offers payment gateways, ATMs and access to finance for SMEs.
TeamApt currently has 15 million customers, with more than 35,000 leading businesses and banks relying on its financial access and inclusion solutions. The company has processed more than 3.9 billion USD in transaction volume on all products, providing financial access to 4 million people and directly and indirectly creating 4,000 jobs according to its promoters.