TeamApt anticipates unicorn bells on the help of $16bn agent banking blitz

TeamApt has turn out to be a mosey-setter in Nigeria’s agent banking industry and that might well well maybe drive it to the envied repute of a thousand million-dollar startup in the upcoming months.

Headquartered in Lagos Nigeria, the firm started off in 2015 constructing applications for banks. By the reside of 2018, it processed an moderate of $160 million transactions per month by supporting the operations of 26 banks. 

A yr later, it launched Moniepoint, a platform for agent banking.

As considered one of many “Gargantuan Brokers”  licensed by the Central Financial institution of Nigeria, TeamApt’s Moniepoint powers hundreds of retailers the assign conventional banking transactions – deposits, withdrawals, fable opening and extra – are now conducted in Nigeria the usage of level-of-sale devices. 

However facing competition from varied avid gamers, how effectively is Moniepoint performing?

Main the pack

Tosin Eniolorunda, TeamApt’s founder and CEO, is assured that it is a ways the industry’s amount 1. 

His audacity is in step with recordsdata from SANEF, the physique empowered by the Central Financial institution of Nigeria to oversee agent banking in Nigeria. Per this recordsdata, TeamApt accounts for 74% of the agent banking industry in step with the amount of transactions processed monthly. 

SANEF’s agent banking recordsdata just isn’t public. It’s miles distributed confidentially to startups in the sector. TechCabal has not independently verified ranks of performance among these corporations.

Eniolorunda aspects to the firm’s transaction price numbers as one more measure of TeamApt’s maturity in the fintech sector – and future valuation.

In March 2021, TeamApt processed over ₦1trillion ($2.4 bn) for essentially the major time, per the CEO. The price for Could presumably furthermore merely was ₦1.4 trillion ($3.5 bn) from a unsuitable of 68 million transactions. Total price of transactions TeamApt has processed between April 2020 and April 2021 is $16 bn. 

TeamApt says it processed $3.5bn in Could presumably furthermore merely 2021, as a consequence of its leading fraction of Nigeria’s agent banking sector

These transactions are from four utilize cases: deposit, withdrawal, as effectively as airtime and bill payments. Moniepoint, the firm says, has 14 million unparalleled potentialities monthly.

Unicorn calling?

Eniolorunda would not specify what the firm’s expose valuation is. However in step with the above numbers and these of assorted Nigerian fintechs, he believes TeamApt seats with ease among the many continent’s most valued startups.

“We quiz the firm to attain unicorn-form valuations soon,” he told TechCabal earlier in Could presumably furthermore merely.

In March, Flutterwave talked about it had processed over 140m transactions price over $9bn since its founding.

On hand numbers for Opay are from 2020; the Opera-backed firm claimed to secure processed $1.4 bn in October and $2bn in December of that yr. Paga, on the assorted hand, processed $2.3 billion in 2020 and $8 billion over the final four years per CEO Tayo Oviosu

Mountainous Milestone for Paga @mypaga & Digital Acceleration

We crossed 3 Trillion Naira in transaction values processed since the commence of financial operations in 2012.

Hit N2 Trillion in March 2020

Hit N3 Trillion in Could presumably furthermore merely 2021

15 months to course of 1 Trillion!

🚀🚀🚀 #JustPagait

— Tayo Oviosu (@oviosu) June 7, 2021

No longer great is smartly-known about Firstmonie, also in the agent banking heavyweight category. Observers teach it is a ways extra non-public as a consequence of its possession by First Financial institution.

Except TeamApt is bought for a thousand million bucks or goes public, the staunch on hand system to estimate its valuation will advance after a funding spherical. 

Rumors of an announcement circulated temporarily in Could presumably furthermore merely nonetheless the firm has yet to formally explain a spherical. Its final fundraise was $5.5m Sequence A in February 2019, led by Jim Ovia’s Quantum Capital.

At a media tournament this week Thursday, Eniolorunda confirmed the spherical – “about a tens of million” – has been closed. One other – “plenty extra” – is in development. 

When these are announced, a clearer image will emerge of the firm’s valuation, course and, extra broadly, investor appetite for excessive-rising fintech corporations in Africa.

Flutterwave and Chipper Cash secure made headlines in essentially the major half of the yr with $100-million-plus rounds that catapulted them to unicorn repute. OPay is reported to secure a $400 million deal in the works which might well well maybe price it at $1.5bn, and Paga expects to be a unicorn in a yr or two. 

Is TeamApt next in line?

Digital financial institution on the horizon

Within the meantime, the firm is evolving to a extra user-facing firm. 

“As of at the brand new time, we’re directing our industry in direction of changing into a digital financial institution,” Enioolorunda says. 

In this contemporary course, Moniepoint will proceed to energy agent banking nonetheless will also be extinct as an app by individuals as a digital financial institution. Eniolorunda says this “hybrid near” is most famous to if truth be told serve underserved of us in Africa who, for devoted motive, take care of a wish to physically visit provider suppliers when quality falls rapid.  

The loads of growth on the firm’s playbook is geographical; TeamApt plans to commence operating in the “third-superb francophone country” in Africa by the third quarter of the yr, the CEO says.

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