Project detail - TeamApt Inc.

TeamApt Inc.

Back to map

Who is our client

TeamApt Inc. ("TeamApt" or the "Company") is a financial technology company creating financial services for millions of underserved consumers and businesses in Nigeria. These services include payment gateways, cash points and access to finance for (M)SME's.

Funding objective

FMO participated in the Series B equity round of the Company with a USD 2.0mln from the FMO Ventures Program. The FMO Ventures Program aims to help develop emerging markets by investing in early-stage technology-enabled innovative business models and is supported by contributions from the Ministry of Foreign Affairs of the Netherlands as well as by a guarantee from the European Commission.

Why we fund this project

Fit with the FMO Venture Program stems from the innovative solutions of TeamApt, which aim to improve access to finance for un(der)banked businesses and un(der)served populations across Nigeria.

Environmental and social rationale

As a technology service provider, TeamApt carries low "C" risk for environmental and social aspects.

Website client
https://teamapt.com/
Region
Africa
Country
United States
Sector
Financial Institutions
Signing date
5/6/2021
Total FMO financing
USD 2.00 MLN
Fund
VC program
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)