Project detail - TeamApt Inc.

TeamApt Inc.

Status: Approved investment
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Disclaimer

The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

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.

What is our 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 do we fund this investment?

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.

What is the Environmental and Social categorization rationale?

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

Website customer/investment
https://teamapt.com/
Region
Africa
Country
United States
Sector
Financial Institutions
Publication date
5/5/2021
Effective date
5/6/2021
Total FMO financing
USD 2.00 MLN
Funding
Ventures Program Africa EurNb