Nigerian fintech startup TeamApt has raised $5.5m in a Series A funding round led by Quantum Capital Partners.

The startup, which was launched in 2015, develops white-labelled products to simplify digital financial transactions.

It intends to use the money to scale into new markets, further product development and talent acquisition.

TeamApt founder and CEO Tosin Eniolorunda said: “Banking on the continent is changing at a rate never seen before by Africa’s financial institutions. Innovation and technology are no longer nice-to-haves, but must-haves, as both businesses and customers demand convenient, quick, and easy services from their banks.”

Moneytor is the company’s key product that is used to fast track the digital transformation processes by providing end-to-end omnichannel digital banking solution using web and mobile interfaces.

Currently, TeamApt serves 100,000 Nigerian businesses processes $160m transactions each month.

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“Every financial provider is under pressure to provide seamless and cost-effective digital solutions. Our engineers are building platforms that promote simplicity in how banks and businesses are run – and we continue to forge ahead building products that are becoming part of the very fabric of Africa’s banking infrastructure,” added Tosin Eniolorunda.

The company’s first consumer facing product, Aptpay, is in beta phase. The offering is designed to centralise all services currently used on banking mobile apps.