FMO proposes investment in Nigerian fintech company

Dutch development financier FMO, through its FMO Ventures Programme, intends to participate in the series A equity round of TeamApt, a fintech company creating financial services for millions of underserved consumers and businesses in Nigeria. FMO has proposed to invest $2.4 million.

TeamApt’s services include payment gateways, cash points and access to finance for SMEs. Currently, 15 million customers, 35,000-plus businesses and top-tier banks depend on TeamApt’s solutions for financial access and inclusion.

The FMO Ventures Programme 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.

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