Fintech startups in Nigeria continues to get venture capital funding from in around the country unlike startups from other industries.
Fintech seems to be attracting more investors, this fledgling offshoot of the larger banking industry has finally come into limelight as fintech startups greatly gaining wide acceptance as they are encouraging financial inclusion for the unbanked population of the nation
According to Techcabal Between 2015 and mid 2017, fintech startups had raised $93 million in investment and in 2016 alone there was an 84% increase in the number of fintech companies that had raised investment compared to the previous year.
Top on the list of Fintech startups that has received funding is
Flutterwave
Flutterwave secured $10 million funding from key players in the finance industry. MasterCard and former Visa CEO.
Paga
Paga secured an important $10 million funding from Global Innovation Fund (GIF)
PayStack
Paystack has raised a total of $11.3 million after all its funding rounds and expanded to other african countries
Many other fintech startups have received funding between the last two years, Lidya – $6.9m, Mines – $13 million and most recent is TeamApt
TeamApt Raises $5.5m Funding
Payment solution startup has also joined fintech startups in Nigeria who has successfully raised funding.
The CEO of TeamApt. Tosin Eniolorunda speaking on this achievement said that.
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
The Startup plans to dedicate this funding to scale more into additional markets, as well as further product development, talent acquisition and expansion of its internal operations.
With over 4o Engineers TeamApt has built Moneytor, an end-to-end omnichannel digital banking solution for financial institutions to fast track digital transformation processes with web and mobile interfaces.
It very Obvious that investors are gaining more trust and seeing the profitability of the fintech industry in Nigeria.