TeamApt Inc. (FMO-58817)

Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 2.40 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 2.40 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Feb 15, 2021

Disclosed by Bank Nov 6, 2020


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Project Description

WHO IS OUR PROSPECTIVE 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 SME's. Currently, 15 million customers, 35,000+ businesses and top-tier banks depend on TeamApt's solutions for financial access & inclusion.

WHAT IS THE FUNDING OBJECTIVE?

FMO intends to participate in the Series A equity round of the Company with a USD 2.4mln participation 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 WANT TO 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.

Investment Description

Contact Information

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism