DOA advises TeamApt on US$5.5 Million Capital Raise


Emerging global law firm, Duale, Ovia & Alex-Adedipe has acted as transaction counsel in connection with US$5.5 Million capital raise by TeamApt, a Nigerian fintech startup in a Series A funding led by Quantum Capital Partners.

The company will use the funds to expand its white label digital finance products and pivot to consumer finance with the launch of its AptPay banking app.

TeamApt plans to develop more business and consumer based offerings. “We’re beginning to pilot into much more merchant and consumer facing products where we’re building payment infrastructure to connect these banks to merchants and businesses,” CEO Tosin Eniolorunda said.

Part of this includes the launch of AptPay, which Eniolorunda describes as “a push payment, payment infrastructure” to “centralize…all services currently used on banking mobile apps.”

The company recently received its license from the Nigerian Central Bank to operate as a payment switch in the country.

On new markets, “Nigeria comes first. But we’re also looking at some parts of Europe. Canada is also hot on list,” said Eniolorunda.  He wouldn’t specific a country but said to look for a TeamApt expansion announcement by fourth quarter 2019.

Duale, Ovia & Alex-Adedipe transaction team was led by the firm’s Partner, Adeleke Alex-Adedipe.Duale Ovia & Alex-Adedipe has over the years established a reputation as the leading Nigerian law adviser for Telecommunications media and Technology having acted for such Firms such as The Terragon Group in its Series A funding and Arca Payments Company a frontline Nigerian Financial Technology company.

DOA is a bespoke full-service commercial law firm in Nigeria that provides a wide range of expert legal services to a highly diversified client base both local and international operating in various sectors of the economy.

The firm was named the Telecommunications and technology firm of the year 2018 a recognition it achieved in 2017.

It would be recalled that in 2018 the firm advised Africa’s fast growing Nigerian investment startup in its $1.1M seed funding round. Piggybank had  announced a new product — Smart Target, which offers a more secure and higher return option for Esusu or Ajo group savings clubs common across West Africa.

The financing was led with a $1 million commitment from LeadPath Nigeria, with Village Capital and Ventures Platform contributing $50,000 each.

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