Nigerian FinTech deal activity in 2022 on track to match last year’s levels

nigeria-fintech-deal-activity-investment-chart-2022

• Nigerian FinTech deal activity is expected to reach 86 deals in 2022 based on activity in the first three quarters of 2022, a 1% increase from the previous year. FinTech Deal activity in Q3 2022 saw a sizeable 32% reduction from Q2 although this is inline with global trends.
• FinTech Investment is expected to reach $340m in 2022, a dramatic 55% drop from 2021 levels. Average deal size in the country for Q3 2022 was $4.7m, remaining steady compared to the previous quarter.
• TeamApt, a digital banking and payment services provider, was the largest Nigerian FinTech deal in Q3 2022 raising $50m in their latest Series B funding round led by Novastar Ventures and QED Investors. According to TeamApt the funding will be utilised to expand its credit services, expand into new markets, and spread financial happiness by digitising Africa’s economy. While commenting on the fundraising, founder and Chief Executive Officer of TeamApt, Tosin Eniolorunda said: “We always approach our fundraising effort opportunistically and want to make sure the market context, cash needs of the business and investor profile match our strategic growth views. Given the overarching cautious market environment, we were not in active fundraising mode. As a profitable company, we did not need the cash, but we were happy to take an opportunity to add a new high-profile investor.”

The data for this research was taken from the FinTech Global database. More in-depth data and analytics on investments and companies across all FinTech sectors and regions around the world are available to subscribers of FinTech Global. ©2022 FinTech Global

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