TeamApt, an African fintech with origins in Nigeria, announced that it has completed a financing round and brought on-board QED, a premier Venture Capital firm in the fintech space. Existing investors such as Lightrock, BII, and Novastar Ventures — also participated in this round.
Though TeamApt has not officially mentioned the amount raised in this round and QED’s investment, Techcrunch suggests that it is over $50 million. The company raised $30 million in Series B funding round in 2021 and $5.5m in a Series A Funding round in 2019.
TeamApt operates Nigeria’s largest business payments and banking platform, with more than 400,000 businesses onboarded and processing $100 billion annualized run-rate transaction value. The business has grown by more than 300% annually since launching in 2015 and is now targeting its first wave of international expansion in Africa in the coming months.
“With this financing round, TeamApt is widening our credit offerings,” said TeamApt CEO Tosin Eniolorunda. “QED’s investment proves TeamApt’s opportunity for exponential growth as a world-class financial institution at the forefront of Africa’s economic revolution.”
“As core fintech operators, QED is bringing the fintech expertise we need to scale in Nigeria and as we plan to expand our offering across Africa. With QED’s operator expertise and TeamApt’s excellent management team, TeamApt will continue digitising Africa’s economy, enabling growth, inclusion and access to financial services.”
This is QED’s first investment in Africa. It first announced it was entering Africa in February 2022, hiring Gbenga Ajayi and Chidinma Iwueke to lead its investments on the continent.
“I am proud to bring Africa to QED and QED to Africa,” said QED Investors Partner and Head of Africa Gbenga Ajayi. “I could not think of a better way to enter the continent than with our investment in TeamApt. Tosin and his team have steadily built an impressive payment and distribution network across Nigeria over the past five years. Their strong and positive unit economics, coupled with a deep customer focus, will enable them to continue to build out an even more expansive network.”
“Enabling a growing digital form of payments for merchants and consumers in Nigeria is exciting, but being able to deepen the financial capability of these merchants, providing them with the everyday tools and credit they need to run their businesses, will be profoundly impactful.”
In September 2021, QED announced it had closed a substantially oversubscribed $1.05 billion fund, including $550 million in QED Fund VII for early-stage investments and $500 million in a new Growth Fund.
