ALEXANDRIA, Va.–(BUSINESS WIRE)–TeamApt has just completed a funding round and brought on board one of the world’s largest fintech specialists, QED Investors.
With nearly $5 billion under management, QED is a premier VC in the fintech space. They have invested in 27 unicorns across more than 180 portfolio companies in 14 countries. TeamApt is the first investment in Africa.
TeamApt operates Nigeria’s largest business payment and banking platform, with more than 400,000 businesses on board and processing $100 billion in annual ongoing transaction value.
Its all-in-one business solution aims to digitize Africa’s economy and lays the foundation that will provide Nigeria’s 41 million SMEs with digital payment receipt channels, access to working capital and loans for business expansion, and business management tools such as expense management (business operations). payment card), accounting and bookkeeping solutions to manage operations. The business has grown by more than 300% annually since its launch in 2015 and is now targeting its first wave of international expansion in Africa in the coming months.
“With this round of funding, TeamApt expands 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 brings 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 leadership team, TeamApt will continue to digitize Africa’s economy, enabling growth, inclusion and access to financial services.”
In September 2021, QED announced that it had closed a substantially oversubscribed fund of $1.05 billion, including $550 million in QED Fund VII for early stage investments and $500 million in a new growth fund.
QED first announced that it would enter 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 couldn’t 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 building out an even more expansive network.”
“Enabling a growing digital form of payment for merchants and consumers in Nigeria is exciting, but being able to deepen the financial capacity of these merchants, providing them with the day-to-day tools and credit they need to run their businesses, will make a big difference.”
Nigeria is home to one of Africa’s largest, entrepreneur-led economies with ~40% of the population owning their own businesses. The country is at the forefront of the widespread use of digital payments across the continent with over $800 billion in digital transactions annually for the first four months of 2022.
FT Partners acted as a financial and strategic advisor to TeamApt in the funding round, highlighting FT Partners’ track record in the payments space across emerging markets.
About TeamApt
TeamApt was founded in 2015 with the vision of creating a society where everyone experiences financial happiness. It does so by building financial platforms for businesses; give them all the payment, banking, credit and business management tools they need to succeed. The goal is to digitize Africa’s economy.
TeamApt is Nigeria’s largest business payment platform, supporting over 400,000 businesses to get paid; processes $100 billion in annual ongoing transaction value, via their products – Moniepoint and Monnify.
These products enable business owners, regardless of digital literacy level and location, to access the full-service technical solutions and real-life ongoing support they need and can use to grow, manage and protect their businesses. For more information, please visit www.teamapt.com.
About QED investors
QED Investors is a leading global venture capital firm based in Alexandria, Va. Founded by Nigel Morris and Frank Rotman in 2007, QED Investors is focused on investing in disruptive financial services worldwide. Dedicated to building great businesses, QED Investors takes a unique, hands-on approach that leverages its partners’ decades of entrepreneurial and operational experience, helping companies achieve breakthrough growth. Notable investments include AvidXchange, Bitso, ClearScore, Current, Creditas, Credit Karma, Kavak, Klarna, Konfio, Loft, Mission Lane, Nubank, QuintoAndar, Remitly and SoFi. For more information, visit www.qedinvestors.com
