ALEXANDRIA, VA–(BUSINESS WIRE)–TeamApt has just completed a funding round and attracted one of the world’s largest fintech specialists, QED Investors.
With almost $5 billion in assets under management, QED is a leading venture capital firm in the fintech space. They have invested in 27 unicorns in more than 180 portfolio companies in 14 countries. TeamApt is the first investment in Africa.
TeamApt operates the largest business payments and banking platform in Nigeria, with more than 400,000 businesses engaged and processing $100 billion in annual transaction value.
Its end-to-end business solution aims to digitize Africa’s economy and lays the foundation that will provide Nigeria’s 41 million SMEs with channels to accept digital payments, access to working capital and loans for business expansion and tools to business management such as expense management (business payment cards), accounting and bookkeeping solutions to manage your operations. The business has grown by more than 300% annually since launching in 2015 and is now targeting its first wave of international expansion into Africa in the coming months.
“With this round of funding, TeamApt expands our credit offerings,” said TeamApt CEO Tosin Eniolorunda. “QED’s investment demonstrates TeamApt’s opportunity for exponential growth as a world-class financial institution at the forefront of Africa’s economic revolution.”
“As a major fintech operator, QED provides the fintech expertise we need to scale in Nigeria and as we plan to expand our offering in Africa. With QED’s operator expertise and TeamApt’s excellent management 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 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 couldn’t think of a better way to enter the continent than our investment in TeamApt. Tosin and his team have steadily built an impressive payment and distribution network in 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 an even wider network.”
“Enabling a growing digital form of payment for merchants and consumers in Nigeria is exciting, but the opportunity to deepen the financial capabilities of these merchants by providing them with the day-to-day tools and credit they need to run their businesses will be extremely impactful.”
Nigeria is home to one of the largest entrepreneur-led economies in Africa, with ~40% of the population owning their own businesses. The country is at the forefront of large-scale adoption of digital payments across the continent, with over $800 billion in digital transactions annually for the first four months of 2022.
FT Partners served as financial and strategic advisor to TeamApt in the financial round, highlighting FT Partners’ expertise in payments in emerging markets.
TeamApt was founded in 2015 with the vision to create a society where everyone experiences financial happiness. It does this by building financial platforms for businesses; giving them all the payment, banking, lending and business management tools they need to succeed. It aims to digitize Africa’s economy.
TeamApt is Nigeria’s largest business payment platform supporting over 400,000 businesses to receive payments; processing $100 billion in annual transaction value through its products – Moniepoint and Monnify.
These products enable business owners, regardless of their level of digital literacy and location, to access the full-service, real-life, ongoing support technology solutions they need and can use to grow, manage and protect your business. For more information, please visit www.teamapt.com.
About QED Investors
QED Investors is a leading global venture capital firm based in Alexandria, Virginia. Founded by Nigel Morris and Frank Rothman in 2007, QED Investors is focused on investing in disruptive financial services companies around the world. QED Investors is dedicated to building great businesses and 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