TeamApt, a finance company in Nigeria, has closed a significant round of funding and added QED Investors, one of the largest fintech experts in the world, to its team.
TeamApt, which was established in 2015 and features a range of solutions, was created to address inefficiencies in Nigeria’s expanding digital financial services sector. One hundred percent of the nation’s commercial banks are among the startup’s clients. In 2019, it also received a US $5.5 million Series A fundraising round and a switching license from the Central Bank of Nigeria (CBN).
The business obtained a significant amount of investment in a Series B round last year, and it has since secured a second significant round headed by QED, a renowned venture capital firm that has invested in 27 unicorns and has more than 180 portfolio companies spread across 14 countries. Its initial investment in Africa is TeamApt. This round also included returning investors from Series B, including BII, Lightrock, and Novastar Ventures.
With more than 400,000 firms registered and processing US $100 billion in annualized run-rate transaction value, TeamApt runs Nigeria’s largest commercial payments and banking platform. Its all-inclusive business solution aims to digitalize Africa’s economy and is laying the groundwork for Nigeria’s 41 million SMBs to have access to digital payment acceptance channels, working capital, loans for business expansion, and business management tools like accounting and bookkeeping solutions.
“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.”
The world’s top venture capital business, QED Investors, is headquartered in Alexandria, Virginia, in the United States (US). QED Investors, a company founded in 2007 by Nigel Morris and Frank Rotman, specializes in funding globally disruptive financial services businesses. Including US $550 million in QED Fund VII for early-stage investments and US $500 million in a new Growth Fund, QED announced in September 2021 that it had closed a US $1.05 billion fund that had been significantly oversubscribed.
When the company hired Gbenga Ajayi and Chidinma Iwueke to oversee its investments in the continent in February 2022, it made its first announcement about entering Africa.
“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.”