TeamApt Raises Significant Funding Round From QED Investors
The Nigerian fintech startup operates Nigeria’s largest business payments and banking platform, with more than 400,000 businesses onboarded and north of $100 billion processed in annual run-rate transaction value.
TeamApt said it has completed a financing round and brought on board one of the world’s premier fintech operators, QED Investors. TeamApt is QED’s first investment in Africa.
QED is a premier global VC firm that has backed more than 180 portfolio companies across 14 countries including 27 unicorns. All their investments are in the fintech space which aligned with what TeamApt were looking for in an investor.
TeamApt said its all-in-one business platform, Moniepoint, aims to digitise Africa’s economy by providing SMBs with business banking solutions including digital payments acceptance channels, access to working capital and business expansion loans, and business management tools such as expense management (business payments cards), accounting and book-keeping solutions to manage their operations.
The company has grown by more than 300% annually since pivoting to payments in 2019 and is now targeting its first wave of international expansion in Africa in the coming months.
According to TeamApt, its goal going into this round was to widen its credit offerings. TeamApt said it needed not just capital but deep credit expertise from whichever VC coming on board.
Tosin Eniolorunda, TeamApt CEO said: “QED’s investment proves TeamApt’s positioning as a world-class fintech 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 execution team, TeamApt will continue digitising Africa’s economy, enabling the growth of businesses.”
Gbenga Ajayi. QED Investors Partner and Head of Africa added: “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.”
“This is just day one. What TeamApt can do in the coming years to provide businesses with a myriad of solutions is incredibly exciting. We couldn’t be happier to back a company that has this type of scale and opportunity. We are ready to replicate the successes we have had in Nigeria, abroad, within the continent, and globally. The kind of support and solutions we provide for businesses are needed in the global south and even the global north. And with advisors like QED, TeamApt has all that we need to thrive,” Gbenga stated.