ALEXANDRIA, Va.–(BUSINESS WIRE)–TeamApt has just completed a funding round and brought on board one of the world’s largest financial technology specialists, QED Investors.
With almost $5 billion in assets under management, QED is a leading VC in the fintech space. They have invested in 27 unicorns over more than 180 portfolio companies in 14 countries. TeamApt is his first investment in Africa.
TeamApt operates Nigeria’s largest business and banking payments platform, with more than 400,000 businesses integrated and processing annual transaction value with an execution rate of $100 billion.
Its comprehensive business solution aims to digitize Africa’s economy and is laying the foundation that will provide Nigeria’s 41 million SMBs with digital payment acceptance channels, access to working capital and credit for business expansion, and management tools of business such as expense management (business payment cards), accounting and bookkeeping solutions to manage its 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 funding round, TeamApt is expanding our credit offerings,” said TeamApt CEO Tosin Eniolorunda. “QED’s investment proves TeamApt’s potential for exponential growth as a world-class financial institution at the forefront of Africa’s economic revolution.”
“As leading 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 the expertise of the QED operator 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 $1.05 billion oversubscribed fund, including $550 million in the QED VII Fund 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 with our investment in TeamApt. Tosin and his team have steadily built an impressive payment and delivery network across Nigeria over the past five years. Their strong and positive unit economics, together 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 ability to deepen the financial capabilities of these merchants, providing them with the everyday tools and credit they need to run their businesses, will be profoundly influential.”
Nigeria is home to one of Africa’s largest economies, driven by entrepreneurs, with 40% of the population owning their own business. The country is at the forefront of large-scale adoption of digital payments across the continent with over $800 billion in outdated digital transactions for the first four months of 2022.
FT Partners served as a financial and strategic advisor to TeamApt in the funding round, highlighting FT Partners’ track record in the emerging markets payments space.
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; providing them with all the payment, banking, credit and business management tools they need to succeed. Its goal is to digitize Africa’s economy.
TeamApt is the largest business payment platform in Nigeria, supporting over 400,000 businesses to get paid; processing annual transaction value at an execution rate of $100 billion 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 technology solutions and ongoing real-life 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 companies around the world. QED Investors is dedicated to building great businesses and uses a unique, hands-on approach that leverages its partners’ decades of entrepreneurial and operational experience, helping companies achieve extraordinary 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