Nigerian fintech startup TeamApt has closed a major funding round led one of the world’s largest fintech specialists – QED Investors.

The startup was launched in 2015 to solve the inefficiencies within Nigeria’s growing digital financial services landmark. TeamApt has various products that cater to 100 per cent of the country’s commercial banks. In 2019, TeamApt secured a switching licence from the Central Bank of Nigeria (CBN) as well as a $5.5 million Series A funding round. 

Also, the startup raised a Series B funding round in 2021 worth undisclosed millions. Adding more wins to its investor catalogue, TeamApt has bagged QED, a premier venture capital firm that has invested in 27 unicorns, with over more than 180 portfolio companies across 14 countries.

This will also be the VC's first investment in Africa. Previous investors from the Series B round in 2021 – Novastar Ventures, Lightrock and BII – also participated in this new round.

The startup operates Nigeria’s largest business payments and banking platform. According to the company, it has onboarded more than 400,000 businesses and has processed over $100 billion annualised run-rate transaction value. With Its all-in-one business solution, TeamApt aims to digitise Africa’s economy and also lay the foundation that will provide Nigeria’s 41 million SMBs with digital payments acceptance channels, access to working capital and business expansion loans, and business management tools such as expense management, accounting and book-keeping solutions to manage their operations. 

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“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," he concluded.

QED Investors is a global leading venture capital firm based in Alexandria, Virginia, United States (US). it was founded by Nigel Morris and Frank Rotman in 2007. The VC firm announced in February 2022 that it would be hiring Gbenga Ajayi and Chidinma Iwueke to lead its investment focus on Africa and TeamApt has also become the first African startup added to QED's portfolio.

“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," he concluded.