Some Exciting News: We Are Now Backed by QED
We have just completed a financing round and brought on board one of the world’s premier fintech operators, QED Investors.
Businesses over the world struggle with access to solutions efficient enough to help them grow, and simple enough for them to use. This is true in most countries globally, including Nigeria.
How we’ve started solving it
TeamApt 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.
Our 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.
We have grown by more than 300% annually since pivoting to payments in 2019 and are now targeting our first wave of international expansion in Africa in the coming months.
What we were looking for with this investment round
Our goal going into this round was to widen our credit offerings. We needed not just capital but deep credit expertise from whichever VC was coming on board. People who have built global unicorns with sustained success.
How QED came into the picture
Tosin met Gbenga earlier this year and from the onset, it was clear that there was strong alignment. TeamApt was looking for a reputable VC with deep pockets and fintech expertise to partner with in our next phase of growth while QED had just announced their foray into Africa and had brought onboard Gbenga who knew of us through mutual connections.
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 we were looking for in an investor. In addition, QED is run by fintech operators who deeply understand credit, which is one of our areas of growth in our next phase as we have started the journey to solve the SME financing gap that runs in the billions of dollars. Going into this partnership with them was therefore a no-brainer.
Why their being here matters
TeamApt is QED’s first investment in Africa.
“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” says Tosin Eniolorunda, our CEO.
“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.” says QED Investors Partner and Head of Africa Gbenga Ajayi.
What happens next?
Gbenga from QED says, “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.
FT Partners served as the exclusive financial and strategic advisor to TeamApt in the financing round, highlighting FT Partners' track record in the payments space across emerging markets.
You can learn more about us by reaching out to press@teamapt.com. For partnership opportunities please reach out via partnerships@teamapt.com.
Update Re: Erroneous Amount Ascribed to Our Last Financing Round
A post by TechCrunch (TC) states the value of our recent QED Investors and Novastar-led funding round as $50 million.
As the TC article states, this figure was not supplied by TeamApt or QED, and is inaccurate. As with our previous rounds, we prefer not to disclose the specific amount raised.
We are thrilled news of our partnership with QED Investors has been so well released. TeamApt continues the work to facilitate financial happiness by digitising Africa’s economy.
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