Specialist fintech VC makes first investment in Africa
Nigeria’s TeamApt has just completed a financing round and brought on board one of the world’s largest fintech specialists, QED Investors.
With almost $5 billion assets under management, QED is a premier VC in the fintech space. It has invested in 27 unicorns over more than 180 portfolio companies across 14 countries. TeamApt is its first investment in Africa.
TeamApt operates Nigeria’s largest business payments and banking platform, with more than 400,000 businesses onboarded and processing $100 billion annualised run-rate transaction value. Its all-in-one business solution aims to digitise Africa’s economy and is laying the foundation that will provide Nigeria’s 41 million small businesses with digital payment 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 business has grown by more than 300% annually since launching in 2015 and is now targeting its first wave of international expansion in Africa in the coming months.
“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.”
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 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.”
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