TeamApt has simply accomplished a financing spherical and introduced on board one of many world’s largest fintech specialists, QED Traders.
With nearly $5 billion belongings beneath administration, QED is a premier VC within the fintech house. They’ve invested in 27 unicorns over greater than 180 portfolio corporations throughout 14 international locations.
TeamApt is its first funding in Africa. TeamApt operates Nigeria’s largest enterprise funds and banking platform, with greater than 400,000 companies onboarded and processing $100 billion annualized run-rate transaction worth. Its all-in-one enterprise resolution goals to digitize Africa’s economic system and is laying the muse that may present Nigeria’s 41 million SMBs digital funds acceptance channels, entry to working capital and enterprise enlargement loans, and enterprise administration instruments equivalent to expense administration (enterprise funds playing cards), accounting and book-keeping options to handle its operations. The enterprise has grown by greater than 300% yearly since launching in 2015 and is now focusing on its first wave of worldwide enlargement in Africa within the coming months.
“With this financing spherical, TeamApt is widening our credit score choices,” stated TeamApt CEO Tosin Eniolorunda.
“QED’s funding proves TeamApt’s alternative for exponential development as a world-class monetary establishment on the forefront of Africa’s financial revolution. As core fintech operators, QED is bringing the fintech experience we have to scale in Nigeria and as we plan to increase our providing throughout Africa. With QED’s operator experience and TeamApt’s wonderful administration workforce, TeamApt will proceed digitising Africa’s economic system, enabling development, inclusion and entry to monetary companies. In September 2021, QED introduced it had closed a considerably oversubscribed $1.05 billion fund, together with $550 million in QED Fund VII for early-stage investments and $500 million in a brand new Development Fund. QED first introduced it was getting into Africa in February 2022, hiring Gbenga Ajayi and Chidinma Iwueke to guide its investments on the continent”.
“I’m proud to deliver Africa to QED and QED to Africa,” stated QED Traders Accomplice and Head of Africa Gbenga Ajayi.
“I couldn’t consider a greater solution to enter the continent than with our funding in TeamApt. Tosin and his workforce have steadily constructed a powerful cost and distribution community throughout Nigeria over the previous 5 years. Their robust and optimistic unit economics, coupled with a deep buyer focus, will allow them to proceed to construct out an much more expansive community. Enabling a rising digital type of funds for retailers and shoppers in Nigeria is thrilling, however having the ability to deepen the monetary functionality of those retailers, offering them with the on a regular basis instruments and credit score they should run their companies, will probably be profoundly impactful.”
Nigeria is dwelling to certainly one of Africa’s largest, entrepreneur-led economies with ~40% of the inhabitants proudly owning their very own enterprise. The nation is on the forefront of the vast scale adoption of digital funds throughout the continent with over $800 billion in digital transactions annualized for the primary 4 months of 2022.
FT Companions served as a monetary and strategic advisor to TeamApt within the financing spherical, highlighting FT Companions’ observe document within the funds house throughout rising markets.