TeamApt, a Nigerian fintech that provides business payments and banking platforms, has raised over $50 million in pre-series C funding to broaden its credit services and expand into new markets in Africa.
The new funding was led by a US fintech-focused venture capital firm QED Investors. Novastar Ventures, Lightrock and BII also participated in this round.
Commenting on the fundraising, founder and Chief Executive Officer of TeamApt, Tosin Eniolorunda said: “We always approach our fundraising effort opportunistically and want to make sure the market context, cash needs of the business and investor profile match our strategic growth views. Given the overarching cautious market environment, we were not in active fundraising mode. As a profitable company, we did not need the cash, but we were happy to take an opportunity to add a new high-profile investor.”
He stated that said the funding would help the Nigerian startup to expand its credit offerings by leveraging multiple lending partnerships, including banks, development finance institutions and securitization structures, to access debt facilities.
QED Investors partner and Head of Africa, Gbenga Ajayi said: “I am proud to bring Africa to QED and QED to Africa. 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.”
TeamApt operates one of Nigeria’s largest business payments and banking platforms and processes a $100 billion annualized run-rate transaction value via its products Moniepoint and Monnify.
According to the firm, Moniepoint now serves 400,000 small and medium-sized businesses across Nigeria, enabling them to access various features to manage operations: working capital, business expansion loans and business management tools such as expense management (business payments cards), accounting and bookkeeping solutions and insurance.