QED Investors, the fintech-focused venture capital firm, has invested in Nigerian fintech TeamApt after bringing in a new team to target Africa investments.
Although QED has invested in 27 unicorns with a portfolio of 180 companies, and with almost $5billion in assets under management, TeamApt represents its first investment in Africa.
TeamApt operates one of Nigeria’s largest business payments and banking platforms, with more than 400,000 businesses onboarded and north of $100billion processed in annual run-rate transaction value.
The business has grown by more than 300 per cent annually since its launch in 2015 and is now focusing on expanding internationally 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…TeamApt will continue digitising Africa’s economy, enabling growth, inclusion and access to financial services.”
In September last year, QED announced it had closed a substantially oversubscribed $1.05billion fund, including $550million in QED Fund VII for early-stage investments and $500million in a new growth fund.
It first announced it was targeting Africa in February 2022, hiring Gbenga Ajayi and Chidinma Iwueke to lead its investments on the continent.
Gbenga Ajayi, QED Investors partner and head of Africa, 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.”