TeamApt lands "$50 million pre-Series C" from QED and other investors

TeamApt has received undisclosed funding from QED Investors, a U.S.-based fintech-focused venture firm.

TeamApt, a Nigerian fintech company that services the underserved mass market in Africa has received undisclosed funding from QED Investors, a U.S.-based fintech-focused venture firm.  

Novastar Ventures, Lightrock and British International Investment (BII) also participated in the [pre-Series C] round.

QED's first investment in Africa

This is QED's first investment into Africa, some ecosystem analysts have said that the funding is over $50 million. In 2021, the VC firm closed two funds worth $1.05 billion, with the goal to back 40 to 50 companies out of its early-stage fund, with an initial average check size of $5 million to $15 million with similar reserves. The firm also intended to make 20-25 investments out of its growth fund, with average check sizes between $10 million and $40 million.

In an uncommon move, QED hired two Nigerians—Gbenga Ajayi as a partner and Chidinma Iwueke as a principal in January 2022. Gbenga's responsibility is to lead the firm's investments in Africa, meanwhile, Chidinma has a dual focus on the United States and international investments.

"QED's investment proves TeamApt's positioning as a world-class fintech at the forefront of Africa’s economic revolution. As core fintech operators, they are bringing the domain expertise we need to scale our credit offerings as we continue to digitise Africa’s economy, while enabling the growth of businesses," TeamApt's co-founder and CEO, Tosin Eniolorunda said in a statement shared with

Founded in 2015, TeamApt secured a license to operate as a payment switch providing enterprise solutions for banks in Nigeria. As of 2017, the company, which facilitated core bank back-office operations was servicing 26 financial institutions and processing $160 million in monthly transactions without raising any venture fund until 2019 when it pivoted to payments.

The company has grown by more than 300% annually, according to the statement. The fintech company also said that it is 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.

With this investment, QED will leverage its experience in advising global unicorns and fintech companies like Nubank, Wagestream and Credit Karma to advise the TeamApt, the fintech company also intends to expand within and outside Africa. The fintech is currently hiring for several roles as well.

We are expanding our credit services, moving into new markets, and spreading financial happiness by digitising the world’s economy. — Tosin Eniolorunda

"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," Gbenga Ajayi, Head of Africa and Partner at QED, said.

Ajayi added that "when you combine Nigeria’s lack of ATM penetration with a secondary issue of a general lack of card acceptance, the opportunities for digital disruption are plentiful."

TeamApt's marketing director interviews TeamApt's CEO and Head of Africa at QED 

Building Moniepoint—the business bank.

In April 2022, TeamApt announced that its agency banking product, M0niepoint has evolved into a business bank with the goal to digitise Africa's economy by providing small and medium-scale business (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.

Related Article: Tolu Adetuyi, Head of Growth at Moniepoint on how TeamApt hacked distribution

Since its launch in 2019, Moniepoint has enabled 162,000 small business owners to process over a billion transactions worth ₦23 trillion. Also, in just over a year the company had a distribution network of 50,000 merchants across the country, in Gwagwalada (FCT, Abuja), Gboko (Benue state), and beyond. Moniepoint first hit the ₦20 billion mark transactions in a day on December 14, 2020, and is currently enabling transactions north of $6 billion monthly.

"This evolution has expanded our market to 42 million potential SMBs," Tosin said. Sub-Saharan Africa alone has 44 million micro, small and medium enterprises. They also offer jobs and the promise of a livelihood, as SMEs are responsible for an estimated 80% of jobs across the continent.

Doowuese Terwase*, a Moniepoint agent in Gboko told that the platform has enabled her to have a livelihood after she graduated from secondary school and did not get into university. "Moniepoint gives their agents the best, unlike others, their charges are low," she said.

Editor's Note: * indicates that it is not the real name of the agent, she chooses to remain anonymous.