TeamApt secures $50M in funding

TeamApt, a Nigerian FinTech startup that offers business payments and banking platforms, has secured over $50 million in funding

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Nigeria-based FinTech TeamApt has secured $50M in investment led by QED Investors, a U.S. fintech-focused venture capital firm, and Novastar Ventures with participation from Lightrock and BII. TeamApt is a financial technology company focused on developing Digital Banking, Business Solutions, and Payments Infrastructure.

As recorded in our State of Startup Funding - H1 2022 Emerging Venture Markets FREE Report, FinTech has been the industry of choice across the Emerging Venture Markets aggregating over $1.5Bn in H1’22. The African region has been no different, championing the FinTech sector throughout this year with Nigeria taking the lead across EVMs in H1’22 both in terms of funding and number of transactions, as seen in our H1 2022 Nigeria Venture Investment Report. The funding in the region was largely driven by a $250M Mega round recorded by FinTech startup Flutterwave. FinTech startups this year haven’t just limited themselves to payment solutions, steady investment and entrepreneurial traction is being recorded in cryptocurrency, BNPL, e-wallets, neobanking, and lending startups including the likes of Fido, Jambo, MFS Africa, and Interswitch closing major rounds this year.


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The company operates business payments and banking platforms and processes annualized run-rate transaction value on its products Moniepoint and Monnify products. According to the company, it plans to leverage multiple lending partnerships, including banks, development finance institutions, and securitization structures, to access debt facilities. “From our bootstrapping days, we built products where we can see positive unit economics from day one, which has continued to be reflected in our profitability. This has put us in the realm of the few attractive cash-flow-positive hyper-growth companies — even as we continue growing at triple digits year-on-year, while at the same time expanding our margins” Chief Executive Officer of TeamApt, Tosin Eniolorunda said.

Moniepoint allows small and medium-sized businesses across Nigeria to access various features to manage operations such as working capital, business expansion loans, and business management tools such as expense management (business payments cards), accounting and bookkeeping solutions, and insurance. 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.”

According to the company, the fund will be utilized to expand its credit services, expand into new markets, and spread financial happiness by digitizing Africa’s economy.  Eniolorunda concluded, “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.”

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