TeamApt, a Nigerian business payments and banking platform, has just closed a financing round that includes investments from the FinTech specialist venture capital firm QED Investors, TeamApt announced Wednesday (Aug. 10).
In a press release emailed to PYMNTS, CEO Tosin Eniolorunda said that “with this financing round, TeamApt is widening our credit offerings. QED’s investment proves TeamApt’s opportunity for exponential growth as a world-class financial institution at the forefront of Africa’s economic revolution.”
He added that “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 and TeamApt’s excellent management team, TeamApt will continue digitizing Africa’s economy, enabling growth, inclusion and access to financial services.”
The latest investment marks QED’s first venture into the African FinTech space. QED first announced it was entering Africa in February 2022 when it hired Gbenga Ajayi and Chidinma Iwueke to lead its investments on the continent.
“I am proud to bring Africa to QED and QED to Africa,” Ajayi said in the release. “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.”
TeamApt has developed what Eniolorunda called a “hybrid banking model” when he spoke to PYMNTS in April.
Read more: Hybrid Banking Model Bridges ‘Much Needed’ Last-Mile Service Delivery Gap for Nigeria’s SMEs
Seeking to combine the benefits of digital technology with the last-mile reach of the agency banking paradigm, TeamApt developed Moniepoint, a bank account and point of sale solution for merchants who also benefit from TeamApt’s nationwide distribution network.
“At the root of the solution is a bank account, but the direction [we’re taking], however, is not just to open an account,” Eniolorunda said at the time. “It’s more oriented towards running your business, making payments, and getting access to capital.”
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