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QED Investors, one of many world’s largest enterprise capital (VC) funds with over 312 investments in the global fintech space, has made its first funding within the African fintech sector. Based in 2007 by Nigel Morris and Frank Rotman, the VC agency has nearly $5 billion in property beneath administration and has exited 27 unicorns throughout 14 nations. QED just lately introduced a 50 million funding in TeamApt, considered one of Nigeria’s largest fintechs. FT Partners, an funding banking agency, served because the unique monetary and strategic advisor to TeamApt within the financing spherical.
Based in 2015 by Tosin Eniolorunda, TeamApt has helped over 400,000 companies receives a commission and has processed transactions value over $100 billion on a yearly run-rate run-rate transaction worth through its merchandise – Moniepoint and Monnify. Since its launch, it has gotten 14 million monthly users and conducted a monthly average of 72 million transactions, as well as a 100% monthly growth rate in transaction value from $2bn to $4bn. In keeping with Shared Agent Network Expansion Facilities (SANEF), Nigeria’s regulating organisation for company banking, TeamApt is Nigeria’s largest company banking supplier.
“With this financing spherical, TeamApt is widening our credit score choices,” mentioned TeamApt CEO Tosin Eniolorunda in an announcement shared with TechCabal. “QED’s funding proves TeamApt’s alternative for exponential development as a world-class monetary establishment on the forefront of Africa’s financial revolution.”
On how TeamApt and QED would work collectively to develop, he added: “As core fintech operators, QED is bringing the fintech experience we have to scale in Nigeria and as we plan to develop our providing throughout Africa. With QED’s operator experience and TeamApt’s glorious administration staff, TeamApt will proceed digitising Africa’s economic system and enabling development, inclusion and entry to monetary providers.”
QED’s funding in TeamApt might be traced again to the VC firm hiring Gbenga Ajayi as a companion and Chidinma Iwueke as principal earlier within the yr. Talking as QED’s Head of Africa, Ajayi mentioned, “I’m proud to convey Africa to QED and QED to Africa. I couldn’t consider a greater technique to enter the continent than with our funding in TeamApt. Tosin and his staff have steadily constructed a powerful cost and distribution community throughout Nigeria over the previous 5 years. Their sturdy and optimistic unit economics, coupled with a deep buyer focus, will allow them to proceed to construct out an much more expansive community.”
He additionally added: “Enabling a rising digital type of funds for retailers and customers in Nigeria is thrilling, however with the ability to deepen the monetary functionality of those retailers, offering them with the on a regular basis instruments and credit score they should run their companies, might be profoundly impactful.”
