Nigerian fintech TeamApt secures over $50m

Pre-series C fundraising for TeamApt, a Nigerian fintech company that offers platforms for business payments and banking, has surpassed $50 million. The corporation claimed that by digitising the African economy, the fund will enable it to enlarge its lending services, enter new markets, and distribute financial happiness.

The new investment was headed by QED Investors, a venture capital firm with a focus on U.S. fintech. Additional investors in this round were BII, Lightrock, and Novastar Ventures (co-lead).

Through its products Moniepoint and Monnify, TeamApt processes a $100 billion annually run-rate of transaction value on one of Nigeria’s largest business payments and banking platforms.

400,000 small and medium-sized businesses in Nigeria are now served by Moniepoint, which gives them access to a range of tools for managing operations, including working capital, loans for business expansion, and tools for managing expenses (such as business payment cards), accounting and bookkeeping solutions, and insurance.