TeamApt, a Nigerian fintech startup that operates a business payment and banking platform, has secured an undisclosed round of financing led by QED Investors, marking the VC firm’s first investment in Africa.

While the total funding is currently undisclosed, TechCrunch reports the figure is more than $50 million.

With its solutions, TeamApt aims to digitise Africa’s economy by providing small and medium-sized businesses (SMBs) with 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 bookkeeping solutions to manage operations.

The company claims its business has grown by more than 300% annually since launching in 2015.

The new funds will help fuel its planned expansion across Africa in the coming months.

“With this financing round, TeamApt is widening our credit offerings,” says TeamApt CEO Tosin Eniolorunda.

“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.”

The fintech firm claims to have more than 400,000 businesses onboarded and processes $100 billion in annualised transaction value.

QED first announced it was entering Africa in February 2022, hiring Gbenga Ajayi and Chidinma Iwueke to lead its investments on the continent.

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