TeamApt, a B2B fintech from Nigeria, has secured an undisclosed amount of funding in an investment round led by QED investors, a global fintech VC that has 27 unicorns as part of its 190 investments.
As reported by TechCrunch, TeamApt are not selecting a letter for this investment, and they are on the market for a series C in 2023, after a series B in 2021.
According to Techcrunch, the investment amounts to $50 million, but TeamApt have dismissed the figure, keeping a policy of not disclosing the amounts they get.
The startup counts 100% of the country’s commercial banks amongst its customers, and in 2019, secured a switching license from the Central Bank of Nigeria (CBN) as well as a $5.5 million Series A funding round.
Founder and CEO, Tosin Eniolorunda, indicated that an opportunity to make money came up and they took it.
“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.”
– CEO, TeamApt
TeamApt has two key products, including Moniepoint, which was relaunched in 2021 as a business bank, providing several services to SME’s such as:
- Access to quick loans
- Manage operations, payroll, and staff welfare
- Business protection via affordable premiums
The other product, Monnify, is referred to as a payment gateway for businesses to accept payments from customers, either on a recurring or one-time basis, and includes a Web SDK, Mobile SDK, and API.
Together with Moniepoint, the products saw TeamApt generate more than $100 million in revenue in 2021 – with over $100 billion worth of annual transactions supported.
According to Eniolorunda, since launching as a startup in 2015, they bootstrapped for 4 years up to 2019 when they did their first VC raise, and during that time, they created solutions that that were valuable to customers and have contributed to its profitability and valuation that has risen 4-fold.
“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.”
– CEO, TeamApt
The latest round will go towards expanding credit offerings by Moniepoint while TeamApt looks to expand across the continent.
