Nigerian fintech startup TeamApt raises over $50 million in funding

Oluwajuwonlo Afolabi -

TeamApt, a Nigeria-based financial technology startup has raised over $50 million in funding from QED Investors, a US fintech-focused capital firm.

  • The fund will be used to widen the startup's credit offering, it claims.
  • Founded in 2015, TeamApt builds financial platforms for businesses including payment, banking, credit and business management tools.
  • It processes a $100 billion annualized run-rate transaction value through its products: Moniepoint and Monnify. Monnify is currently used by over 400,000 small and medium businesses in Nigeria providing them features to manage business operations.
  • The fintech raised $100 million in annualized revenue last year and looks to expand into international geographies in the coming months.
  • Lightrock, BII, and Novastar Ventures participated in the round.