QED Investors, a U.S. fintech-focused venture capital firm, has led a new investment in TeamApt, a Nigerian fintech that provides business payments and banking platforms. With almost $5 billion in assets under management (AUM) and a recently closed $1.05 billion seventh fund, QED has backed more than 180 companies. TeamApt operates one of Nigeria’s largest business payments and banking platforms and processes a $100 billion annualized run-rate transaction value via its products Moniepoint and Monnify. Moniepoint now serves 400,000 small and medium-sized businesses across Nigeria, allowing them to access various features to manage operations: working capital, business expansion loans and business management tools such as expense management, accounting and bookkeeping solutions and insurance.
QED is also a renowned credit operator and has helped develop strong credit functions for portfolio companies such as Brazil’s Nubank and India’s Jupiter. Nigeria is leading the way in widescale adoption of digital payments across Africa, with over $800 billion in digital transactions annualized for the first four months of this year. It’s a large fintech market, with countless companies providing numerous services across the country, such as Flutterwave, Chipper Cash and OPay. TeamApt, in subsequent rounds, may present QED with the opportunity to mint another unicorn.