Emerging and Growth Markets | August 15, 2022

Nigeria’s TeamApt scores backing from QED for digital banking in rural Africa

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, August 15 – TeamApt is tackling financial access by enabling anyone with a mobile phone and point-of-sales machine to become a local bank branch. The Lagos-based fintech venture has created more than 160,000 jobs and provided working capital, business expansion loans and business management tools to more than 400,000 micro and small businesses in Nigeria.

U.S.-based fintech investor QED Ventures backed TeamApt, its first investment in Africa, from a new $1 billion fund. The size of the investment was not disclosed.

Also on TeamApt’s investor roster: impact investor Novastar Ventures, which led the company’s Series B round last year, U.K. development bank British International Investment, and Nigeria-based early-stage VC fund Oui Capital. Oui was among TeamApt’s earliest investors.

TeamApt founder Tosin Eniolorunda is an investor in Oui Capital’s second fund, which recently notched an $11 million first close. Oui’s Olu Oyinsan told ImpactAlpha that TeamApt and Eniolorunda are an example of “how wealth that’s been created stays in the ecosystem and creates more of these successful companies that touch more people.”