Qed Makes Its First African Investment, Backing Nigerian Fintech Teamapt in $50M+ Deal

Tage Kene-Okafor on

August 10, 2022

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. The investment was over $50 million, according to sources familiar with the matter, though neither QED nor TeamApt would confirm the figure.

Existing investors from the company’s Series B last year (Crunchbase pegs it at $30 million+) — Novastar Ventures (co-lead), Lightrock and BII — all participated in this round.

While TeamApt wouldn’t prescribe any “letter” to this latest round, it can perhaps be described as a pre-Series C round because sources say the company is still in the market to raise a Series C next year.

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