Connect with us

Fintech

US Venture Capital Firm Leads New Investment in Nigerian Startup Teamapt

US Venture Capital Firm Leads New Investment in Nigerian Startup TeamaptThe United States-based venture capital (VC) firm, QED Investors, recently led an investment round that raised more than $50 million for the Nigerian fintech Teamapt. The investment, as well as the VC firm’s hiring of personnel tasked with spearheading its investments in Africa, seem to point to QED Investors’ newfound commitment towards the continent. Teamapt’s […]

US Venture Capital Firm Leads New Investment in Nigerian Startup Teamapt

The United States-based venture capital (VC) firm, QED Investors, recently led an investment round that raised more than $50 million for the Nigerian fintech Teamapt. The investment, as well as the VC firm’s hiring of personnel tasked with spearheading its investments in Africa, seem to point to QED Investors’ newfound commitment towards the continent.

Teamapt’s Pre-Series C

The fintech-focused venture capital firm, QED Investors, recently became an investor in a Nigerian company, Teamapt, a startup that specializes in providing payments and banking platforms. According to a Techcrunch report, QED led an investment round that reportedly raised more than $50 million for Teamapt.

Besides QED Investors, the other participants in the investment round — which the Techcrunch report has called pre-Series C — were Novastar Ventures, Lightrock, and BII. The three all became investors in the fintech firm after they participated in Teamapt’s Series B round.

Meanwhile, in his response to assertions the market downturn had disturbed his company’s fundraising plans, Teamapt’s Tosin Eniolorunda reportedly said:

We always approach our fundraising effort opportunistically and want to make sure the market context, cash needs of the business and investor profile match our strategic growth views. 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.

For QED Investors, which reportedly has invested in 180+ plus companies, the investment in Africa is the final piece of the puzzle for a company that is seeking to become a “global fintech-specialist VC firm.”

To underline the US-based VC firm’s commitment to Africa, the report notes that QED Investors has already hired Gbenga Ajayi and Chidinma Iwueke to spearhead its investments on the continent.

Register your email here to get a weekly update on African news sent to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.

Source: Fintech Archives – Bitcoin News

Continue Reading
Advertisement

Fintech

US Tennis Player Serena Williams’ VC Firm Leads Ugandan Fintech’s $12.3 Million Pre-Series A Funding Round

US Tennis Player Serena Williams’ VC Firm Leads Ugandan Fintech’s .3 Million Pre-Series A Funding RoundThe Uganda-based digital lending fintech startup, Numida, has said it will start offering its services to micro, small, and medium-sized enterprises in other African countries. Numida’s plans to offer its services to businesses beyond Uganda’s borders came shortly after it was announced that the startup had raised a total of $12.3 million in its pre-Series […]

US Tennis Player Serena Williams’ VC Firm Leads Ugandan Fintech’s .3 Million Pre-Series A Funding Round

The Uganda-based digital lending fintech startup, Numida, has said it will start offering its services to micro, small, and medium-sized enterprises in other African countries. Numida’s plans to offer its services to businesses beyond Uganda’s borders came shortly after it was announced that the startup had raised a total of $12.3 million in its pre-Series A funding round. Serena Ventures, a venture capital firm founded by American tennis player Serena Williams, led the funding round.

Unlocking the Potential of Small Businesses in Africa

Numida, the Uganda-based fintech, has said it plans to take its digital lending business outside the country, using part of the $12.3 million it raised via its pre-Series A equity-debt funding. The round was led by the U.S. tennis star Serena Williams’ venture capital firm Serena Ventures. Also participating in this funding round were Breega, 4Di Capital, Launch Africa, Soma Capital and Y Combinator.

In comments following Numida’s successful capital raise, co-founder and CEO Mina Shahid reportedly touted the impact of the financial products his company has been availing to small businesses in Uganda, and how this can be replicated in other African countries. Shahid said:

I’m most excited about continuing to build and provide financial products for these micro and small business owners …. There are so many of these businesses across the continent, we really do believe that we’ve proven a model in Uganda that can be Pan-African and unlock the potential of these businesses to grow and achieve great things.

Prioritizing Small and Medium-Sized Enterprises

As explained in a Techcrunch report, Numida has prioritized serving micro, small, and medium-sized enterprises (MSMEs) because they are continually marginalized by traditional financial institutions. Using the recently raised capital, Numida said it plans to increase its active client base to 40,000. The fintech startup plans to do this by expanding its operations in two countries, the report said.

According to the report, Numida, which raised $2.3 million in 2021, has so far granted $20 million in working capital to MSMEs. With the backing of Lendable Asset Management, which recently lent $5 million to the startup, Numida will increase the value of its loans and will at the same time remodel its products to ensure their affordability.

Register your email here to get a weekly update on African news sent to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.

Source: Fintech Archives – Bitcoin News

Continue Reading
Advertisement

Top Posts

We need your support.

Enjoying our free service? Please help us by clicking the ads on our website. They are 100% safe. Thank you!