{"id":17212,"date":"2022-10-04T10:52:08","date_gmt":"2022-10-04T10:52:08","guid":{"rendered":"https:\/\/www.africa-press.net\/angola\/all-news\/africas-tech-start-up-scene-is-maturing-says-teamapt-ceo"},"modified":"2022-10-04T11:33:02","modified_gmt":"2022-10-04T11:33:02","slug":"africas-tech-start-up-scene-is-maturing-says-teamapt-ceo","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/angola\/all-news\/africas-tech-start-up-scene-is-maturing-says-teamapt-ceo","title":{"rendered":"Africa\u2019s tech start-up scene is maturing,\u201d says TeamApt CEO"},"content":{"rendered":"

Africa-Press – Angola. <\/strong><\/span>With Russia\u2019s invasion of Ukraine, interest rates have spiked, and international investors, lured by the emerging African fintech scene are slowly changing tack, preferring to invest in less risky, higher-grade investments in more developed markets.<\/b><\/p>\n

As such, the record amounts of flows we have seen flood into Africa\u2019s tech start-up scene are tapering off. But for Tosin Eniolorunda, founder and CEO of business payment platform TeamApt, this means that the ecosystem is maturing and that companies with strong fundamentals will begin to stand out.<\/p>\n

\u201cGone are the days when funding rounds closed within days when venture capital firms (VCs) and investors did little due diligence and valuations were extreme,\u201d says Eniolorunda.<\/p>\n

\u201cWithin the current economic and financial climate and valuations are coming down. The market is going through a stage of correction,\u201d he says.<\/p>\n

Lofty valuations<\/b><\/p>\n

Lofty valuations could mean that investors and start-ups will lose out in the long run. \u201cHigh valuations mean that start-ups can raise a lot of capital but given the fact that some investors will have preference shares \u2013 a fixed dividend, which takes priority over others \u2013 when the real, lower value of the company is realised, other investors and even the founders can be left with very little.<\/p>\n

\u201cIn any case, when you build a business that is based on a valuation, I don\u2019t think that organisation will be very disciplined. It will not stand the test of time, because the fundamentals are lost,\u201d he says.<\/p>\n

It\u2019s the kind of cycle you see every ten years, explains Eniolorunda. \u201cOlder, more experienced people kind of grow out of the system, leaving room for younger, new entrepreneurs with fresh ideas \u2013 that unfortunately end up making some of the same mistakes we have seen in the past.<\/p>\n

\u201cBut this is part and parcel of the evolving story,\u201d he says.<\/p>\n

Series B extension<\/b><\/p>\n

TeamApt is just off the back of raising a Series B extension, which closed on 10th August this year. The deal launched a partnership between the business payments platform and QED, an international venture capital firm, which specialises in fintech.<\/p>\n

In January, QED hired Gbenga Ajayi, who has previously worked at Wise, Revolut, and Google, to head the VC firm\u2019s investment in Africa. QED\u2019s investment in TeamApt is the company\u2019s first foray into African fintech.<\/p>\n

Cash raised from the deal will be used to widen the company\u2019s credit offering, scale in Nigeria, and expand into neighbouring countries. Series C funding is scheduled to take place in the next 12 to 18 months, says Eniolorunda. \u201cGiven current volatility in the market, now is not the right time to go back to the market,\u201d he says.<\/p>\n

Details behind the funding round have not been shared by the company or the investors, however \u2013 largely in line with Eniolorunda\u2019s belief that focussing on valuations and capital raised can take away from the company\u2019s track record.<\/p>\n

\u201cWe have tried to set ourselves apart from the typical valuation, capital raising rates race and build a reputation based on the demand of our business,\u201d says Eniolorunda. \u201cWhat I can say, however, is that our company is close to making $200m in revenue.\u201d<\/p>\n

Access to credit<\/b><\/p>\n

Behind TeamApt\u2019s appeal is the fact that the company is going beyond \u201cFintech 1.0\u201d, creating a payments solution targeted at Nigeria\u2019s burgeoning businesses. \u201cBasic payment systems \u2013 online and offline \u2013 have already matured, with some companies already dominating the sector, preventing new entrants from coming in,\u201d says Eniolorunda.<\/p>\n

\u201cThis isn\u2019t the case with wealth management or credit, for example. The companies making moves in these areas are only just scratching the surface. This is where we are at the beginning of the race, where new players are scrambling to make a name for themselves.\u201d<\/p>\n

Amid the melee, is the rise of Buy Now Pay Later (BNPL) services, neo-banks and existing fintech and mobile money operators adding credit facilities to their current portfolio of products.<\/p>\n

But for businesses, hoping to build cross-border trade relationships in the wake of the African Continental Free Trade Agreement (AfCFTA) access to credit and reliable cross-border payment mechanisms will be essential to growth and participation.<\/p>\n

\u201cIn Africa, especially in Nigeria, regulation around cross-border trade and payments isn\u2019t exactly favourable but given the direction of travel, it is a problem that has to be solved,\u201d says Eniolorunda. \u201cUntil we have a lot more clarity on how this will progress, we will take a watch and wait approach to cross-border payments.<\/p>\n

\u201cBut given that we understand the needs of business and that we work with the regulators, it is something that we will eventually work through soon,\u201d he says.<\/p>\n

For More News And Analysis About Angola<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Angola. With Russia\u2019s invasion of Ukraine, interest rates have spiked, and international investors, lured by the emerging African fintech scene are slowly changing tack, preferring to invest in less risky, higher-grade investments in more developed markets. As such, the record amounts of flows we have seen flood into Africa\u2019s tech start-up scene are […]<\/p>\n","protected":false},"author":84,"featured_media":17211,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,9,16],"tags":[233,337,329],"class_list":["post-17212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-miscellaneous","category-twitter","tag-africa-press","tag-africa-press-angola","tag-angola"],"yoast_head":"\nAfrica\u2019s tech start-up scene is maturing,\u201d says TeamApt CEO - Angola<\/title>\n<meta name=\"description\" content=\"With Russia\u2019s invasion of Ukraine, interest rates have spiked, and international investors, lured by the emerging Afr ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/angola\/all-news\/africas-tech-start-up-scene-is-maturing-says-teamapt-ceo\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Africa\u2019s tech start-up scene is maturing,\u201d says TeamApt CEO\" \/>\n<meta property=\"og:description\" content=\"With Russia\u2019s invasion of Ukraine, interest rates have spiked, and international investors, lured by the emerging Afr ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/angola\/all-news\/africas-tech-start-up-scene-is-maturing-says-teamapt-ceo\" \/>\n<meta property=\"og:site_name\" content=\"Angola\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-04T10:52:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-04T11:33:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/angola\/sites\/65\/2022\/10\/postQueueImg_14-633c19b478963.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"732\" \/>\n\t<meta property=\"og:image:height\" content=\"419\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/africas-tech-start-up-scene-is-maturing-says-teamapt-ceo#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/africas-tech-start-up-scene-is-maturing-says-teamapt-ceo\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/angola\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Africa\u2019s tech start-up scene is maturing,\u201d says TeamApt CEO\",\"datePublished\":\"2022-10-04T10:52:08+00:00\",\"dateModified\":\"2022-10-04T11:33:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/africas-tech-start-up-scene-is-maturing-says-teamapt-ceo\"},\"wordCount\":795,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/africas-tech-start-up-scene-is-maturing-says-teamapt-ceo#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/angola\/sites\/65\/2022\/10\/postQueueImg_14-633c19b478963.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Angola\",\"Angola\"],\"articleSection\":[\"all news\",\"homepage-english\",\"miscellaneous\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/angola\/all-news\/africas-tech-start-up-scene-is-maturing-says-teamapt-ceo#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/africas-tech-start-up-scene-is-maturing-says-teamapt-ceo\",\"url\":\"https:\/\/www.africa-press.net\/angola\/all-news\/africas-tech-start-up-scene-is-maturing-says-teamapt-ceo\",\"name\":\"Africa\u2019s tech start-up scene is maturing,\u201d says TeamApt CEO - 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