Team-based learning (TBL) is a flipped classroom model, where small group discussions and peer learning play a central role. Some of its features, such as scalability to large classes and a high degree of structure, together with a well-documented success rate in other fields, could make TBL an attractive option for the mathematics educator wishing to transform their teaching. This article surveys available peer-reviewed literature to provide an overview of current use of TBL in mathematics, summarizes findings, and based on these, discusses TBL's potential to support mathematics learning. I pay particular attention to if and how TBL can be leveraged to shift students' focus from procedural towards conceptual learning and more creative forms of mathematical reasoning.