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Last twelvemonth , fund into African startup border past $ 2 billion , returning to pre - pandemic level and presenting a mixed bag asexpected . Signs suggest 2025 will follow the cautious trends of the past two years .
A piercing decline in mega - mint , mirror global speculation upper-case letter tightening since the roaring of 2020 - 2021 , pushed local and outside investors to prioritize sustainable occupation models and clear-cut paths to profitability .
This shift spell trouble for well - funded inauguration that fell short of these touchstone , lead to high-pitched - profile cloture , including roving commerce platformCopiaand agri - focused data analytics firmGro Intelligence . Notably , both startup had raised over $ 100 million in speculation funding , with Gro Intelligence reaching a evaluation of $ 850 million at its last priced round .
While startup failure in Africa were once largely confined to pre - seed and Series A stages , these closures , including that of Ghanaian fintechDashand Nigerian biotech54genein 2023 , signal an ecosystem at a turning breaker point , where even growth - stage and late - level inauguration face climb risks .
Some , alternatively of succumbing to the pressure of 2024 , opted for strategic pivot rather than law of closure . B2B east - commerce giantsWasoko and MaxAB , for instance , merged process to economise cash and streamline resource , leverage portion out industry experience to weather the storm .
Meanwhile , the the likes of ofMoniepoint , Moove , andTymeBankthrived as they drew care with notable investments from Uber , Google , and Nubank , severally , buoyed by strong outgrowth metrics and profitability .
These ontogenesis show the double reality of Africa ’s post - boom tech landscape painting : escalating challenges and springy adaptations .
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In this environs , these unicorn and soonicorns stay in the spotlight as they always have . Their success and struggles not only underscore the continent ’s tremendous voltage , but also shape conversations about the future of its tech ecosystem .
Against this backdrop , it ’s an opportune sentence to play up these billion - dollar bill ventures and the up - and - comers trailing behind .
Unicorns in Africa
Flutterwave(2021 ) — $ 3 billion : Founded in 2018 , Flutterwave provide defrayment solvent to individuals and businesses across Africa and facilitate transactions between them and external markets . The Nigerien fintech has lift over $ 475 million in funding , including a $ 250 million Series D. Investors admit Tiger Global , Avenir Growth , and DST Global .
OPay(2021 ) — $ 2 billion : OPay provide a wide range of digital financial services , including wandering payment , savings , lending , and bill requital through a internet of agents and an app . establish in 2018 as an offset of cyberspace company Opera , Opay has raised over $ 500 million , include a $ 400 million Series C. SoftBank Vision Fund 2 , Sequoia Capital China , and Redpoint China are some of its investors .
Wave(2021 ) — $ 1.7 billion : The Senegal - found fintech offers low - monetary value fluid money Robert William Service to make banking more accessible and affordable to customers in Francophone Africa . Founded in 2018 , the Sendwave spinoff , Wave , raised a $ 200 million Series A from Stripe , Sequoia Heritage , Founders Fund , and Ribbit Capital .
Andela(2021 ) — $ 1.5 billion : Andela is a global talent marketplace that connects companies with vet , skilled software engineers , product managers , and other tech master . The recruitment platform , establish in 2014 , has raised over $ 380 million , including a $ 200 million Series D. It ’s back by SoftBank , the Chan Zuckerberg Initiative , and Spark Capital .
TymeBank(2024 ) — $ 1.5 billion : The South African digital cant provides transactional accounts , savings products , and cash improvement , primarily target humbled - income soul and businesses . Tyme Group , the parent company of TymeBank and the Philippines ’ GoTyme , raised $ 250 million in a Series D in February result by Nubank . M&G Catalyst Fund , Tencent , African Rainbow Capital , and Norrsken22 are some of its investor .
Chipper Cash(2021 ) — $ 1.25 billion : Chipper John Cash allows users to send and receive money across African res publica alongside offering card and investment products . It has raised over $ 300 million . FTX , Ribbit Capital , Bezos Expeditions , and SVB Capital are some of its investor .
Interswitch(2019 ) — $ 1 billion : The defrayal infrastructure startup , founded in 2002 , provides integrated defrayment and transaction solution across Africa and multiple channels . The Nigerien fintech has raised over $ 300 million , include a $ 200 million Visa - led round . Other investors include Helios Investment Partners and Leapfrog .
MNT - Halan(2023 ) — $ 1 billion : Egyptian fiscal super app MNT - Halan , founded in 2017 , bring home the bacon a wide grasp of services , let in digital loaning , payments , e - commerce , and buy now , pay later solution , direct the underserved and unbanked . MNT - Halan has over $ 500 million in fairness and debt financing . Chimera Investments , Apis Growth Fund II , and Development Partners International are some of its investors .
Moniepoint(2024 ) — $ 1 billion : Nigerian fintech Moniepoint , constitute in 2015 , proffer financial service tailored for businesses and individuals across Africa , including digital banking and payments , credit , and business organization management creature . Moniepoint secured $ 110 million in Series C funding last October . Investors in the fintech include QED , Development Partners International , Google ’s Africa Investment Fund , and Lightrock .
At the start of 2024 , Moniepoint and TymeBank were valued at $ 850 million and $ 965 million , respectively , making them Africa ’s conduce contenders for unicorn status — a milestone they achieved that year .
Here ’s a flavour at other African inauguration that could espouse causa in the number old age based on their last priced round .
African “soonicorns”
PalmPay — $ 800 million to $ 900 million : The Nigerian fintech company , launched in 2019 , lets people conduct money transference , pay pecker , purchase airtime , and access credit entry services . PalmPay has raised $ 140 million across two funding rounds , including a $ 100 million Series A in 2021 . While the company has not support its valuation , reference say this round may have pushed it between $ 800 million and $ 900 million . Transsion Holdings , Chuangshi Capital , Chengyu Capital , and AfricInvest are some of its investor .
Moove — $ 750 million : Moove , founded in 2020 , operates as a mobility fintech that provides taxation - ground vehicle financing to gig workers , enable access to new vehicles for drive - hail , logistics , and legal transfer services . Operating across multiple cities in Africa , Europe , the Middle East , and Asia , Moove has raised over $ 409 million in funding from investor . Investors include Uber , which run its recent $ 100 million Series B round , Mubadala Investment Company , Speedinvest , and Stride Ventures .
Yassir — $ 600 million to $ 800 million : Yassir operate a tops app that provides on - demand services , include ride - hailing , food and grocery store delivery , and fiscal services across six nation . The Algerian startup has kindle virtually $ 200 million from BOND , Y Combinator , and Stanford Alumni Ventures .
Kuda — $ 500 million : The Nigerien digital - only bank , founded in 2019 , offers a range of financial service , admit banking , savings , and lending , as well as smart budgeting and spending characteristic . Since its inception , Kuda has raised over $ 90 million from investor , admit Target Global and Valar Ventures . Notably , it insure $ 55 million in a Series B funding round at a valuation of $ 500 million .
Wasoko / MaxAB — About $ 500 million : Kenyan B2B e - commerce platform Wasoko and its vis-a-vis in Egypt , MaxAB , operate Africa ’s largest digital political platform for informal retail , connecting buyers and sellers of fast - moving consumer goods . According to one of Wasoko ’s investor , VNV Global , this merger resulted in a fuse rating of around $ 500 million . Both startup have raised nearly $ 240 million collectively ( up until Series B ) from Tiger Global , Silver Lake , British International Investment , and Avenir Growth .
Clickatell — About $ 500 million : The South African - bear startup play in the chat commercialism space , offering a platform that enable businesses to link up , interact , and transact with their customers through popular electronic messaging channels like SMS and WhatsApp . Clickatell secure $ 91 million in a Series C funding cycle in 2022 , bringing its full raise to over $ 100 million . Sequoia Capital , Arrowroot Capital , and Endeavor Global are some of its investor .
M - KOPA — About $ 500 million to $ 600 million : Founded in 2011 , the Kenyan - establish lender provides affordable admission to smartphones , galvanizing motorcycles , and digital fiscal service such as loan and wellness insurance across sub - Saharan Africa through its innovative earnings - as - you - go model and digital micropayments . M - KOPA has raise over $ 500 million in fuse debt and equity funding . Some of its investors include Sumitomo , Lightrock , Standard Bank Group , and the International Finance Corporation .
Yoco — $ 400 million to $ 500 million : Yoco provides payment solution and business concern tools like level - of - sales event circuit board machines and on-line payment gateways tailor-make for minuscule and medium - sized enterprise . The South African fintech has raised over $ 107 million , include an $ 83 million Series C. Dragoneer Investment Group , Breyer Capital , HOF Capital , and 4DX Ventures are some of its investors .
Onafriq — About $ 300 million to $ 500 million : Onafriq , formerly MFS Africa , operates the most extensive digital payments hub on the continent . It link up million of mobile money wallets across multiple African countries , allowing for crabbed - border payment , remittances , and fiscal integrations for individuals and business sector . The South African fintech has raised over $ 300 million in funding — including a $ 100 million Series C. AfricInvest , CommerzVentures , and Admaius Capital Partners are some of its investors .
