These Are Africa's 10 Most Funded Fintech Startups

    Research Brief
    Venture Capital

Africa’s fintech ecosystem is continuously thriving and has progressively grown over the years. Per different reports, dating as far back as 2015, the sector is among the most funded across the continent. According to the Digest Africa Index report, in 2018, fintech ventures across Africa recorded the highest amount of funding with $276.7 million raised across 92 deals (note that this figure wasn't purely ventured capital). 

The sector has also registered some of the continent's interesting acquisitions. Nigerian fintech OneFi acquired MEST alumni Amplify earlier this year. In 2018, Kenya’s BitPesa acquired Spanish fintech TransferZero while Egypt’s TPAY acquired DCBEgypt close to 7 years ago. 

In this brief, we take a look at the sectors most venture-funded companies over the years. To find out more about our methodology, visit www.digestafrica.com/methodology or click here.

Bitpesa ($15M)

Across 5 funding rounds, Bitpesa (now AZA Group) has raised a total of $15 million in venture funding. The startup has operations across a couple of African countries with Kenya, Uganda, Senegal, Cameroon, DRC, Tanzania and Ghana listed among them. Their notable investors include Greycroft, Draper Associates as well as Japan’s Sompo Holdings.

Mines ($16M)

Founded by Ekechi Nwokah and Kunle Olukotun in 2014, aiming to offer digital credit for emerging markets.  Headquartered in San Francisco, it offers banking, mobile operations, retailers and payment processors solutions. Western Technology Investment, XSeed Capital, The Rise Fund and First Ally Capital are some of the Mines’ notable investors. To date, it has raised venture funding to the tune of $17 million across 4 funding rounds.

Yoco ( $18M)

Headquartered in Cape Town, the company has raised a total of $18 million. Partech, Quona Capital and Velocity Capital Private Equity are some of the company’s notable investors.

Zoona ($19M)

With an estimated $19 million in venture funding raised across a Series A and B funding, Zoona is Zambia’s most funded startup. Omidyar Network, International Finance Corporation, Quona Capital and The Mastercard Foundation are some of their notable investors. 

Flutterwave ($20M)

Flutterwave has managed to raise over $20 million in venture capital which came in on the back of the startup taking part in the Y Combinator accelerator. This year, they partnered with AliPay to allow Flutterwave merchants looking to sell to China to seamlessly get paid.

Paga ($35M)

The Nigerian startup is making a decade this year. Overall, it has raised over $35 million across 4 funding rounds. Some of Paga’s notable investors include Global Innovation Fund, Omidyar Network, and Adlevo Capital.

Carepay ($45M)

The company, whose parent is headquartered in Amsterdam, was established in Kenya in 2015. In July 2019, Carepay announced a massive $45 million Series A round as well as expansion plans to neighboring Tanzania.

OPay ($50M)

Opera founded Opay is being designed to make financial services more accessible to everyday users; be it for bills they have to pay or the transfer and withdrawal of money. It is planning to do all this through its OBus, OKash, OWealth, and OFood services. The Lagos headquartered venture founded in 2018 has raised a total of $50 million which all came in a single funding round. IDG Capital, Sequoia Capital China, and Source Code Capital are their notable investors.

Cellulant ($55M)

The now 15-year-old Kenyan financial services company which never raised venture capital for the greater part of its first decade is also at the center of a controversy regarding how old a startup should be. With its headquarters in Nairobi, and operations across 10 African countries, Cellulant is now aiming at becoming a “Pan-African payments company providing a one-stop digital payments platform”. The company has raised at least $55 million across 3 funding rounds. The latest round of $47.5 million came in at a $105 million valuation with sone of its notable investors being The Rise Fund.

Jumo ($68M)

The South Africa-based company partners with banks, MNOs, and other e-commerce players to deliver progressive financial to customers in emerging markets across Africa and Asia through their B2B2C Model. Jumo has raised a total of $67.5 million. Some of its investors include Goldman Sachs, Leapfrog Investments and Proparco.

Digest Africa

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