Last year, more than $2 billion was funded to African startups, returning to pandemic levels and providing a mixed bag Expected. Signs suggest that 2025 will follow a cautious trend over the past two years.
The sharp decline in large deals since the boom in 2020-2021 reflects a tightening of global venture capital, prompting local and international investors to prioritize sustainable business models and clear profit pathways.
The turnover has brought trouble to funded startups that have not met these conditions, resulting in high-profile closures, including mobile business platforms Pacia and agricultural-focused data analytics companies Gro Intelligent. It is worth noting that both startups have raised over $100 million in venture capital, and Gro Intelligence reached a $850 million valuation in the final round of the box office.
While the failure of entrepreneurial ventures in Africa was once limited to preplanting and Series A phases, these closures, including Ghana FinTech sprint and Nigerian Biotechnology 54gene In 2023, signaling to the ecosystem at the turning point, even growth stages and late stage startups face increasing risks.
Instead of succumbing to the pressure of 2024, some people chose a strategic pivot rather than a shutdown. B2B e-commerce giant Wasoko and MaxabFor example, the combined operations are to save cash and simplify resources, leverage shared industry experience to survive the storm.
At the same time, like Moniepoint,,,,, Moffand Tymebank Due to strong growth metrics and profitability, famous investments from Uber, Google and Nubank respectively attracted people’s attention.
These developments demonstrate the dual reality of the post-prosperity post-technical landscape in Africa: increasing challenges and resilience adaptation.
In this environment, these unicorns and older people are still in the spotlight as usual. Their successes and struggles not only highlight the great potential of the continent, but also shape dialogues about the future of its technological ecosystem.
Against this backdrop, it’s time to focus on these billion-dollar adventures and lagging emerging people.
The unicorn of Africa
Flutterwave (2021) – US$3 billion: Founded in 2018, Flutterwave provides payment solutions to individuals and businesses across Africa and facilitates transactions between them and international markets. Nigerian FinTech raised over $475 million in funding, including $250 million in Series D. Investors include Tiger Global, Avinier Growth and DST Global.
OPAY (2021) – US$2 billion: Opay offers a wide range of digital financial services through its proxy network and applications, including mobile payments, savings, loans and bill payments. Founded in 2018, Opay is a branch of Internet company Opera, which has raised over $500 million, including $400 million in Series C. SoftBank Vision Fund 2, with Sequoia Capital China and Redpoint China being some of its investors.
Sea waves (2021) – US$1.7 billion: Senegal-based fintech offers low-cost mobile money services to make banking easier to access, which can be affordable for African French-speaking customers. Founded in 2018, Wave raised $200 million in Series A from Stripe, Sequoia Heritage, Founders Fund and Ribbit Capital.
Andra (2021) – US$1.5 billion: Andela is a global talent market that connects companies to reviewed, skilled software engineers, product managers, and other technical professionals. Founded in 2014, the recruitment platform has raised more than $380 million, including $200 million in Series D. It is supported by Softbank, Chan Zuckerberg Initiative and Spark Capital.
Tymebank (2024) – US$1.5 billion: South Africa Digital Bank provides transaction accounts, savings products and cash advances, mainly targeting low-income individuals and businesses. Tymebank and Tyme Group, parent company of Gotyme in the Philippines, raised $250 million in series D led by Nubarank in February. M&G Catalyst Fund, Tencent, African Rainbow Capital and Norrsken22 are some of its investors.
Chipper Cash (2021) – US$1.25 billion: Chipper Cash allows users to send money in African countries along with providing cards and investment products. It raised more than $300 million. FTX, Ribbit Capital, Bezos Expeditions and SVB Capital are some of its investors.
Transactions (2019) – $1 billion: Founded in 2002, the payment infrastructure startup offers integrated payment and transaction solutions across Africa and across multiple channels. Nigeria’s FinTech raised more than $300 million, including $200 million in visa leadership. Other investors include Helios Investment Partners and Leapfrog.
mnt-halan (2023) – US$1 billion: Founded in 2017, Egyptian financial super application MNT-Halan offers a wide range of services including digital loans, payments, e-commerce and purchases now, later payments later solutions to underserved services and unpopularity. MNT-Halan owns more than $500 million in equity and debt financing. Chimera Investments, APIS Growth Fund II and International Development Partners are some of its investors.
Moniepoint (2024) – USD 1 billion: Founded in 2015, Nigerian FinTech Moniepoint is tailor-made financial services for African businesses and individuals, including digital banking and payment, credit and business management tools. Moniepoint received $110 million in Series C funding last October. Fintech investors include QED, Development Partners International, Google’s African Investment Fund and Lightrock.
In early 2024, Moniepoint and Tymebank were worth $850 million and $965 million, respectively, making them the main competitors in Africa’s unicorn status, a milestone that year.
Here are other African startups that may follow suit in the coming years based on their last round of prices.
Africa’s “very fast”
Palm Buy – US$800 million to US$900 million: The Nigerian FinTech Company was established in 2019 to allow people to remit money, pay bills, purchase call times and access credit services. Sources said Palmpay raised $140 million in two financings, including the $100 million Series A A in 2021. While the company has not confirmed its valuation, sources say the round could push it to $800 million to $900 million. Transsion Holdings, Chuangshi Capital, Chengyu Capital and Africinvest are some of its investors.
Moff – $750 million: Founded in 2020, Moove is a mobility fintech that provides income-based vehicle financing for performance workers, allowing access to new vehicles for rides, logistics and delivery services. Operating in multiple cities in Africa, Europe, the Middle East and Asia, Muf has raised more than $409 million from investors. Investors include Uber, which led its most recent $100 million B round, Mubadala Investments, Speedinvest and Stride Ventures.
Yassir – $600 million to $800 million: Yassir operates a super app that provides on-demand services including rides, food and grocery delivery, and financial services in six countries. The Algerian startup has raised nearly $200 million from Bond, Y Combinator and Stanford alumni Ventures.
Kuda – $500 million: Founded in 2019, Nigeria Digital Bank offers a range of financial services including banking, savings and loans, as well as smart budgeting and spending capabilities. Since its inception, Kuda has raised over $90 million from investors including Target Global and Valar Ventures. It is worth noting that it received $55 million in Series B funding at a valuation of $500 million.
Wasoko/Maxab – About $500 million: Kenyan B2B e-commerce platform wasoko and its peers in Egypt, Maxab operates Africa’s largest informal retail digital platform, connecting buyers and sellers of fast-moving consumer goods. According to VNV Global, a Wasoko investor, the total value of the merger is about $500 million. Both startups raised nearly $240 million from Tiger Global, Silver Lake, UK International Investment and Avenir Growth (until Series B).
Clickatell – About $500 million: The South African-born startup plays a role in the chat commerce space, providing a platform that enables businesses to connect, interact and trade with customers through popular messaging channels such as SMS and WhatsApp. Clickatell received $91 million in the Series C financing round in 2022, with its total growth to more than $100 million. Sequoia Capital, Arrowroot Capital and Global efforts are some of its investors.
m-kopa – About $500 million to $600 million: Founded in 2011, Kenya lenders can afford smartphones, electric motorcycles and digital financial services such as loans and health insurance through their innovative payment methods and digital micro payment methods. M-Kopa has raised more than $500 million in debt and equity funds. Some of its investors include Sumitomo, Lightrock, Standard Bank Group and International Finance Corporation.
Yoco – $400 million to $500 million: Yoco offers payment solutions and business tools such as point-of-sale card machines and online payment gateways tailored to small and medium-sized businesses. South African fintech has raised more than $107 million, including $83 million in the Series C 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 payment hub on the continent. It connects millions of mobile currency wallets in multiple African countries, providing cross-border payments, remittances and financial integration for individuals and businesses. South African fintech has raised more than $300 million in funding, including $100 million in C. African Vest, Commerzventures and Admaius Capital Partners are some of its investors.
