Fintech companies in Africa

Africa is seeing a rush of funding for its fintech sector, and a few corporations have already emerged because the continent’s largest fintech bets, turning into unicorns in Africa.

African fintech corporations have raised extra within the first seven months than they’ve within the decade earlier than, in response to one report. Between January and September this yr, African fintech corporations have raised a contact close to US$1.5 billion. That, in opposition to the US$1.06 billion they raised all throughout 2011 to 2020, is a transparent indication of accelerated curiosity available in the market potential of fintech in Africa.

There are a complete of seven tech unicorns in Africa proper now, with fintech unicorns in Africa holding nearly all of 5. The opposite two are Jumia (ecommerce) and the latest unicorn within the continent Andela (HR resolution for software program engineers). The area additionally consists of ‘soonicorns’, or corporations which might be one their method to turning into future unicorns, akin to Kuda Bank. The Nigeria-focused challenger financial institution raised US$55 million in a Sequence B this yr, at a valuation of US$500 million.