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With an ever-changing and constantly developing economic climate, financial technology platforms are racing to keep in tune with an increasingly digital financial world. Roughly 1.4 billion people call Africa home, and more than half of these citizens do not have a bank account. This is why the African fintech sector is one of the fastest growing in the world, attracting the likes of telcos and multinational corporations. Most citizens have access to a cellphone and SIM card, meaning that the opportunity to provide digital wallets for mobile money is massive. The rise of fintech and mobile money in Africa is spurred on by providing financial freedom to the unbanked. Telcos and fintech providers can reach citizens where banks cannot. Currently, the top five African countries with fintech investment potentials are South Africa, Nigeria, Egypt, Kenya, and Ghana. These are multi-billion dollar industries that are still growing at a rapid pace.

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Key Statistics

  • Over 40% of all FinTech revenue in Africa is from South Africa¹
  • $1.3 BILLION was raised in 2021 alone by the FinTech start-up industry in Africa²
  • $230 BILLION is what the African FinTech market is likely to reach by 2025³

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Notable FinTech Companies

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Flutterwave

  • $3 BILLION VALUATION
  • Flutterwave raised $474.7 million in funding. Its latest round was a $250 million Series D secured in February 2022 with a valuation of $3 billion.

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Capitec Bank

  • Capitec Bank’s share price has risen by over 30,000% over the last two decades.
  • A $10 million investment in the company twenty years ago would be worth roughly $3.4 billion today.

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Yellow Card

  • A Tether-backed company focused on Africa announced in 2024 that it has facilitated a staggering $3 billion in USDT payments since its 2019 launch.

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Recent FinTech Raises in Africa

  • Opay - $570 million (🇳🇬 / 🇪🇬 )
  • Flutterwave - $474.7 million (🇳🇬)
  • Chipper Cash - $302 million (🇺🇸)
  • Wave - $290 million (🇸🇳)
  • Tyme Bank - $264 million (🇿🇦)
  • Jumo - $200 million (🇿🇦)
  • PalmPay - $140 million (🇳🇬)
  • KUDA - $105 million (🇳🇬)
  • OZO EFT - $50 million (🇿🇦)
  • Varl - $50 million (🇿🇦)