Last year, funding for African startups was extended by over $2 billion, returning to the pre-level level and presented a mixed bag as expected. The signs suggest that 2025 follows the cautious trends of the past two years.
The sharp decline in huge deals, reflecting the tightening of global venture capital since the 2020-2021 boom, has urged local and international investors to prioritize a clear path to sustainable business models and profitability.
The shift spelled out the troubles of capital-rich startups that have not met these standards, leading to high-profile closures, including copying mobile commerce platforms and agricultural-centric data analytics firm Grol Intelligence. Notably, both startups raised more than $100 million in venture capital, with GRO Intelligence reaching a $850 million valuation in the final price round.
While the failure of African startups was once largely limited to pre-seed and Series A stages, the 2023 Ghana Fintech Dash and Nigerian Biotech 54gene closures show ecosystems at turning points that are squealing at risk for growth and even late startups.
Instead of succumbing to the pressures of 2024, some opted for a strategic pivot rather than a closure. For example, B2B e-commerce giants Wasoko and Maxab merged operations to save cash and streamline resources, leveraging their shared industry experience to survive the storm.
Meanwhile, Moniepoint, Moove, Tymebank and others attracted attention with outstanding investments from Uber, Google and Nubank, respectively, and were supported by strong growth metrics and profitability.
These developments illustrate the dual reality of post-Africa technological landscapes. An escalating challenge and resilient adaptation.
In this environment, these unicorns and snicorns were in the spotlight as usual. Their success and struggle not only highlight the great potential of the continent, but also shapes conversations about the future of technological ecosystems.
Against this backdrop, it’s the perfect time to shine a spotlight on these billion dollar ventures and up-and-coming ventures heading towards the back.
African unicorn
Flutterwave (2021) – $3 billion: Founded in 2018, Flutterwave offers payment solutions to African individuals and businesses, and encourages transactions between them and international markets. Nigerian Fintech has raised more than $475 million in funding, including a $250 million Series D.
Opay (2021) – $2 Billion: Opay offers a wide range of digital financial services, including mobile payments, savings, lending and bill payments through its network of agents and apps. Founded in 2018 as a derivative of the internet company Opera, Opay has raised over $500 million, including the $400 million Series C. Softbank Vision Fund 2, Sequoia Capital China and Redpoint China.
Wave (2021) – $1.7 billion: Senegal-based Fintech offers low-cost mobile money services to make banks more accessible and affordable for Francophone Africa customers. Founded in 2018, 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 market that connects companies with skilled software engineers, product managers and other technical experts. Founded in 2014, the recruitment platform raised over $380 million, including a Series D of over $200 million. This is supported by SoftBank, the Chan Zuckerberg initiative and Spark Capital.
Tymebank (2024) – $1.5 billion: South Africa’s digital banks offer trading accounts, savings products and cash advances primarily targeting low-income individuals and businesses. Tyme Group, the parent company of Tymebank and the Philippines’ GoTyme, raised $250 million in Series D in February. M&G Catalyst Fund, Tencent, African Rainbow Capital, and Norrsken22 are some of the investors.
Chipper Cash (2021) – $12.5 billion: Chipper Cash allows users to remit and receive money to and from African countries along with offering cards and investment products. It raised over $300 million. FTX, Ribbit Capital, Bezos Expeditions, and SVB Capital are some of their investors.
Interswitch (2019) – $1 billion: Founded in 2002, the payment infrastructure startup offers integrated payment and trading solutions across Africa and multiple channels. Nigerian Fintech has raised more than $300 million, including a $200 million visa-led round. Other investors include Helios Investment Partners and Leapfrog.
MNT-HALAN (2023) – $1 billion: Established in 2017, Egyptian financial super app MNT-HALAN offers a wide range of services, including digital lending, payments, e-commerce, and more, targeting those who buy now, pay for later solutions and are not receiving services. MNT-Halan has over $500 million in equity and debt financing. Chimera Investments, APIS Growth Fund II, and Development Partners International are some of their investors.
Moniepoint (2024) – $1 Billion: Founded in 2015, Nigerian Fintech Moniepoint offers financial services for African businesses and individuals, including digital banking and payments, credit and business management tools. Moniepoint secured $110 million in Series C funding last October. Fintech investors include QED, Development Partner International, Google’s Africa Investment Fund and Lightrock.
In early 2024, Moniepoint and Tymebank were valued at $850 million and $965 million, respectively, becoming key candidates for Africa’s unicorn status.
This is based on the final price round, let’s take a look at other African startups that may follow in the coming years.
Africa’s “Snaicorn”
PalmPay – $800 million to $900 million: Started in 2019, Nigerian fintech company allows people to transfer money, pay invoices, buy broadcast times and access credit services. Palmpay raised $140 million in two funding rounds, including the 2021 $100 million Series A. The company has not confirmed its ratings, but sources say the round may have pushed between $800 million and $900 million. Transsion Holdings, Chuangshi Capital, Chengyu Capital and Africinvest are some of their investors.
Move – $750 million: Founded in 2020, Move operates as a mobility fintech that provides revenue-based vehicle funding to gig workers, allowing access to new vehicles for rides, logistics and delivery services. Operating in multiple cities across Africa, Europe, the Middle East and Asia, Move has raised more than $409 million in funding from investors. Investors include Uber, which led the recent $100 million Series B Round, Mubadara Investment Company, SpeedInvest and Stride Ventures.
Yassir – $600 million to $800 million: Yassir operates a super app that offers on-demand services, including rides, groceries, grocery delivery and financial services in six countries. The Algerian startup has raised nearly $200 million from Bond, Y Combinator and Stanford University alumni associations.
KUDA – $500 Million: Founded in 2019, Nigeria’s digital-only bank offers a variety of financial services including banking, savings, lending, and smart budgeting and spending capabilities. Since its founding, Kuda has raised more than $90 million from investors, including Target Global and Valar Ventures. In particular, it secured $55 million in the Series B funding round at a $500 million valuation.
WASOKO/MAXAB – Approximately $500 Million: Kenyan B2B E-commerce platform Wasoko and its counterpart Maxab run Africa’s largest digital platform for informal retail, connecting buyers and sellers of fast moving consumer goods. According to VNV Global, one of Wasoko’s investors, the merger has resulted in a valuation of around $500 million. Both startups have raised nearly $240 million (up to Series B) from Tiger Global, Silver Lake, British International Investment and Avenir Growth.
Clickatell – Approximately $500 Million: The South African-born startup plays in the chat commerce space and provides a platform that allows businesses to connect, interact and trade with customers via popular messaging channels such as SMS and WhatsApp. Clickatell secured $91 million in the 2022 Series C funding round, bringing its total to over $100 million. Sequoia Capital, Arrowroot Capital, and Endeavor Global are some of their investors.
M-Kopa – Approximately $500 million to $600 million: Founded in 2011, the Kenya-based lender offers affordable access to smartphones, electric motorcycles and digital financial services across sub-Saharan Africa through innovative Paygogo models and digital micropayments. M-Kopa has raised over $500 million in debt and equity funding. Investors include Sumitomo, Lightrock, Standard Bank Group and International Finance Corporation.
YOCO – $400 million to $500 million: Yoco offers payment solutions and business tools, including tailored point-of-sale card machines and online payment gateways, for small and medium-sized businesses. South Africa’s Fintech has raised more than $107 million, including the $83 million Series C. Dragonia Investment Group, Blayer Capital, HOF Capital and 4DX Ventures.
Onafriq – About $300 million to $500 million: Previously MFS Africa, Onafriq operates the continent’s widest digital payments hub. Connect millions of mobile money wallets across multiple African countries, enabling cross-border payments, remittances and financial integration for individuals and businesses. South Africa’s Fintech has raised more than $300 million in funding, including the $100 million Series C. Africanvest, Commerzventures and Admaius Capital Partners.
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