Last year, funding into African startups edged past $2 billion, returning to pre-pandemic levels and presenting a mixed bag as expected. Signs suggest 2025 will follow the cautious trends of the past two years.
A sharp decline in mega-deals, mirroring global venture capital tightening since the boom of 2020-2021, pushed local and international investors to prioritize sustainable business models and clear paths to profitability.
This shift spelled trouble for well-funded startups that fell short of these criteria, leading to high-profile closures, including mobile commerce platform Copia and agri-focused data analytics firm Gro Intelligence. Notably, both startups had raised over $100 million in venture funding, with Gro Intelligence reaching a valuation of $850 million at its last priced round.
While startup failures in Africa were once largely confined to pre-seed and Series A stages, these closures, including that of Ghanaian fintech Dash and Nigerian biotech 54gene in 2023, signal an ecosystem at a turning point, where even growth-stage and late-stage startups face mounting risks.
Some, instead of succumbing to the pressures of 2024, opted for strategic pivots rather than closures. B2B e-commerce giants Wasoko and MaxAB, for instance, merged operations to conserve cash and streamline resources, leveraging shared industry experience to weather the storm.
Meanwhile, the likes of Moniepoint, Moove, and TymeBank thrived as they drew attention with notable investments from Uber, Google, and Nubank, respectively, buoyed by strong growth metrics and profitability.
These developments show the dual realities of Africa’s post-boom tech landscape: escalating challenges and resilient adaptations.
In this environment, these unicorns and soonicorns remained in the spotlight as they always have. Their successes and struggles not only underscore the continent’s enormous potential, but also shape conversations about the future of its tech ecosystem.
Against this backdrop, it’s an opportune time to spotlight these billion-dollar ventures and the up-and-comers trailing behind.
Unicorns in Africa
Flutterwave (2021) — $3 billion: Founded in 2018, Flutterwave provides payment solutions to individuals and businesses across Africa and facilitates transactions between them and international markets. The Nigerian fintech has raised over $475 million in funding, including a $250 million Series D. Investors include Tiger Global, Avenir Growth, and DST Global.
OPay (2021) — $2 billion: OPay provides a wide range of digital financial services, including mobile payments, savings, lending, and bill payments through a network of agents and an app. Founded in 2018 as an offshoot of internet company Opera, Opay has raised over $500 million, including a $400 million Series C. SoftBank Vision Fund 2, Sequoia Capital China, and Redpoint China are some of its investors.
Wave (2021) — $1.7 billion: The Senegal-based fintech offers low-cost mobile money services to make banking more accessible and affordable to customers in Francophone Africa. Founded in 2018, the 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 marketplace that connects companies with vetted, skilled software engineers, product managers, and other tech professionals. The recruitment platform, founded in 2014, has raised over $380 million, including a $200 million Series D. It’s backed by SoftBank, the Chan Zuckerberg Initiative, and Spark Capital.
TymeBank (2024) — $1.5 billion: The South African digital bank provides transactional accounts, savings products, and cash advances, primarily targeting lower-income individuals and businesses. Tyme Group, the parent company of TymeBank and the Philippines’ GoTyme, raised $250 million in a Series D in February led by Nubank. M&G Catalyst Fund, Tencent, African Rainbow Capital, and Norrsken22 are some of its investors.
Chipper Cash (2021) — $1.25 billion: Chipper Cash allows users to send and receive money across African countries alongside offering card and investing products. It has raised over $300 million. FTX, Ribbit Capital, Bezos Expeditions, and SVB Capital are some of its investors.
Interswitch (2019) — $1 billion: The payments infrastructure startup, founded in 2002, provides integrated payment and transaction solutions across Africa and multiple channels. The Nigerian fintech has raised over $300 million, including a $200 million Visa-led round. Other investors include Helios Investment Partners and Leapfrog.
MNT-Halan (2023) — $1 billion: Egyptian financial super app MNT-Halan, founded in 2017, provides a wide range of services, including digital lending, payments, e-commerce, and buy now, pay later solutions, targeting the underserved and unbanked. MNT-Halan has over $500 million in equity and debt financing. Chimera Investments, Apis Growth Fund II, and Development Partners International are some of its investors.
Moniepoint (2024) — $1 billion: Nigerian fintech Moniepoint, founded in 2015, offers financial services tailored for businesses and individuals across Africa, including digital banking and payments, credit, and business management tools. Moniepoint secured $110 million in Series C funding last October. Investors in the fintech include QED, Development Partners International, Google’s Africa Investment Fund, and Lightrock.
At the start of 2024, Moniepoint and TymeBank were valued at $850 million and $965 million, respectively, making them Africa’s leading contenders for unicorn status — a milestone they achieved that year.
Here’s a look at other African startups that could follow suit in the coming years based on their last priced round.
African “soonicorns”
PalmPay — $800 million to $900 million: The Nigerian fintech company, launched in 2019, lets people conduct money transfers, pay bills, purchase airtime, and access credit services. PalmPay has raised $140 million across two funding rounds, including a $100 million Series A in 2021. While the company has not confirmed its valuation, sources say this round may have pushed it between $800 million and $900 million. Transsion Holdings, Chuangshi Capital, Chengyu Capital, and AfricInvest are some of its investors.
Moove — $750 million: Moove, founded in 2020, operates as a mobility fintech that provides revenue-based vehicle financing to gig workers, enabling access to new vehicles for ride-hailing, logistics, and delivery services. Operating across multiple cities in Africa, Europe, the Middle East, and Asia, Moove has raised over $409 million in funding from investors. Investors include Uber, which led its recent $100 million Series B round, Mubadala Investment Company, Speedinvest, and Stride Ventures.
Yassir — $600 million to $800 million: Yassir operates a super app that provides on-demand services, including ride-hailing, food and grocery delivery, and financial services across six countries. The Algerian startup has raised nearly $200 million from BOND, Y Combinator, and Stanford Alumni Ventures.
Kuda — $500 million: The Nigerian digital-only bank, founded in 2019, offers a range of financial services, including banking, savings, and lending, as well as smart budgeting and spending features. Since its inception, Kuda has raised over $90 million from investors, including Target Global and Valar Ventures. Notably, it secured $55 million in a Series B funding round at a valuation of $500 million.
Wasoko/MaxAB — About $500 million: Kenyan B2B e-commerce platform Wasoko and its counterpart in Egypt, MaxAB, operate Africa’s largest digital platform for informal retail, connecting buyers and sellers of fast-moving consumer goods. According to one of Wasoko’s investors, VNV Global, this merger resulted in a combined valuation of around $500 million. Both startups have raised nearly $240 million collectively (up until Series B) from Tiger Global, Silver Lake, British International Investment, and Avenir Growth.
Clickatell — About $500 million: The South African-born startup plays in the chat commerce space, offering a platform that enables businesses to connect, interact, and transact with their customers through popular messaging channels like SMS and WhatsApp. Clickatell secured $91 million in a Series C funding round in 2022, bringing its total raise to over $100 million. Sequoia Capital, Arrowroot Capital, and Endeavor Global are some of its investors.
M-KOPA — About $500 million to $600 million: Founded in 2011, the Kenyan-based lender provides affordable access to smartphones, electric motorcycles, and digital financial services such as loans and health insurance across sub-Saharan Africa through its innovative pay-as-you-go model and digital micropayments. M-KOPA has raised over $500 million in combined debt and equity funding. Some of its investors include Sumitomo, Lightrock, Standard Bank Group, and the International Finance Corporation.
Yoco — $400 million to $500 million: Yoco provides payment solutions and business tools like point-of-sale card machines and online payment gateways tailored for small and medium-sized enterprises. The South African fintech has raised over $107 million, including an $83 million Series 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 payments hub on the continent. It connects millions of mobile money wallets across multiple African countries, allowing for cross-border payments, remittances, and financial integrations for individuals and businesses. The South African fintech has raised over $300 million in funding — including a $100 million Series C. AfricInvest, CommerzVentures, and Admaius Capital Partners are some of its investors.
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