Grace Ashiru
The last two years have been challenging for African startups. With macroeconomic hurdles discouraging investors from pouring significant capital into the innovation ecosystem, more startups are rethinking and restructuring their operations to adapt to these shifting circumstances.
Despite this, a select group of startups is navigating these turbulent waters with billions of dollars in funding, backed by investors who are confident in their potential for successful exits. This article takes a closer look at African startups that have secured over US$1 billion in funding, examining their journeys and forecasting their likely futures.
Interswitch (Nigeria)
Founded in 2002 by Mitchell Elegbe, Interswitch has established itself as a key player in digital payments and financial infrastructure integration. The fintech’s journey to prominence took a significant leap in November 2019 when Visa announced a US$200 million investment in the company. With this boost, Interswitch reached a valuation of US$1 billion, achieving unicorn status 18 years after its inception. The company further strengthened its financial standing by raising an additional US$110 million in May 2022. Headquartered in Lagos, Interswitch operates across 14 African countries, including Kenya, continuing to drive innovation in the financial sector.
2.MNT-Halan (Egypt)
MNT-Halan, an Egyptian startup founded in 2018 by Mounir Nakhla, is on a mission to transform traditional banking across Africa and the Middle East, promoting financial inclusivity. The company gained momentum in January 2020 with a US$15 million Series B funding round, followed by a remarkable US$120 million round in September 2021. Building on this success, MNT-Halan secured US$260 million in equity and US$140 million in debt in January 2023. Its most recent funding round in July 2024 brought in US$157.5 million, solidifying its position as one of Africa’s unicorns with a valuation surpassing US$1 billion.
Flutterwave (Nigeria)
Founded in 2016 by Iyinoluwa Aboyeji (former CEO), Olugbenga Agboola (CEO), and Adeleke Adekoya, Flutterwave has grown to become one of Africa’s leading fintech companies. The startup achieved unicorn status in March 2021 after securing $170 million in its Series C funding round. By February 2022, its valuation had soared to over $3 billion following a $250 million raise in its Series D round.
Flutterwave provides a robust digital payments infrastructure tailored for banks and businesses, extending its reach to over 30 African countries as well as the United States and Canada. It boasts the highest valuation ever recorded by an African startup. Despite navigating significant regulatory challenges across various markets, Flutterwave continues to chart a clear path toward a successful exit.
Wave (Senegal)
Wave, established in 2018 by Drew Durbin and Lincoln Quirk, has emerged as a prominent player in Africa’s mobile service sector. The company entered unicorn territory in September 2021, following a $200 million Series A funding round that elevated its valuation to $1.7 billion.
Initially part of the remittance-focused startup Sendwave—which was acquired by WorldRemit in 2020 for $500 million—Wave now operates independently. Although it has not announced further funding since 2021, the startup remains at the forefront of Africa’s most funded companies. It provides essential mobile money solutions across Senegal, Mali, The Gambia, Côte D’Ivoire, Uganda, and Burkina Faso.
OPay (Nigeria)
OPay is a Nigerian fintech company that delivers digital banking services, including money transfers, bill payments, and debit card offerings, to simplify financial transactions for its users. Founded in 2013 by Zhou Yahui and Djxbazz, OPay has made significant strides in securing funding to bolster its growth.
The company raised $50 million in a Series A round in June 2019, followed by a $120 million Series B round in November of the same year. Its breakthrough came in August 2021 when it announced a $400 million Series C funding, pushing its valuation to $2 billion. Operating in approximately eleven countries, eight of which are in Africa, OPay continues to be a key player in the continent’s fintech ecosystem.
6. Andela (Nigeria)
Andela, established in 2014 by Christina Sass, Jeremy Johnson, Ian Carnevale, Nadayar Enegesi, Iyinoluwa Aboyeji, and Brice Nkengsa, operates as a global network connecting software developers with job opportunities worldwide. In January 2019, during its Series D funding round, the company successfully raised US$100 million. This achievement was later surpassed when Andela secured an impressive US$200 million in its Series E funding round in late September 2021, propelling its valuation to US$1.5 billion.
7. Chipper Cash (Multinational)
Chipper Cash, a fintech company founded by Ham Serunjogi and Maijid Moujaled in 2018, serves over five million users across Africa and the United States, facilitating seamless cross-border money transfers. The company’s journey to unicorn status began in June 2020, when it raised US$13.8 million during its Series A funding round. By November 2020, its growth accelerated with a US$30 million raise in Series B.
In May 2021, Chipper Cash secured US$100 million in its Series C round, followed by an additional US$150 million in a Series C extension later that November. These efforts culminated in a valuation of US$2 billion, cementing its position as a unicorn. However, since 2021, the company has faced challenges in raising further funds, and in 2022, it had to retrench staff, raising concerns about its long-term viability as a unicorn.
The Newest Unicorns
8. Moniepoint (Nigeria)
Moniepoint, founded in 2015 by Tosin Eniolorunda and Felix Ike, recently achieved unicorn status, with its valuation surpassing US$1 billion. This milestone was driven by a US$60 million raise during its Series C funding round. The company focuses on providing customers with access to banking services, facilitating payment processing, and offering loans and business management tools.
Moniepoint’s growth trajectory began with a US$5.5 million Series A funding round five years ago. This figure increased to US$30 million in its Series B round in July 2021. Prior to the Series C round, the startup had raised an additional US$50 million in August 2022, solidifying its position as a rising force in the financial services sector.
Tyme, a South African digital banking startup, has secured its place among unicorns with a valuation of US$1.5 billion. Launched in 2019 by Tjaart van der Walt and Coen Jonker, the company recently made headlines by raising US$250 million in funding during its Series D round on December 17th. Tyme has already established itself in South Africa and the Philippines and is now setting its sights on expanding into Vietnam and Indonesia.
The startup’s journey to unicorn status began with an initial US$14 million capital raise in its Series A round in 2019. This was followed by a Series B round in February 2021, where it secured US$110 million, and an additional US$70 million in December of the same year. In 2022, Tyme further strengthened its position by raising US$78 million before launching its Series C round. Backed by African Rainbow Capital Investments, owned by South African billionaire Patrice Motsepe, Tyme continues to make significant strides in the digital banking space.
