Best African FinTechs
The rise of financial technology (fintech) has significantly transformed banking and payment systems worldwide, including in Africa. Fintech enterprises leverage advanced technology to provide financial services to Africans, and this article highlights the top fintech companies on the continent. Africa boasts the second-highest growing payments and banking market globally, making it an ideal hub for fintech innovation and mobile financial services. Here is a list of the best FinTechs in Africa.
1. Flutterwave
Flutterwave is a leading African fintech company headquartered in San Francisco and California. Founded in Lagos, Nigeria in 2016, the company is currently valued at $64.7M and operates an innovative API that facilitates credit card processing and other payment methods across Africa. Flutterwave boasts partnerships with prominent financial institutions such as Visa, Alipay, and Worldpay, with the aim of providing robust financial services to Africans. The company operates in 150 countries and offers seamless payment options in multiple currencies, including USD, Naira, Euro, Yuan, and GBP. In 2020, Flutterwave launched a novel feature that enables businesses to set up their online stores directly on the platform.
2. Opay
Founded in Lagos, Nigeria in 2018, Opay has swiftly emerged as one of Africa's foremost fintech firms, offering an innovative payment gateway for financial transactions. The company is a subsidiary of Opera Software, renowned for its widely used web browsers and search engines, and currently holds a 20% stake in Opay. It offers a range of services, including mobile top-ups, loans, logistics, and food and grocery delivery. With over 5 million users, the firm recently raised $400 million in a funding round spearheaded by Softbank Vision Fund, underlining its growing prominence in the African fintech landscape. As of today, Opay's market valuation stands at an impressive $2 billion.
3. Chipper CashÂ
Chipper Cash is a revolutionary financial services firm that offers a software application platform for seamless and cost-effective cross-border mobile money transfers. With a staggering $302.6 million in investments, Chipper Cash has emerged as a leading cross-border payments app. Its impressive list of investors includes some of the most renowned names in the industry, such as 500 Accelerator, 500 Global, Deciens Capital, Liquid 2 Ventures, and more.
4. PiggyvestÂ
PiggyVest, a Nigerian fintech software, offers users a convenient way to save money. With its popularity reflected in over 1 million downloads from Google Play Store, it comes as no surprise that usage is surging. It's worth noting that in 2021, PiggyVest disbursed $480 million to approximately 3.5 million customers, underscoring the significant impact this app has had on user savings. This impressive achievement highlights the positive impact PiggyVest has had on the financial lives of its users.
5. Yoco
Yoco, founded in 2013 in South Africa, has become one of the most prominent startups on the continent. Its exceptional growth is evidenced by having processed card payments exceeding 2 billion in USD and annual payments surpassing 1 billion USD. With over 200,000 micro businesses across South Africa relying on its digital payments network, Yoco has established itself as the preferred choice for merchants in the country. The company has also gained support from some of the most significant investors, including Breyer Capital, HOF Capital, The Raba Partnership, 4DX Ventures, and TO Ventures.Â
6. Jumo
JUMO is a pioneering banking platform that offers access to funds in real-time while minimizing operational costs. As a core banking and infrastructure startup, JUMO has already raised an impressive $267 million, cementing its position as a market leader. JUMO has received funding from a large group of investors, including Google for Startups Accelerator, Finnish Fund for Industrial Cooperation, GEMCORP, Mastercard Foundation, and more.
7. Paga
Paga is a leading Nigerian fintech company that facilitates financial inclusion in Africa through its robust mobile payment infrastructure. Founded by Tayo Oviosu, the company employs a team of over 20,000 agents who assist its customers. Paga has also raised an impressive $34.7 million in funding, cementing its position as one of the largest fintech companies on the African continent.
8. Fawry
Fawry is the largest electronic payment network in Egypt with over 20 million users and 2.1 million daily transactions. Its services are available at over 100,000 locations across Egypt, providing convenient and versatile payment solutions for a wide range of services. Fawry's success is attributed to its commitment to security and providing reliable payment solutions to its vast customer base.
9. KuCoin
KuCoin is a highly secure and user-friendly cryptocurrency exchange that simplifies the process of buying, selling, and storing popular digital currencies such as BTC, ETH, KCS, SHIB, and DOGE. The platform has garnered an impressive $180 million worth of funding to date, with notable investors including IDG Capital, Matrix Partners China, NGC Ventures, Circle Ventures, Jump Crypto, and Susquehanna International Group.
10. MFS AfricaÂ
MFS Africa is a company based in Johannesburg that effectively connects mobile money users with service providers by providing simple, secure, affordable, and compliant mobile financial solutions. Since its inception, MFS Africa has raised a staggering $281 million in investment. The investors who have participated in MFS Africa's funding include Goodwell Investments, LUN Partners Capital, Equator Capital Partners, FSD Africa, the UK Department for International Development, and more.
The African fintech industry is growing, with companies such as Flutterwave, Opay, and others leading the way. These companies provide innovative financial services, from payments to savings platforms. With support from established investors, these companies show the potential for fintech innovation on the African continent.
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