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.
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.
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 provides a variety of services, such as mobile top-ups, lending, transportation, and the delivery of food and groceries. With a user base exceeding 5 million, the company has recently secured $400 million in funding led by Softbank Vision Fund, emphasizing its increasing significance in the African financial technology sector. At present, Opay is valued at an impressive $2 billion in the market.
3. Chipper Cash
Chipper Cash is a revolutionary financial services firm that offers a software application platform for seamless and cost-effective cross-border mobile money transfers. Having secured an astonishing $302.6 million in funding, Chipper Cash has risen as a prominent application for cross-border payments. Among its notable backers are prominent figures in the field, including 500 Accelerator, 500 Global, Deciens Capital, Liquid 2 Ventures, and others.
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 is no surprise that usage is surging. It’s important to highlight that during 2021, PiggyVest distributed a total of $480 million to around 3.5 million customers, emphasizing the substantial influence this application has had on encouraging user savings. This remarkable accomplishment showcases the beneficial effect PiggyVest has had on enhancing the financial well-being of its users.
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. Yoco has emerged as the preferred choice for South African merchants, with its digital payment network providing support to over 200,000 micro-businesses across 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.
JUMO is an innovative banking platform that provides instant fund access while reducing operational expenses. Functioning as a foundational banking and infrastructure startup, JUMO has garnered a noteworthy $267 million in funding, solidifying its dominant stance in the market. 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.
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.
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 achievement is credited to its dedication to ensuring security and delivering dependable payment options to its extensive customer base.
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 Africa
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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