by MCGH Admin | Mar 30, 2023 | Africa, General, Other News, Startup, Technology
Fintech is one of the most dynamic and innovative sectors in Africa, with hundreds of startups offering solutions for payments, lending, banking, insurance and more. In 2022, African fintech startups raised over $1.4 billion in funding, according to Disrupt Africa, and attracted global attention with acquisitions and partnerships.
Africa is a continent with immense potential for innovation and growth in the financial sector. According to the World Bank, more than 60% of the population in sub-Saharan Africa is unbanked, meaning they lack access to formal financial services such as savings, credit, insurance and payments. However, thanks to the rapid adoption of mobile phones and internet connectivity, many African entrepreneurs are developing innovative solutions to address this gap and provide affordable and convenient financial services to millions of people.
In this blog post, we will highlight five African fintech startups that are making waves in the industry and have the potential to scale up and impact millions of lives in 2023 and beyond.
Okra
Okra is a Nigerian startup that provides an API platform for connecting bank accounts to third-party applications. Founded in 2019, Okra has secured partnerships with major players like Access Bank, Interswitch and uLesson, and raised $10 million in a seed round led by TLcom Capital and Accenture Ventures. Okra enables businesses to access real-time financial data, initiate payments, verify identity and perform direct debits from customers’ bank accounts.
Moove
Moove is a Nigerian mobility fintech that provides revenue-based vehicle financing to drivers and transport entrepreneurs across Africa. Launched in 2019, Moove has facilitated over $200 million in loans for more than 10,000 drivers on platforms like Uber and Bolt. Moove leverages data and technology to assess credit risk and offer flexible repayment terms based on drivers’ earnings. Moove raised $68.5 million in a Series A round led by Speedinvest and Left Lane Capital.
Tabby
Tabby is an Egyptian startup that offers a buy now, pay later (BNPL) service for online and offline shoppers in the Middle East and North Africa. Founded in 2019, Tabby allows customers to split their purchases into four interest-free installments or pay after 14 days with no fees. Tabby partners with over 2,000 merchants across various sectors, including fashion, electronics, beauty and travel. Tabby raised $50 million in a Series B round led by Global Founders Capital and STV.
Wave
Wave is a Senegalese startup that provides a mobile money service that allows users to send and receive money instantly and securely via their phones. Founded in 2018, Wave aims to make mobile money more accessible and affordable by charging no fees for transactions and offering competitive exchange rates. Wave operates in Senegal, Uganda, Gambia, Mali, Burkina Faso and Ivory Coast, where it claims to have over 5 million active users and process over $2.5 billion in annualized payment volume. Wave raised $200 million in a Series A round led by Sequoia Heritage and Stripe.
JUMO
JUMO is a South African startup that operates a technology platform for building and running financial services for emerging markets. Founded in 2014, JUMO partners with banks, mobile network operators and fintech companies to offer credit, savings and insurance products to underserved customers. JUMO has served over 20 million customers and disbursed over $3 billion in loans across 15 markets in Africa and Asia. JUMO raised $55 million in a funding round led by Goldman Sachs.
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by Sap | Jun 21, 2022 | Africa, General, Opinions, Other News
Africa is known as the land of unending opportunities…the aphrodite for the ailing global economy. The continent is taking baby strides in different aspects, and there are people who are moving forward to be the harbinger of change so far as the African economic resurgence is concerned. Let’s discuss a few African Tech Tycoons and get to know more about their story here.
So let’s have a look at the African tech Tycoons …the black pearls of business in this article. (In no particular order).
1. Tunde Kehinde, Co-Managing Director Of African Courier Express
Tunde Kehinde is a London-based businessman who co-founded Jumia, Africa’s first unicorn, with a financial investment of around $1 million from a rocket internet German startup. Presently the company has set a strong foot in Nigeria, and it is now the country’s top eCommerce website.
The path of success with Jumia is so pronounced that Tunde Kehinde set up another tech business in the year 2014, collaborating with Ercin Eksin, founder of Africa Courier Express (ACE). This company aims to streamline the logistics of delivery for various companies working in Nigeria and other African countries.
Tunde recently co-founded Lidya; a digital fintech lender which allows SMEs to unlock one-click, same-day credit and build a credit rating for the first time.
So he is someone who can be a role model for African Youth. Indeed a pathfinder!
2. Iyinoluwa Aboyeji, Founder And General Partner, Future Africa
At the early age of 29, Iyinoluwa Aboyeji co-founded some of the most innovative and disruptive tech companies in Africa. Talk of Andela and Flutterwave, companies working actively to transform the tech innovation infrastructure for Africa. His efforts turned Africa’s challenges into opportunities.
With Andela, Aboyeji was of the opinion that Nigerians would love to if they thought they could earn around $105000 or even half from remote work. He joined Flutterwave in the year 2016 and helped raise funding of $35milion in a Series B round. Presently the company has gone on to become the fastest growing payment technology business and Africa’s unicorn.
Iyin is currently looking to help African startups reach the same scale as western companies with Future Africa. By removing the issue of funding, a primary barrier to a startup’s success.
3. Ken Njoroge, Co-Founder Of Cellulant
Ken Njoroge started with just $3000 on his credit card and co-founded Cellulant, a mobile payment system that connects consumers to merchants.
Presently Cellulent has fitted its flag successfully in 10 countries in Africa. The company now connects to 200 merchants and 44 mobile network operators.
Impressed by reputation and integrity, the government in Nigeria turned to the company and offered it a four-year-$8.9 m contract to run a registration and validation system for fertilizers at friendly prices.
4. Obi Ozor, Co-Founder, Kobo360
Ozor Obi began with a small logistic company using the savings that he made by working part-time at a supermarket whilst in school. His small side business began to bring about $7000 every month.
Then he began his business, Kobo 360, a logistic business that uses technology. At that time, the infrastructure of this very business in Africa was not that good enough. But with a never say die attitude, the company has gone on to become one of the largest supply chain providers in Africa, reaching people with resources. It raised $37 million in its series A round.
Conclusion
Other than these, there are other prominent names like Bright Simons, president of mPedigree Network, Jason Njoku, Founder iRokoTv, and Michael Macharia, the group chief executive SevenSeas Technologies.
We are all as interested in Africa’s rise, and we know so are you too. There are many books and resources on Africa that you could download at thepirateproxybay.com to gain comprehensive knowledge.
Indeed the names discussed above are like stars that the African youth like to chase. They are working extremely hard to bring in fortunes for themselves, the company, and the continent in general.
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