These 8 African Fintech Corporations Raised US$100m+ This Yr

African fintech corporations have had a 12 months like no different with regards to funding.

Between Q1 and Q3 this 12 months, African fintech corporations raised US$1.44 billion in funding {dollars}. The funding complete surpassed your entire quantity raised by these corporations throughout the previous decade, the place they raised a complete of US$1.06 billion.

Now, African fintech corporations at the moment are anticipated to lift near US$3 billion by the top of the 12 months.

In truth, the funding complete 12 months so far November 2021 almost reached US$2 billion. Of this, US$1.3 billion was raised by eight corporations alone. Other than native traders, these corporations have additionally caught the eye of worldwide traders corresponding to SoftBank, Sequoia, Founders Fund, Ribbit Capital and Tiger International.

These are the eight African fintech corporations that raised mega-rounds this 12 months, clocking in particular person funding rounds of US$100 million or extra.

1. OPay

Headquarters: Nigeria, Africa
Founding 12 months: 2018
Complete funding (Crunchbase): US$570 million
Founders: Zhou Yahui

opay

OPay is a Nigeria-based cell cash answer that permits utility funds, P2P transfers, and financial savings, in addition to an offline banking service. The corporate additionally gives a POS answer together with a terminal for service provider accounts.

Within the largest spherical to happen this 12 months up to now, OPay raised US$400 million from SoftBank’s Imaginative and prescient Fund 2 with a valuation of US$2 billion. The spherical noticed different Chinese language traders take part as properly, together with Sequoia Capital China, Meituan’s VC wing DragonBall Capital, Supply Code Capital, Redpoint China, SoftBank Ventures Asia and 3W Capital.

2. Wave

Headquarters: Senegal, Africa
Founding 12 months: 2017
Complete funding (Crunchbase): US$200 million
Founders: Drew Durbin

wave
Wave is a cell cash answer working in Senegal and the Ivory Coast. Aside from invoice funds and cash transfers, Wave additionally permits customers to deposit and withdraw cash totally free.

At a valuation of US$1.7 billion, Wave raised US$200 million in a Sequence A spherical in September this 12 months. Sequoia Heritage, Founders Fund, Stripe and Ribbit Capital led the spherical, with participation from Partech Africa, and former Y Combinator CEO Sam Altman.

3. Flutterwave

Headquarters: California, US
Founding 12 months: 2016
Complete funding: US$225 million
Founders: Olugbenga Agboola, lyinoluwa Aboyeji

Flutterwave
Flutterwave is a pan-African funds infrastructure firm. It gives funds, invoicing, card, ecommerce and lending options, and likewise gives APIs throughout these segments. Aside from a presence in 12 African international locations, Flutterwave can also be out there in Europe and US markets.

The corporate raised a US$170 million Sequence C in March this 12 months, at a valuation of US$1+ billion. Avenir Development Capital and Tiger International led the spherical. Collaborating traders included DST International, Early Capital Berrywood, Inexperienced Visor Capital, Greycroft, Perception Ventures, Salesforce Ventures, Tiger Administration, WorldpayFIS, and 9yards Capital.

4. Chipper Money

Headquarters: California, US
Founding 12 months: 2018
Complete funding (Crunchbase): US$305.2 million
Founders: Ham Serunjogi, Maijid Moujaled

Chipper Cash

Chipper Money is a cross-border cash switch firm, at present out there throughout six international locations in Africa, in addition to the US and the UK. The corporate additionally gives a digital card providing, crypto and inventory investing, and an API answer as properly.

The corporate raised US$150 million in a Sequence C extension spherical earlier this 12 months, led by Bahamas-based crypto change FTX. Different traders within the spherical included SVB Capital, Deciens Capital, Ribbit Capital, Bezos Expeditions, One Approach Ventures and Tribe Capital.

5. Tala

Headquarters: California, US
Founding 12 months: 2011
Complete funding: US$350 million
Founders: Shivani Siroya

tala
Tala is a world digital client credit score firm offering micro loans of US$10 to US$500. The corporate makes use of superior knowledge science and machine studying to energy on the spot mortgage underwriting and disbursal. The corporate has a presence in Africa, amongst different rising markets.

Tala raised US$145 million in a Sequence E spherical led by US-based AI lending platform Upstart. Stellar Growth Basis, Kindred Ventures, the J. Safra Group, IVP, Revolution Development, PayPal Ventures, and Lowercase Capital additionally participated.

6. MNT-Halan

Headquarters: Egypt, Africa
Founding 12 months: 2018
Complete funding: US$120 million
Founders: Mounir Nakhla, Ahmed Mohsen

mnt halan

Halan was began as a ride-hailing and supply service, earlier than it merged with Dutch funds firm MNT in a stock-for-stock merger. With the merger, the newly fashioned MNT-Halan additionally began providing fintech options together with enterprise and client lending (together with nano loans, BNPL, and payroll lending), and digital funds.

Previous to the merger, Halan had beforehand raised about US$26.5 million (Crunchbase) throughout seed to Sequence B rounds. In September, the merged firm raised US$120 million from Apis Companions, Growth Companions Worldwide, and Lorax Capital Companions, together with Center East Enterprise Companions, Endeavor Catalyst, and DisruptTech.

7. Jumo

Headquarters: South Africa, Africa
Founding 12 months: 2015
Complete funding: US$200 million
Founders: Andrew Watkins-Ball


Jumo is a banking-as-a-service platform that gives end-to-end banking infrastructure. This contains core banking, underwriting, KYC, and fraud detection options, other than AI-powered data-based lending price and threat administration.

Jumo raised US$120 million this month, in a spherical led by the Constancy Administration and Analysis Firm. The spherical additionally noticed participation from Visa and Kingsway.

8. MFS Africa

Headquarters: South Africa, Africa
Founding 12 months: 2010
Complete funding: US$125 million
Founders: Dare Okoudjou

MFS Africa gives a pan-African digital funds gateway geared toward growing interoperability between cost schemes, borders and currencies. The corporate’s answer connects cell cash wallets for cross-border funds.

The corporate raised US$100 million in a Sequence C fairness and debt combine led by AfricInvest FIVE, Goodwell Investments and LUN Companions. CommerzVentures, Allan Grey Ventures, Endeavor Catalyst, Endeavor Harvest and ShoreCap III additionally participated.

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