In the current volatile investment landscape, Africa’s most valuable technology companies—its unicorns and those soon to join them (soonicorns)—remain firmly in the business spotlight. Their individual successes and inevitable challenges do more than just highlight the continent’s considerable economic potential; they actively shape the ongoing discussions and expectations regarding the future trajectory of the African tech ecosystem. Against this compelling backdrop, this is an ideal moment to shine a light on these billion-dollar enterprises and the highly promising up-and-comers close behind them in valuation.
Unicorns in Africa
Flutterwave (2021) — $3 billion: Founded in 2018, this highly successful Nigerian fintech provides comprehensive payment solutions for both individuals and businesses across Africa. Crucially, it facilitates smooth and efficient transactions between African markets and the rest of the world. Flutterwave has secured over $475 million in total funding, including a substantial $250 million Series D round. Its prominent list of investors includes Tiger Global, Avenir Growth, and DST Global.
OPay (2021) — $2 billion: OPay offers a diverse range of digital financial services to millions of customers. These services include mobile payments, savings products, various lending options, and bill payment capabilities, all delivered through an extensive network of human agents and a user-friendly app. Established in 2018 as a strategic offshoot of the internet company Opera, OPay has raised more than $500 million, highlighted by an impressive $400 million Series C. Key investors include SoftBank Vision Fund 2, Sequoia Capital China, and Redpoint China.
Wave (2021) — $1.7 billion: This Senegal-based fintech is dedicated to providing low-cost mobile money services, specifically designed to make essential banking and financial inclusion significantly more accessible and affordable for customers throughout Francophone Africa. The company, which spun off from Sendwave in 2018, successfully closed a $200 million Series A funding round with backing from major players like Stripe, Sequoia Heritage, Founders Fund, and Ribbit Capital.
Andela (2021) — $1.5 billion: Andela operates as a dynamic global talent marketplace, expertly connecting companies with a vast network of rigorously vetted and highly skilled software engineers, product managers, and other critical tech professionals from across the continent. This sophisticated recruitment platform, founded in 2014, has raised over $380 million in funding, including a significant $200 million Series D. It is currently backed by prominent investors such as SoftBank, the Chan Zuckerberg Initiative, and Spark Capital.
TymeBank (2024) — $1.5 billion: This leading South African digital bank focuses on providing transactional accounts, various savings products, and rapid cash advances. Its service model primarily targets lower-income individuals and the small business sector, where traditional banking often falls short. Tyme Group, the parent company for both TymeBank and the Philippines’ GoTyme, secured $250 million in a February Series D round led by Nubank. Other institutional investors include the M&G Catalyst Fund, Tencent, African Rainbow Capital, and Norrsken22.
Chipper Cash (2021) — $1.25 billion: Chipper Cash enables its users to seamlessly send and receive money across various African countries. In addition to its core cross-border payments, it also offers card products and investment services. The company has successfully raised over $300 million. Its investor list features notable names such as FTX, Ribbit Capital, Bezos Expeditions (Jeff Bezos’s personal investment arm), and SVB Capital.
Interswitch (2019) — $1 billion: A foundational payments infrastructure startup, Interswitch was established back in 2002. It delivers fully integrated payment and transaction solutions across numerous channels throughout Africa. This Nigerian fintech has accumulated over $300 million in funding, including a pivotal $200 million round led by Visa. Other significant investors are Helios Investment Partners and Leapfrog.
MNT-Halan (2023) — $1 billion: This Egyptian financial super app, founded in 2017, provides an expansive suite of services. These include digital lending, payments processing, e-commerce, and popular buy now, pay later solutions. The company specifically targets the large populations of unbanked and underserved individuals and businesses in Egypt. MNT-Halan has successfully secured over $500 million in combined equity and debt financing. Key investors include Chimera Investments, Apis Growth Fund II, and Development Partners International.
Moniepoint (2024) — $1 billion: The Nigerian fintech Moniepoint, founded in 2015, offers a suite of critical financial services expressly tailored for businesses and individuals across Africa. This encompasses digital banking and payments, business credit provision, and various essential business management tools. Moniepoint secured $110 million in Series C funding in October of the previous year. Investors backing the fintech include QED, Development Partners International, Google’s Africa Investment Fund, and Lightrock.
It is worth noting that at the beginning of 2024, Moniepoint and TymeBank were valued at $850 million and $965 million, respectively. This close proximity made them Africa’s leading contenders, or soonicorns, for the coveted unicorn status—a milestone that both companies successfully achieved during that year.
African “Soonicorns”
Here is an insightful look at other high-potential African startups that appear poised to follow the path to unicorn status in the coming years, based on the valuation established in their most recent priced funding round.
PalmPay — $800 million to $900 million: This Nigerian fintech, which launched in 2019, provides comprehensive mobile financial services. Its platform enables people to conduct instant money transfers, pay utility bills, purchase mobile airtime, and access various credit services. PalmPay has raised a total of $140 million across two funding rounds, including a $100 million Series A in 2021. While the company has not publicly confirmed its current valuation, reliable market sources suggest that this round propelled its value into the $800 million to $900 million range. Investors include Transsion Holdings, Chuangshi Capital, Chengyu Capital, and AfricInvest.
Moove — $750 million: Moove, founded in 2020, operates as a specialized mobility fintech. It provides innovative revenue-based vehicle financing solutions to gig workers, giving them access to brand new vehicles necessary for ride-hailing, logistics, and delivery services. Operating successfully across numerous cities in Africa, Europe, the Middle East, and Asia, Moove has raised over $409 million in total funding from a diverse group of investors. These investors include Uber, which led its recent $100 million Series B round, Mubadala Investment Company, Speedinvest, and Stride Ventures.
Yassir — $600 million to $800 million: Yassir is a super app that provides a variety of on-demand services, including popular ride-hailing, efficient food and grocery delivery, and integrated financial services across six countries in North Africa. This Algerian startup has raised nearly $200 million from high-profile backers such as BOND, Y Combinator, and Stanford Alumni Ventures.
Kuda — $500 million: This Nigerian digital-only bank, founded in 2019, delivers a comprehensive suite of financial services. These offerings include routine banking, effective savings tools, lending products, and sophisticated smart budgeting and spending features. Since its inception, Kuda has secured over $90 million from investors, including Target Global and Valar Ventures. Notably, it successfully closed a $55 million Series B funding round at a significant valuation of $500 million.
Wasoko/MaxAB — About $500 million: The merger between Kenyan B2B e-commerce platform Wasoko and its Egyptian counterpart, MaxAB, resulted in Africa’s largest combined digital platform for informal retail. This platform efficiently connects buyers and sellers of fast-moving consumer goods. According to a disclosure from one of Wasoko’s investors, VNV Global, this strategic merger resulted in a combined valuation of approximately $500 million. Collectively, both startups have raised nearly $240 million up until their Series B rounds from investors including Tiger Global, Silver Lake, British International Investment, and Avenir Growth.
Clickatell — About $500 million: This South African-born startup is a key player in the specialized chat commerce sector. It provides an advanced platform that empowers businesses to connect, interact, and securely transact with their customers directly through popular messaging channels like traditional SMS and modern applications like WhatsApp. Clickatell secured $91 million in a Series C funding round in 2022, pushing its total capital raised to over $100 million. Its investors include Sequoia Capital, Arrowroot Capital, and Endeavor Global.
M-KOPA — About $500 million to $600 million: Founded in 2011, this Kenyan-based lender is dedicated to providing affordable access to essential products like smartphones and electric motorcycles, alongside vital digital financial services such as loans and health insurance across sub-Saharan Africa. The company achieves this through its highly effective pay-as-you-go model and small, manageable digital micropayments. M-KOPA has raised over $500 million in combined debt and equity financing. Its investors include Sumitomo, Lightrock, Standard Bank Group, and the International Finance Corporation.
Yoco — $400 million to $500 million: Yoco specializes in providing comprehensive payment solutions and essential business tools tailored for small and medium-sized enterprises (SMEs). These tools include modern point-of-sale card machines and secure online payment gateways. The South African fintech has raised over $107 million, highlighted by an $83 million Series C round. Investors include Dragoneer Investment Group, Breyer Capital, HOF Capital, and 4DX Ventures.
Onafriq — About $300 million to $500 million: Onafriq, previously known as MFS Africa, operates the most extensive digital payments hub across the African continent. It is a critical piece of infrastructure, connecting millions of mobile money wallets across numerous African countries, thereby enabling seamless cross-border payments, efficient remittances, and wide-ranging financial integrations for both individuals and major businesses. This South African fintech has raised over $300 million in funding, including a $100 million Series C. Investors backing the company are AfricInvest, CommerzVentures, and Admaius Capital Partners.
