Despite slow recovery from a pandemic year and an uncertain financial landscape, 2021 proved to be a remarkable one for the start-up ecosystem in Africa. Many foreign funding investment deals took place in the key markets – Nigeria, South Africa, Kenya and Egypt.
Starting with this article, GetFundedAfrica will be showcasing the top five from each of the aforementioned countries.
Here are the top five from Nigeria:
1. Flutterwave: First on the list is the company founded in 2016 to provide payment infrastructure and services across the African continent. It raised a $170 million Series C funding round in 2021, the biggest sum of money ever to be secured by an African tech start-up. The funding pushed the company into unicorn status with fellow fintechs, Interswitch and Jumia, as it is currently valued at over $3 billion. Flutterwave is also the highest valued African start-up on the continent.
2. Moove: Make that moove is what this next organization urges its target market to do. Moove emerged in 2019 and provides vehicle-financing to ride-hailing drivers. Uber is its preferred fleet partner. $63.2 million in Series A funding was its share of investments for last year.
3. FairMoney: The microfinance bank sits pretty in third place with a $42 million Series B funding, enabling the bank to continue to keep its promise of instant, no-collateral loans to its customer base.
4. Kuda: The bank of the free – Nigeria’s first mobile-only bank – was first known as Kudi money in 2017. Two years later, it became Kuda Bank. It raised a $25 million Series A & B funding to further its disruption of banking services with free services – free debit card, zero card maintenance, free transfers, etc.
5. Mono: The baby of this list earns its name through years of existence and funding amount. A tech company, Mono was founded in 2020 and is geared toward using open banking “as a layer for financial data, identity data, and bank transfer payments for businesses.” A $17.125 million in Series A funding secured last year is one way to hit its target.