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Last year, funding into African startups edged past $2 billion, returning to pre-pandemic levels and presenting a mixed bag as expected. Signs suggest 2025 will follow the cautious trends of the past two years. A sharp decline in mega-deals, mirroring global venture capital tightening since the boom of 2020-2021, pushed local and international investors to prioritize sustainable business models and clear paths to profitability. This shift spelled trouble for well-funded startups that fell short of these criteria, leading to high-profile closures, including mobile commerce platform Copia and agri-focused data analytics firm Gro Intelligence. While startup failures in Africa were once largely confined to pre-seed and Series A stages, these closures, including that of Ghanaian fintech Dash and Nigerian biotech 54gene in 2023, signal an ecosystem at a turning point, where even growth-stage and late-stage startups face mounting risks.
Some, instead of succumbing to the pressures of 2024, opted for strategic pivots rather than closures. B2B e-commerce giants Wasoko and MaxAB, for instance, merged operations to conserve cash and streamline resources, leveraging shared industry experience to weather the storm. Meanwhile, the likes of Moniepoint, Moove, and TymeBank thrived as they drew attention with notable investments from Uber, Google, and Nubank, respectively, buoyed by strong growth metrics and profitability. These developments show the dual realities of Africa’s post-boom tech landscape: escalating challenges and resilient adaptations.
Tech and VC heavyweights join the Disrupt 2025 agenda
In this environment, these unicorns and soonicorns remained in the spotlight as they always have. Their successes and struggles not only underscore the continent’s enormous potential but also shape conversations about the future of its tech ecosystem. Against this backdrop, it’s an opportune time to spotlight these billion-dollar ventures and the up-and-comers trailing behind.
Unicorns in Africa
– **Flutterwave (2021) — $3 billion:** Founded in 2018, Flutterwave provides payment solutions to individuals and businesses across Africa and facilitates transactions between them and international markets. The Nigerian fintech has raised over $475 million in funding, including a $250 million Series D. Investors include Tiger Global, Avenir Growth, and DST Global.
– **OPay (2021) — $2 billion:** OPay provides a wide range of digital financial services, including mobile payments, savings, lending, and bill payments through a network of agents and an app. Founded in 2018 as an offshoot of internet company Opera, Opay has raised over $500 million, including a $400 million Series C. SoftBank Vision Fund 2, Sequoia Capital China, and Redpoint China are some of its investors.
– **Wave (2021) — $1.7 billion:** The Senegal-based fintech offers low-cost mobile money services to make banking more accessible and affordable to customers in Francophone Africa. Founded in 2018, the Sendwave spinoff, Wave, raised a $200 million Series A from Stripe, Sequoia Heritage, Founders Fund, and Ribbit Capital.
In 2023, the Egyptian financial super app MNT-Halan made headlines with a whopping $1 billion valuation. Launched in 2017, MNT-Halan offers a variety of services such as digital lending, payments, e-commerce, and buy now, pay later solutions, all aimed at serving the underserved and unbanked populations. With over $500 million in equity and debt financing, MNT-Halan has attracted investments from Chimera Investments, Apis Growth Fund II, and Development Partners International.
Moving over to Nigeria, Moniepoint, a fintech company founded in 2015, joined the billion-dollar club in 2024 with a $1 billion valuation. The company specializes in providing financial services tailored for businesses and individuals across Africa, including digital banking, payments, credit, and business management tools. Moniepoint’s $110 million Series C funding round last October saw investments from the likes of QED, Development Partners International, Google’s Africa Investment Fund, and Lightrock.
African “soonicorns” are on the rise, with startups like PalmPay, Moove, and Yassir poised to reach unicorn status in the near future. PalmPay, a Nigerian fintech company established in 2019, allows users to conduct money transfers, pay bills, purchase airtime, and access credit services. Moove, a mobility fintech founded in 2020, provides revenue-based vehicle financing to gig workers across multiple continents. Yassir, an Algerian super app, offers on-demand services like ride-hailing, food and grocery delivery, and financial services in six countries.
Other notable startups in the African tech scene include Kuda, a Nigerian digital-only bank valued at $500 million, and Wasoko/MaxAB, a merger between Kenyan B2B e-commerce platform Wasoko and Egypt’s MaxAB, creating Africa’s largest digital platform for informal retail. Clickatell, M-KOPA, Yoco, and Onafriq are also making waves in the industry with their innovative solutions in chat commerce, affordable access to smartphones, digital financial services, and digital payments hub, respectively.
