Just a couple of weeks ago, Africa welcomed its latest unicorn, Moniepoint, after it announced a $110 million Series C round, securing a valuation surpassing $1 billion.
This funding round was led by African Development Partners (ADP) III fund. Other investors include Google’s Africa Investment Fund, Verod Capital, and Lightrock.
According to the fintech, the capital raised will be used to accelerate its growth across Africa and build an all-in-one, seamlessly integrated platform for businesses.
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Moniepoint’s recent unicorn status, has seen the number of unicorn across the African continent, rise to 8. This milestone has spurred the reflection on Africa’s unique unicorn journey.
Let’s dive into Africa’s unicorn history with a look at what has transpired and what the future might hold.
Africa’s unicorn story unofficially began in the early 2010s with Jumia, the e-commerce platform that paved the way for major funding rounds. Between 2012 and 2014, Jumia raised over $200 million. With a standout $300 million round for its parent company, Africa Internet Group, in 2016, securing Jumia’s unicorn status.
The company later went public on the NYSE in April 2019, momentarily pushing its valuation to $3 billion before it ultimately settled below the $1 billion mark in 2022.
Africa’s Unicorn List:
Interswitch (Nigeria)
Founded in 2002 in Nigeria as a nationwide transaction-switching platform, Interswitch marked the official beginning of Africa’s unicorn era. The Nigerian fintech joined the club in November 2019 following a $200 million investment from Visa, which brought its valuation to $1 billion. This achievement came 18 years after Interswitch’s founding, establishing it as Africa’s first widely acknowledged unicorn.
Flutterwave (Nigeria)
Founded in 2016, Flutterwave is a Nigerian API-driven platform that aggregates payment gateways across the continent. The Fintech company Joined the unicorn club in March 2021, after a $170 million Series C round, reaching a valuation of over $1 billion. In February 2022, Flutterwave’s $250 million Series D pushed its valuation above $3 billion, making it one of Africa’s most highly valued fintech companies.
OPay (Nigeria)
Co-founded in 2017 by Opera, makers of the data-lite internet browser, and Balder Investment, an entity controlled by Chinese billionaire Yahui Zhou. OPay is a mobile payments platform that began operations in Nigeria in 2018.
The Fintech obtained a unicorn status in August 2021, with a $400 million Series C round, achieving a $2 billion valuation. Since then, its investor Opera suggests OPay’s valuation is near $3 billion.
Wave (Senegal)
Piloted in 2016 and launched fully in 2017, Wave is a full-stack digital mobile money wallet initially focused on Francophone Africa.
Wave became a unicorn in September 2021 with a $200 million Series A round, valuing the company at $1.7 billion. Originating as a spin-off of Sendwave, Wave raised the largest Series A in Africa at the time.
Andela (Nigeria)
Founded in 2014, Andela is a talent marketplace that connects leading companies across the world to technology talent in emerging markets.
The marketplace platform transitioned into unicorn status in September 2021 with a $200 million Series E, valued at $1.5 billion.
Chipper Cash (Uganda)
Launched in 2018, Chipper Cash is a cross-border, peer-to-peer money transfer platform. The company announced unicorn status in November 2021 following a $150 million Series C extension that valued it slightly above $2 billion.
MNT-Halan (Egypt)
Founded in 2018, with a mission to revolutionize access to financial services through technology, MNT-Halan is Egypt’s leading technology-driven provider of financial services.
The fintech giant announced a $260 million equity round in January 2023, joining the unicorn ranks at a $1 billion valuation. A $157.5 million follow-up round in July 2024 further confirmed MTN-Halan’s unicorn status.
Moniepoint (Nigeria)
Founded in 2015 by business executives Tosin Eniolorunda and Felix Ike, Moniepoint provides an all-in-one payments, banking, and operations platform for businesses and their customers. Formerly TeamApt, Moniepoint recently joined Africa’s unicorn list in October 2024 with a $110 million Series C, reaching a valuation of over $1 billion. The fintech’s steady growth reflects a thoughtful approach to expansion.
With these eight unicorns, Africa’s unicorn club has collectively raised around $3 billion in equity since 2019, with an estimated combined valuation of approximately $15 billion, according to Africa: The Big Deal. This represents a notable portion of the $13 billion raised by African start-ups since 2019.
Who Are the Potential Unicorns?
Looking ahead, a handful of start-ups across key industries are well-positioned to achieve unicorn status.
With the fintech sector dominating the unicorn list in Africa, this suggests that other fintechs like Kuda, TymeBank, Jumo, PalmPay, Paga, and Piggyvest, could be on the verge of similar recognition. With robust funding rounds and valuations nearing the $1 billion mark, these fintech players could soon enter the unicorn club.
Notably, the energy sector across the African continent could present a shocking move by recording its first unicorn status, thanks to innovative companies like Sun King, M-Kopa, D.light, and Bboxx. These companies are advancing the energy space and could potentially reach unicorn status as they continue to attract investor interest.
In the mobility sector, start-ups like Moove, valued at $750 million, and Yassir, with strong momentum from its recent Series B, are leading contenders for unicorn status in Africa’s expanding mobility sector.
Africa’s Unicorn Future
With several high-potential ventures making impressive strides, the continent’s unicorn ecosystem is poised for growth.
Fintech will likely continue to dominate, but emerging areas like energy and mobility, hint at a diverse unicorn future. Despite the challenges faced by African start-ups, yet the resilience demonstrated by today’s unicorns suggests that Africa’s innovative ecosystem has plenty more surprises in store.