Over the past few years, Africa has witnessed remarkable growth in its fintech ecosystem, giving rise to a select group of billion-dollar startups known as unicorns.
By leveraging technology, these unicorns have provided millions of Africans access to financial services, including payments, savings, and loans, often bypassing traditional banking infrastructure.
Here’s a chronological journey through the continent’s current unicorns, showcasing their milestones and contributions.
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1. Interswitch:
Interswitch is a prominent Africa-focused technology and payments company headquartered in Lagos, Nigeria. Founded in 2002 by Mitchell Elegbe, this fintech has played a pivotal role in driving digital payments and financial inclusion across Africa.
Interswitch is best known for its payment processing solutions, including the Verve Card, a widely used payment card in Nigeria, and Quickteller, a digital payment platform for bill payments, airtime purchases, and money transfers.
In November 2019, the Nigerian fintech company, made history as Africa’s first unicorn when Visa invested approximately $200 million, pushing its valuation to $1 billion. Subsequent funding of $110 million in May 2022 reinforced its standing, though the company has kept its valuation under wraps since.
2. Flutterwave:
Founded in 2016, Flutterwave launched to make it easier for Africans to build global businesses that can make and accept any payment, across Africa and around the world.
Flutterwave’s JavaScript API acts as a middle layer that payment service providers and global merchants can integrate with different payment methods and systems, allowing payments to be made by credit card, mobile wallet, and bank accounts in multiple African countries.
The fintech joined the unicorn club in March 2021 after raising $170 million in its Series C round, securing a valuation of over $1 billion. In February 2022, a $250 million Series D tripled its valuation to over $3 billion, making it the highest-valued unicorn on the continent. The company currently processes over 200 million transactions worth billions of dollars.
3. OPay
Opay launched its mobile payment service in Nigeria in December 2018, providing offline and online payment and digital wallet services with the aim of expanding the use of digital financial services in emerging countries and across unbanked populations.
OPay’s products in Nigeria, its largest market, are a bank account for faster online money transfers than traditional banks provide, and a point-of-sale device that enables vendors to accept card payments and offer cash withdrawals to customers. In August 2021, OPay secured $400 million in a Series C funding round led by SoftBank’s Vision Fund 2, achieving a $2 billion valuation.
4. Wave
Founded in 2018, Wave is a leading mobile money service, launched first in Senegal and now also active in Côte d’Ivoire. The fintech company launched with the goal of giving everyone in Africa access to digital financial services.
Wave made history in 2021 by becoming the first unicorn from Francophone Africa following a $200 million Series A funding round. The startup, which operates in Senegal, Uganda, Burkina Faso, Cote d’Ivoire, and The Gambia, has quickly gained market traction.
The fintech innovative pricing strategy, charging just 1% of the transaction value, has significantly disrupted the market where Senegalese residents previously faced fees as high as 10% for similar transactions. This competitive pricing model has enabled Wave to rapidly expand its user base and establish a strong foothold in the mobile money sector across multiple African countries
5. Andela
Andela is a global talent network that connects companies with vetted software engineers and other technology professionals from emerging markets. Initially launched in Nigeria in 2014, Andela began as a program to train African developers and connect them with global opportunities.
Over the years, the company shifted its model to focus on remote work, expanding its talent pool to professionals worldwide. The company focuses on sustainable careers, connecting technologists with long-term engagements,
On September 29, 2021, Andela became a unicorn after its $200 million Series E funding, valuing the company at $1.5 billion. The company attracted support from some notable investors like Carmelo Anthony, Steve Case, Chan Zuckerberg Initiative, Softbank, Google Ventures, Serena Ventures, and Generation Investment Management.
6. Chipper Cash
Chipper Cash is a financial technology company that offers a mobile-based, cross-border money transfer platform. Founded in 2018 by Ham Serunjogi and Maijid Moujaled, Chipper Cash enables users to send and receive money across multiple African countries and beyond, without paying traditional transfer fees.
The fintech company achieved unicorn status with a $150 million Series C extension in November 2021, reaching a valuation of slightly over $2 billion.
7. MNT-Halan
MNT-Halan is a prominent fintech company based in Egypt, recognized for its innovative approach to financial inclusion and digital lending. It provides unbanked and underbanked individuals and small businesses access to credit, payment solutions, and e-commerce services through a mobile app.
In January 2023, MNT-Halan announced a $260 million funding round, achieving a valuation of about $1 billion. By July 2024, its valuation had grown to over $1 billion, solidifying its unicorn status.
8. Moniepoint
Moniepoint is a Nigerian fintech company that provides an all-in-one payments, banking, and operations platform for businesses and individuals. Founded in 2015 by Tosin Eniolorunda and Felix Ike, the company has grown to become a significant player in Africa’s financial technology sector.
Moniepoint became a unicorn in October 2024 with its $60 million Series C, valuing the company at over $1 billion. The company’s deliberate growth strategy saw incremental funding rounds dating back to 2019.
As of 2024, Moniepoint serves over 10 million business and individual accounts, processing more than 26 million payments daily, with a total payment volume exceeding $17 billion monthly
9. TymeBank
TymeBank is a South African digital bank that operates without physical branches, offering services through its mobile app, online platform, and partnerships with retail chains like Pick n Pay and Boxer. Founded in 2015, the Neobank aims to provide accessible banking solutions, particularly targeting lower-income markets.
In December 2024, TymeBank closed a $250 million Series D round in December 2024, pushing its valuation to $1.5 billion. The bank has grown steadily, culminating in its unicorn status after multiple funding milestones.
The Big Picture
Collectively, Africa’s nine unicorns have raised over $3 billion in equity since 2019, contributing to a combined valuation of over $16 billion. These companies represent the strength and potential of Africa’s startup ecosystem, accounting for a significant portion of the $13 billion raised by African startups in the same period.
As these unicorns continue to grow and inspire, they underline Africa’s capacity for innovation and its increasing prominence on the global stage.