The Largest African Startups and Unicorns

Africa's technology ecosystem has grown rapidly over the past decade, with a handful of companies reaching valuations of US$1 billion or more. Almost all of them are fintechs, building payments, banking, lending and money transfer services for a young, mobile-first population that traditional banks have underserved. This guide ranks the largest African and Africa-focused startups in our database by sourced valuation and explains what drives their growth and the challenges they face.

We include companies founded in Africa or whose main business serves African markets, even if they're headquartered elsewhere, because many African startups incorporate in the US or UK to access investors. Each company links to a full profile.

The ranking

What stands out

Payments and mobile money lead

Flutterwave provides payment infrastructure for businesses across Africa and internationally. OPay and Moniepoint are two of Nigeria's largest payment companies, serving consumers and merchants through apps, cards and networks of agents who handle cash. Wave, founded in Senegal, disrupted mobile money in French-speaking West Africa by slashing transfer fees. Chipper Cash focuses on cross-border transfers between African countries and from the diaspora.

Digital banking and credit

Tyme, which runs TymeBank in South Africa and GoTyme in the Philippines, combines digital accounts with physical kiosks in retail stores. M-KOPA finances smartphones, solar systems and motorbikes for customers who pay in small daily or weekly instalments. Moove finances vehicles for ride-hailing drivers based on their earnings.

Talent

Andela, which began in Lagos, connects companies worldwide with remote software engineers in Africa and other regions, showing that Africa's growing developer talent pool can compete globally.

Why fintech dominates African tech

Many Africans have mobile phones but no bank accounts, and cash remains common. Sending money between countries, or even within countries, has been slow and expensive. Fintechs fill these gaps with mobile money, cheap transfers, agent networks and credit products based on alternative data. Payments are also the foundation of e-commerce, so payment companies often grow alongside online businesses. Kenya's M-Pesa, launched in 2007, showed how transformative mobile money could be, inspiring startups across the continent.

The big four markets

Nigeria, Kenya, South Africa and Egypt attract most of Africa's venture investment. Nigeria has the largest population and a vibrant, if volatile, fintech scene. Kenya is a leader in mobile money and climate technology. South Africa has the most developed financial markets. Egypt has a large population and growing fintech and e-commerce sectors. Francophone West Africa, where Wave operates, is also growing quickly.

Challenges

• Currency volatility: sharp devaluations, such as Nigeria's naira and Egypt's pound, reduce the dollar value of local revenue and valuations.
• Regulation: licensing rules differ by country and can change quickly; Nigeria's central bank, for example, temporarily paused new customer onboarding at several fintechs in 2024.
• Funding cycles: venture funding for Africa rose sharply in 2021 and 2022, then fell as global investors pulled back.
• Infrastructure: power, internet and logistics gaps raise operating costs.
• Exits: few IPOs and acquisitions mean limited liquidity for investors, although deals such as Stripe's acquisition of Paystack have shown what's possible.

Who invests in African startups

Local and regional investors such as TLcom Capital, Partech Africa, Novastar and CRE Venture Capital work alongside global investors including Sequoia, Tiger Global, SoftBank, Ribbit Capital, QED Investors and Visa and Mastercard's venture arms. Development finance institutions such as the IFC and British International Investment are significant sources of capital. Our guide to finding who invested in a company explains how to research backers.

Valuation caution

Many African unicorn valuations were set in 2021 and 2022, near the peak of venture funding, and some have since been marked down. Chipper Cash's valuation, for example, was reportedly cut from about US$2 billion to US$1.25 billion. OPay's value was implied at about US$2.7 billion by a shareholder's 2024 filing, above its 2021 round. Readers should check dates and transaction types on each profile.

Using this list

Companies expanding into Africa can identify payment and banking partners. Investors can track valuation changes and potential exits. Founders can study which models have scaled, and job seekers can compare the region's most established technology employers.

Mobile money and agent networks

Mobile money lets people store and send money using a phone number, often without a bank account. Customers deposit and withdraw cash through agents: small shops and kiosks that act as human ATMs. M-Pesa in Kenya pioneered the model, and telecom operators such as MTN and Airtel run large mobile money services across the continent. Fintech startups have built on and competed with these systems, offering cheaper transfers, better apps, merchant payments and credit. In Nigeria, companies such as OPay and Moniepoint built huge agent networks, while Wave in Senegal and Côte d'Ivoire cut transfer fees to a flat 1%, forcing incumbents to lower prices.

Cross-border payments

Trade and remittances between African countries have historically been costly because payments often had to route through US dollars and foreign banks. Initiatives such as the Pan-African Payment and Settlement System, along with startups like Chipper Cash and Flutterwave, aim to make cross-border payments faster and cheaper. The African Continental Free Trade Area, which aims to create a single market across most of the continent, could increase demand for such services as intra-African trade grows. Diaspora remittances, which bring tens of billions of dollars a year into African economies, are another large market served by companies such as LemFi and Chipper Cash.

Credit and asset financing

Many Africans and small businesses lack access to credit because they don't have formal credit histories or collateral. Startups use alternative data, such as mobile money transactions, phone usage and sales records, to assess risk. Asset financing companies such as M-KOPA and Moove let customers pay for phones, solar systems or vehicles in small instalments, using technology to lock devices or track repayments. These models can expand access to productive assets, but lenders must manage default risk carefully, especially when currencies weaken and inflation squeezes customers.

Beyond fintech

Although fintech dominates the largest companies, other sectors are growing: e-commerce and logistics (such as Jumia, which is public), health technology, agricultural technology, clean energy and education. Climate technology is particularly important in Kenya and East Africa, where off-grid solar and electric motorbikes are spreading. Talent platforms such as Andela show how Africa's young, growing population can serve global companies remotely.

How to research African startups

Regional publications such as TechCabal and Techpoint Africa, data from Briter Bridges and Partech's annual reports, and company announcements are useful sources. Because many African startups are incorporated in the US or UK, filings in those countries can also provide information. Our guide to researching a private company covers general methods.

Investor sentiment and valuations

African startup funding peaked in 2021 and 2022, then fell sharply as global investors retreated and local currencies weakened against the dollar. Valuations of some companies were cut, several high-profile startups shut down, and others raised money at flat or lower prices. Investors now focus more on profitability, local revenue in hard currency and careful management of foreign exchange risk. Debt funding has become a larger share of capital for lending and asset-financing businesses. Despite the slowdown, the continent's long-term fundamentals, including a young population, rising smartphone use and large unmet needs in finance, health and energy, continue to attract committed investors.

Talent and diaspora

Africa's technology ecosystem benefits from a large and growing pool of software engineers and from diaspora founders who return with experience from global companies. Programmes run by accelerators and companies such as Andela, Google and Microsoft train thousands of developers each year.

Regional hubs such as Lagos, Nairobi, Cape Town and Cairo host most startups, but cities like Kigali, Accra and Dakar are growing quickly, supported by government initiatives and improving internet infrastructure.