At a Glance
- Fintech leaders like Flutterwave and M-Pesa revolutionize payments and financial inclusion across Africa.
- E-commerce giants and logistics startups fuel growth, jobs, and cross-border trade opportunities.
- Record funding showcases global investor confidence in Africa’s booming digital economy.
Africa’s tech ecosystem is experiencing unprecedented momentum, with trailblazing companies driving innovation, creating opportunity, and redefining what’s possible across the continent.
From fintech disruptors revolutionizing financial inclusion to e-commerce leaders bridging markets and consumers, these ventures are transforming daily life for millions.
Backed by record-breaking funding rounds and growing investor confidence, Africa’s top tech companies have emerged as engines of growth and resilience.
In recent years, firms in sectors like logistics, healthcare, mobility, and renewable energy have scaled rapidly, introducing world-class solutions tailored to local challenges.
Their impact reaches beyond technology—spurring job creation, improving access to essential services, and strengthening economic development across diverse markets.
This dynamic landscape reflects a new era of entrepreneurship and innovation, as African founders harness technology to build scalable, sustainable businesses with global ambitions.
From Lagos to Nairobi and Cape Town, these ventures are proving that Africa is not just a consumer of technology but a hub of ingenuity and leadership.
Shore Africa spotlights 20 of the continent’s most influential tech companies—celebrating their groundbreaking products, impressive growth stories, and the transformative potential they hold for Africa’s future.
1. Flutterwave (Nigeria)
Funding raised: Flutterwave has raised a total of $489 million across 8 funding rounds. Their latest was a $250 million Series D round in February 2022.
Valuation: The company was valued at over $3 billion after its Series D funding round in February 2022, making it Africa’s highest-valued startup at the time.
User base: Flutterwave serves over 1 million businesses and 2 million individuals. It has processed more than 890 million transactions valued at over $34 billion. Their platform is used by companies like Uber and Booking.com, with operations spanning over 35 countries and support for more than 150 currencies.
Focus area: Flutterwave provides payments infrastructure that enables cross-border transactions for businesses of all sizes. Services include online payments, payouts, POS solutions, and tools for creating online stores and invoices, alongside remittances and tuition payments.
2. Jumia (Nigeria)
Funding raised: Jumia has raised over $800 million from investors, including Goldman Sachs, MTN, and Rocket Internet, before going public in 2019.
Valuation: At IPO in April 2019, Jumia was valued at over $1 billion. Its valuation has fluctuated significantly since listing on the NYSE.
User base: As of 2024, Jumia has over 10 million active customers across 11 African countries.
Focus area: Jumia operates an e-commerce platform connecting sellers and buyers across Africa. It offers retail marketplace services, logistics networks, and JumiaPay, its digital payments platform.
3. Interswitch (Nigeria)
Funding raised: Interswitch has raised approximately $320 million. Notably, Visa acquired a 20 percent stake in 2019, valuing the company at $1 billion.
Valuation: Interswitch’s valuation is around $1 billion, making it Africa’s first fintech unicorn.
User base: Interswitch powers payments infrastructure for thousands of African banks and businesses. Quickteller, its consumer payments platform, has over 5 million users.
Focus area: Interswitch focuses on electronic payments processing, card issuing (Verve), switching services, and digital wallets.
4. M-Pesa (Kenya)
Funding raised: M-Pesa was developed in-house by Safaricom and Vodafone; it did not raise conventional VC funding.
Valuation: As a business unit, M-Pesa generates over $1 billion in annual revenue for Safaricom.
User base: M-Pesa has more than 50 million active users across 7 African countries.
Focus area: M-Pesa is a mobile money platform enabling peer-to-peer transfers, bill payments, credit, and savings via mobile phones.
5. Andela (Nigeria)
Funding raised: Andela has raised over $380 million, including a $200 million Series E round in 2021.
Valuation: The Series E round valued Andela at $1.5 billion.
User base: Andela has trained and placed thousands of software engineers with over 300 companies globally.
Focus area: Andela connects vetted African engineering talent to global technology companies, focusing on remote work and team augmentation.
6. Wave (Senegal)
Funding raised: Wave has raised $291 million, including a landmark $200 million Series A in 2021.
Valuation: The Series A valued Wave at $1.7 billion, making it Africa’s first Francophone unicorn.
User base: Wave serves millions of users in Senegal and Côte d’Ivoire, processing billions in annual transactions.
Focus area: Wave offers ultra-low-cost mobile money services, including deposits, withdrawals, and bill payments via simple apps and agent networks.
7. Chipper Cash (Uganda)
Funding raised: Chipper Cash has raised over $300 million, including a $150 million Series C led by FTX in 2021.
Valuation: As of 2021, Chipper Cash was valued at $2 billion.
User base: The platform has over 5 million users across Africa and the US.
Focus area: Chipper Cash provides free cross-border payments, cryptocurrency trading, airtime purchases, and bill payments.
8. Opay (Nigeria)
Funding raised: Opay has raised over $570 million, including a $400 million Series C in 2021.
Valuation: Opay’s valuation reached $2 billion in 2021.
User base: Opay serves millions of Nigerian users with payment and lifestyle services.
Focus area: Opay operates as a super-app offering payments, transfers, lending, ride-hailing, and food delivery.
9. TymeBank (South Africa)
Funding raised: TymeBank has raised over $260 million from investors including Tencent and CDC Group.
Valuation: $1.5 billion.
User base: 10 million customers
Focus area: TymeBank offers digital banking with low fees, smart kiosks, and financial education.
10. Yoco (South Africa)
Funding raised: Yoco has raised $170 million, including a $83 million Series C in 2021.
Valuation: While Yoco hasn’t disclosed its valuation, estimates place it between $400–$500 million.
User base: Yoco has over 300,000 small businesses using its POS and payments solutions.
Focus area: Yoco helps SMEs accept card payments and manage sales via point-of-sale hardware and software.
11. Twiga Foods (Kenya)
Funding raised: Twiga has raised over $150 million, including a $50 million Series C in 2021.
Valuation: Twiga’s valuation is estimated at about $500 million.
User base: Twiga supplies over 100,000 retailers across Kenya.
Focus area: Twiga digitizes food supply chains, sourcing produce from farmers and delivering it to informal retailers.
12. M-KOPA (Kenya)
Funding raised: M-KOPA has raised over $250 million in debt and equity funding.
Valuation: Its latest rounds value M-KOPA around $400–$500 million.
User base: M-KOPA has reached over 3 million customers across East Africa.
Focus area: M-KOPA provides asset financing for solar systems, smartphones, and appliances through pay-as-you-go credit.
13. Cellulant (Kenya)
Funding raised: Cellulant has raised over $54 million, including a $47.5 million Series C in 2018.
Valuation: Estimated around $200–$300 million.
User base: Cellulant serves over 130 banks and 7 million consumers across Africa.
Focus area: Cellulant powers payments collections, disbursements, and merchant acquiring for banks and businesses.
14. Kuda Bank (Nigeria)
Funding raised: Kuda has raised over $90 million, including a $55 million Series B in 2021.
Valuation: Estimated at over $500 million.
User base: Kuda has more than 6 million registered accounts.
Focus area: Kuda is a digital-only bank offering free transfers, savings tools, and overdrafts via its app.
15. Jumo (South Africa)
Funding raised: Jumo has raised over $200 million, including $120 million from Fidelity and Visa in 2021.
Valuation: Estimated at over $400 million.
User base: Over 20 million customers have accessed loans and savings via Jumo’s platform.
Focus area: Jumo provides AI-driven credit and savings products for underserved individuals and small businesses.
16. MaxAB (Egypt)
Funding raised: MaxAB has raised over $100 million, including a $55 million Series A in 2021.
Valuation: Estimated around $300 million.
User base: MaxAB serves more than 70,000 retailers across Egypt and Morocco.
Focus area: MaxAB digitizes B2B grocery supply, offering procurement, credit, and logistics services.
17. Sendy (Kenya)
Funding raised: Sendy has raised over $26 million, including investment from Toyota Tsusho.
Valuation: Estimated between $100–$150 million.
User base: Thousands of businesses across Kenya use Sendy for logistics.
Focus area: Sendy provides last-mile delivery, freight logistics, and fulfillment services.
18. mPharma (Ghana)
Funding raised: mPharma has raised over $110 million, including a $35 million Series D in 2022.
Valuation: Estimated around $300 million.
User base: mPharma manages pharmacy supply chains across 10 African countries.
Focus area: mPharma digitizes drug inventory management and improves access to affordable medication.
19. Paystack (Nigeria)
Funding raised: Before being acquired by Stripe, Paystack raised about $10 million.
Valuation: Acquired by Stripe for $200 million in 2020.
User base: Paystack powers payments for over 60,000 businesses across Africa.
Focus area: Paystack provides online payment processing, invoicing, and subscription billing.
20. SweepSouth (South Africa)
Funding raised: SweepSouth has raised over $11 million in funding.
Valuation: Estimated under $100 million.
User base: Tens of thousands of households across South Africa use its platform.
Focus area: SweepSouth connects users to home cleaning and domestic workers on-demand via its app.
