Report: Fintech Firms Received 62% of the $4.9 Billion Raised by African Tech...
Fintechs account for nearly two-thirds of the $4.9 billion that was raised by African technology firms during the past year. Fintech groups also dominate in terms of funding that exceeds $50 million, with a 40% share of the total number of tech firms. The Covid-19 Factor Out of the $4.9 billion in funding that was raised by African technology companies in 2021, almost two-thirds of this went to fintech companies, data from a new report has shown. In terms of deals wherein the capital raised exceeded $40 million, fintechs accounted for 40% of such deals. As shown in the latest Africa....
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According to an analysis of the $417.5 million that was raised by Nigerian tech startups during the first nine months of 2021, fintech firms accounted for about $379 million or 90.78% of the total. Nigerian Fintechs Dominate the African Continent Nigerian fintechs currently account for more than 90% of the $417.5 million that was raised by tech startups during the first nine months of 2021, a local report has said. While the report, which was compiled by local media outlet Punch, notes that the $417.5 million is already significantly higher than the $300 million that was raised in the....
The African fintech industry has grown rapidly over the past few years and this has caught the attention of some well-resourced venture capital (VC) firms. As one would expect, Nigerian fintech startups have dominated the continent in terms of funds raised or the number of transactions performed.
Nigeria’s Burgeoning Fintech Scene
This dominance has convinced VCs to pour tens of millions of dollars into different Nigerian fintech projects. In fact, a few fintech startups that originated in Nigeria, the continent’s most populous country, have managed to secure....
Financial technology (fintech) has exploded during the last two years and cryptocurrency and blockchain firms have bolstered the billion-dollar industry. A recently published study by Utility Bidder indicates that the industry is predicted to surpass $382 billion by 2027. Moreover, fintech firms that are blockchain-specific are projected to be worth over $67.4 billion by 2027. The recent study also highlights that Kraken is the most influential blockchain company of 2021. Kraken Named 2021’s Most Influential Blockchain Company Numerous research studies have shown the fintech....
A Tanzanian fintech startup revealed it has raised $10 million in its latest funding round and is planning to use the funds to finance an expansion into other African countries. Fintech Plans to Enter 12 More Countries by Year’s End The Tanzanian fintech behind an app that enables payments from the U.K. to Africa, Nala, recently revealed it raised $10 million in a funding round backed by Amplo, Accel, and Bessemer Partners. So-called angel investors that participated in this round include the founder of Robinhood, Vladimir Tenev, and Jonas Huckestein, CTO at Monzo. According to a....
The latest funding extension round puts the African fintech and bitcoin app at a $2 billion valuation.