Egyptian Fintechs Triumph Amidst African 2023 VC Winters

Africa, like everywhere else, saw VC winters set in hard in 2023. However, in the Fintech space, while equity funding was down by 43% vs. 2022, debt funding increased by 34% to US $647 million.

Despite Egypt’s tough economic situation, where inflation has skyrocketed north of 30% and currency valuations have plummeted to less than half their value from the start of the year - Egypt's fintechs still emerged as winners in the African tech ecosystem.

35% of all 2023 fintech funding on the continent went to Egyptian startups comprising 10% of the deals - indicating that ticket sizes in Egypt were significantly larger than in other African countries. On the other hand, more than a third of all African fintech deals were made with Nigerian startups, only garnering 16% of fintech funding - indicating smaller ticket sizes. South Africa and Kenya round out the Big 4 markets in Africa - as per usual.