SSA Funding Halves by April 2025—Can Big Rounds Spark Recovery?

SSA Startup Funding Halves YoY by April; Four Big Deals Arrive in One Month

The venture capital landscape in Sub-Saharan Africa (SSA) as of April 2025 reflects a sharp deceleration as both deal value and deal count have continued their downward trajectory from prior years.

SSA’s year-to-date (YTD) total deal value stood at US $491.4 million in April 2023 rising slightly to US $530.8 million by April 2024. As we move into Q2 2025, this YTD total has dropped to US $281.7 million in a 46.9% year-over-year decline. YTD deal count has followed an even steeper slope, falling from 245 deals in April 2023 to 181 in 2024 and then 74 in 2025 — marking a 59.1% decrease from the same time last year, and a 70% overall fall from two years ago. Average deal size has been less volatile: despite fewer rounds, April 2025’s YTD average sits around US $3.8 million, above 2024’s US $2.9 million and 2023’s US $2.0 million.

Though 2025 YTD figures may not paint a pretty picture at the moment, this month saw four of the top five YTD deals take place — a significant concentration of large rounds after a noticeably slow Q1. Leading the pack is Stitch from South Africa with its US $55 million Series B as the largest single deal this year. Together, the April rounds alone account for over 44.4% of 2025 YTD funding, which may suggest early signs of recovery compared to Q1.

April 2025 data reveals that FinTech remains a magnet for capital, as well as a continued dominance by South Africa and Nigeria. Notably, Ghana and Côte d'Ivoire also made rare appearances in the top rankings this month.

Regionally, SSA is seeing the steepest year-on-year decline in VC funding compared to ecosystems like MENA or the GCC so far, raising concerns about sustained investor engagement. It is well known that the African continent faces structural challenges such as debt vulnerabilities and fragility risks, but uneven growth means that while countries like Nigeria show promise, others struggle to attract capital. This may reduce investor confidence across the region as a whole and further deter early-stage VC investments — traditionally the backbone of startup ecosystems. Looking ahead, recovery will depend on regional economic stability, targeted policy support, and renewed investor confidence across a broader range of the SSA ecosystem.

Let’s take a look at the top 5 funding rounds of April 2025 in SSA.

#1 - Stitch (South Africa) | FinTech | US $55 Million Series B

Founded in 2019 by Kiaan Pillay, Junaid Dadan, and Priyen Pillay, Stitch has emerged as a key player in Africa’s digital payments sector specialized in open banking and payment infrastructure. The company’s technology enables businesses to securely connect with users’ financial accounts, streamlining transactions for e-commerce and enterprise clients. With the acquisition of Exipay earlier this year —  rebranded as Stitch In-Person Payments — the fintech has expanded into physical payment solutions, a strategic move to serve corporate clients requiring hybrid digital and cashless transaction systems.

In April 2025, Stitch raised US $55 million in a new funding round from existing investors including Raba Partners, bringing its cumulative funding to US $101 million. Stitch’s ability to secure capital underscores its potential to address payment inefficiencies and interoperability challenges even as African startups face tighter global venture capital conditions. The company is focused on deepening its presence in South Africa and selectively expanding into other high-potential markets.

#2 - OmniRetail (Nigeria) | B2B E-commerce | US $20 Million Series A

Founded in 2019 by Deepankar Rustagi, OmniRetail operates an asset-light platform that connects over 145 manufacturers and 5,800 distributors with more than 150,000 informal retailers across 12 cities in Nigeria, Ghana, and Ivory Coast. Through their mobile app, retailers can place inventory orders, access working capital, and make digital payments. The company’s embedded finance service, OmniPay, has proven particularly successful, disbursing approximately ₦19 billion (US $12 million) in inventory financing monthly with minimal defaults. OmniRetail reported becoming EBITDA positive in 2023 and achieving net profitability in 2024.

In April 2025, OmniRetail secured US $20 million in Series A funding co-led by Norfund, marking the Norwegian fund’s first direct equity investment in an African startup, alongside Timon Capital, bringing its cumulative funds raised to US $38 million. The funds will be used to deepen OmniRetail's presence in existing markets, expand into new ones, and further develop its embedded financial services.

#3 - Zeepay (Ghana) | FinTech | US $18 Million Debt Financing

Founded in 2014 by Andrew Takyi-Appiah, Zeepay has grown into a leading provider of digital remittance and mobile money services across Africa and the Caribbean. Zeepay’s core mission is to connect digital financial assets—such as mobile money wallets, bank accounts, cards, ATMs, and digital tokens—with international money transfer operators (IMTOs), enabling instant settlement of remittances directly into mobile wallets. Zeepay’s operations currently span more than 20 countries, making it one of Africa’s most dynamic digital finance players. With mobile money transactions across Africa projected to exceed US$1 trillion annually by 2026, the company’s growth strategy appears well-aligned with market trends.

In April 2025, Zeepay closed a US $18 million in debt financing arranged by South Africa-based advisory firm Verdant IMAP, bringing its cumulative funds raised to US $43.3 million. The new funding will provide crucial float financing support, ensuring Zeepay can manage liquidity demands associated with real-time mobile money transactions and international remittances.

#4 - Djamo (Cote d'Ivoire) | FinTech | US $17 Million Unknown Series Round

Founded in 2020 by CEO Hassan Bourgi and Chief Product and Technical Officer Régis Bamba, Djamo set out to address the financial access challenges prevalent in Francophone Africa. The startup’s innovative approach has resonated with users, propelling its customer base to over 1 million across Ivory Coast and Senegal. This rapid growth reflects a strong demand for more inclusive financial solutions in the region. Notably, Djamo secured the region’s first fintech-issued brokerage license, enabling it to provide investment opportunities previously inaccessible to many in its target market.

In April 2025, Djamo raised US $17 million led by Janngo in the largest ever for an Ivorian startup, bringing its cumulative funds raised to US $44.6 million. This investment is expected to fuel further expansion and innovation, allowing Djamo to enhance its offerings and reach more underbanked individuals in Francophone Africa.

#5 - Arnergy (Nigeria) | CleanTech | US $15 Million Series B

Founded in 2013 by Femi Adeyemo and Kunle Odebunmi, Arnergy operates across Nigeria and serves sectors such as hospitality, education, healthcare, agriculture, and finance. Its flagship product is Z Lite, a lease-to-own solar system that allows customers to pay fixed monthly fees over five to ten years before owning the system outright. This model has gained popularity as fuel prices have surged, making solar a more affordable and sustainable option. In 2023, outright purchases made up 60–70% of Arnergy’s revenue, but by 2024, lease-to-own accounted for 75% of sales, reflecting a major shift in consumer behavior.

In April 2025, Arnergy raised US $15 million as an extension of its Series B round led by CardinalStone Capital Advisers (CCA), bringing its total cumulative funding to US $27 million. The capital injection will be deployed to support Arnergy’s ambitions to install more than 12,000 additional solar energy systems by 2029, up from the 1,800 it has already deployed across 35 Nigerian states.