Africa Fintech Funding Breakdown by Type and Sector (H1 2024)
30 July 2024•
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In the first half of 2024, around 60 fintech startups across Africa secured approximately $340 million in risk capital through 66 transactions. This marks a substantial 70% decrease in total funding compared to the same period last year. Despite the decline in funding, the number of transactions only fell by 24%.
The banking and lending sector emerged as the dominant vertical, capturing $0.54 of every dollar of equity and debt raised in 2023. Payments continued to hold its position as the second most funded area, while insurtech made notable gains, securing the third spot for the first time.
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