Africa Fintech Funding Breakdown by Type and Sector (H1 2024)

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.

Related Report

The Future of Fintech in Africa

Eighteen percent of the world’s population lives in Africa, and 57% of Africans are ‘unbanked’, without a bank account or a digital wallet. This presents a massive opportunity, making fintech the most dominant and funded tech sector in Africa today. This special report highlights how African fintechs not only have one of the largest total addressable markets globally but are also crucial for achieving financial inclusion and empowering unbanked populations. The potential impact of a successful fintech in Africa is unparalleled. To learn more about the drivers, barriers, and opportunities in African fintech, as well as progress toward financial inclusion, read the special report.

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