Egyptian Fintechs Triumph Amidst African 2023 VC Winters
22 February 2024•
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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.
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