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Fintech Unicorns in Africa (Until February 2023)
The Land of Zebras and Unicorns?
Africa may not be the first place that comes to mind when you think of unicorns, but believe it or not, the continent is home to some pretty impressive startups that have reached billiondollar valuations. And what’s more, a significant chunk of these unicorns are fintechs, indicating the growing importance of financial technology in Africa’s economic landscape.
A unicorn is a privately-held company that has a valuation of over US $1 billion. These are rare creatures indeed, and in Africa, they are even rarer. However, in recent years, the number of African unicorns has been growing steadily, and fintechs are leading the pack. Here are some of Africa’s most prominent fintechs, in chronological order of their birth into unicorndom.
Related Report
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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.
