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Top 3 Sectors Invested in Africa, by Quarter (2019-2023 YTD)
Top 3 Investment Sectors in Africa (2019-2023): FinTech Leads the Way
Africa’s investment landscape has been rapidly evolving, with FinTech, logistics, and energy consistently ranking as the top three most funded sectors. As of Q3 2023, FinTech remains the dominant force, attracting the highest capital inflows.
Key Highlights (2019-2023 YTD)
- FinTech leads Africa’s investment scene – 1 in 3 scaleups raising over $1M are in FinTech.
- Logistics & Transportation remains a key sector due to infrastructure challenges.
- Energy sector continues to receive strong backing, especially for renewable solutions.
FinTech’s Continued Dominance
- Largest share of equity funding in Africa
- Key players driving financial inclusion & digital banking
- Strong investor confidence despite global funding slowdowns
Investment Trends by Year
- 2019-2020: Steady growth, early momentum in digital finance & logistics
- 2021: Record-breaking investments, FinTech surges
- 2022: Peak funding levels, driven by large-scale FinTech deals
- 2023 YTD: Funding slowdown, but FinTech remains Africa’s #1 sector
Conclusion
Despite economic fluctuations, FinTech, logistics, and energy remain the core investment pillars in Africa. As the continent embraces digital transformation, FinTech continues to lead, with logistics and energy playing critical roles in economic development.
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Related link: Africa Fintech Funding Breakdown by Type and Sector (H1 2024)
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.
