FinTech startups take up over half of the $1.1b raised by African startups in 2019

FinTechs in Africa have closed $555m in funding from January to November 2019 out of a record $1.1b raised by startups over the better part of this year.

A data compilation by @MaxBeyen from different sources shows that 77 startups across Africa secured over $1m from 168 different investors.

18 Nigerian startups scooped $597 million from the funding pot further cementing the country’s position as one of the leading destination for startup capital alongside South Africa and Kenya.

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Among the Nigerian FinTech startups that closed a round of funding this year include super app Opay which raised $120m in November backed by Chinese investors, payments company Interswitch getting $200m from Visa and software engineering firm Andela which closed $100m earlier this year.

Other startups in Nigeria that have secured significant capital this year are 54gene, Kuda, onefi, palmpay, Kobo and max.ng.

In South African, 25 startups have raised $113.3m this year including ed-tech firm snapplify, digital bank Tymebank, SweepSouth and Flow.

Others are RetailCapital, Sune, govchat and xchan.

12 startups in Kenya have raised over $1m each totaling to $107.7m. These include logi-tech firms Sendy, Lori and Sokowatch. Others are Fintech startup Bitpesa, edutech firm eneza, Twiga foods and mydawa.