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.


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

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.