Fintechs see 39.3 per cent rise in investments, rake in $1.5 billion
22 February 2023 |
3:33 am
Fintech sector in Nigeria, South Africa, Kenya and others was the most attractive to investors in 2022, receiving almost $1.5 billion in funding during the year, making up 43.4 per cent of all startup investments into the continent.
Fintech sector in Nigeria, South Africa, Kenya and others was the most attractive to investors in 2022, receiving almost $1.5 billion in funding during the year, making up 43.4 per cent of all startup investments into the continent.
The startup investments that came to Africa in 2022, according to Disrupt Africa in its African Tech Startups Funding Report, were $3.3 billion.
The report noted that in all, 205 fintech startups raised funding, with Nigerian fintechs making up almost 40 per cent of startups and 46 per cent of fintech funding. African unicorn Flutterwave led the pack with a $250 million raise, followed by Moove ($181.8 million) and Yellow Card ($40 million).
Egyptian fintechs also had a strong year, with key rounds raised by MNT-Halan ($150 million), Paymob ($50 million) and Khazna ($38 million).
The capital raised by the fintech sector in 2022 was a 39.3 per cent increase on the prior year.
Despite fintech’s domination, other sectors also received funding. The next biggest sector for startup funding was e-commerce and retail-tech, which pulled in over $556 million, followed by e-health startups, which raised over $189 million in 2022.
Other sectors also pulling in startup funding were logistics, ed-tech, energy, agri-tech and transport.
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