2019 proved to be the best year yet for African tech startups with the fintech sector remaining the most popular among investors by raising a combined US $107 million in 2019 alone.
Kenya and Nigeria were the leading markets in African tech startup funding at $149 million and $122 million respectively. Egypt however had the largest number of startups at 88 companies in total raising funding in 2019 with South Africa coming 4th.
Among fintech startups that raised in 2019 include Carbon, a consumer-facing lending platform, and Kuda, Nigeria’s first digital-only bank.
The total secured funding in 2019 grew by more than 50 per cent compared to 2018 while the total funding grew by 47 per cent.
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Compared to other sectors however, notably logistics, transport, e-Commerce, Agri-Tech and E-Health, fintech’s share of total funding fell to 21.8% from 39.7%.
Fintech is projected to contribute close to $150 billion to Africa’s GDP by 2022. Hopefully, regulation will allow the fintech space to grow and innovate rather than stifle it.
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