CB Insights, a global startup performance analytics firm, has unveiled its list of the 100 most promising fintech companies worldwide.
Seven African startups made the list with:
- South Africa (2)
- Egypt (2)
- Kenya(1)
- Tanzania (1)
- Nigeria (1)
Listed in order of their ranking, the featured African fintech startups are:
1.) MoniePoint (Nigeria)
Founded as TeamApt in 2015 by Tosin Eniolorunda and Felix Ike, MoniePoint is a comprehensive financial ecosystem supporting 10 million businesses and individuals with streamlined payments, banking, credit, and business management solutions.
As Nigeria’s largest merchant acquirer, MoniePoint facilitates the majority of the country’s point-of-sale (POS) transactions. Through its subsidiaries, it processes $17 billion monthly for customers while maintaining profitable operations.
To date, the startup has raised over $180 million since its launch in 2015.
According to the Financial Times, its latest funding round in October 2024 propelled MoniePoint to unicorn status – a privately held company valued at $1 billion or more.
🇳🇬FUNDING | Nigerian Leading Merchant Fintech, MoniePoint, Raises $110 Million in Series C Funding to Become Africa’s Latest Unicorn
As Nigeria’s largest merchant acquirer, MoniePoint facilitates the majority of Nigeria’s POS transactions. https://t.co/g6neb7Dosu @moniepoint pic.twitter.com/SbfRoEPRxd
— BitKE (@BitcoinKE) October 30, 2024
2.) DoPay (Egypt)
DoPay was founded in 2014 by CEO Frans van Eerse and Roel Van Eersel as a fintech company specializing in cashless payroll solutions. The company provides a virtual banking platform and prepaid debit cards, allowing businesses to shift from cash to electronic payments for employee wages. DoPay’s services target businesses of all sizes, particularly in frontier markets.
DoPay has raised a total of $37.15 million, including its Series A-2 round completed in July 2024.
FUNDING | Egyptian Fintech, DoPay, Raises $13.5 Million Series A Extension Following ‘True Hockey Stick Trajectory Growth’ – https://t.co/f5rDHg1lcc#Funding #Startups #fintech #financialinclusion
🌟News Summary in Reply🌟https://t.co/FC1BceKTUS
— Funding News (@fundingnews_) July 23, 2024
Its investors include:
- Barclays Accelerator
- ACE & Company
- Force Over Mass Capital
- Techstars Ventures
- MasterCard Start Path
- FMO
- Hub71
- Alder
- Kube VC
- Mbuyu Capital Partners
- NN Group
- Argentem Creek Partner.
According to CB Insights, Dopay’s current valuation stands at $19.5 million—an intriguing figure, given that it has raised nearly double this amount in funding.
Dopay ranks at Number 41 on the overall list.
3.) NALA (Tanzania)
Nala is classified as a Kenyan startup according to CB Insights, providing international money transfers and mobile payment solutions.
Founded in 2017 by Tanzanian CEO, Benjamin Fernandes, the company provides a mobile app that allows users to send money with competitive exchange rates and is recognized for its transparent fee structure.
NALA has raised a total of $50 million across several funding rounds, the latest being a $40 million series A round in July 2024.
🇹🇿FUNDING | Tanzanian Fintech, Nala, Raises $40 Million in Series A Following 10x Revenue Growth and ~500K User Growth
“To the 200+ Mobile money, bank partners, regulators and investors, your support has been invaluable to us in enabling fast and secure payments cross border… pic.twitter.com/zYoYU243H5
— BitKE (@BitcoinKE) July 10, 2024
The startup’s investors include:
- Nyca Partners
- VentureSouq
- Accel
- Alex Bouaziz
- Amplo
- Bessemer Venture Partners
- Digital Financial Service Lab
- Jonas Templestein
- Laura Spiekerman
- Peeyush Ranjan
- Vladimir Tenev
- Shine Capital
- Acrew Capital
- Amplo
- DST Global Partners
- HOF Capital
- Norrsken22
- Ryan King, and
- Vlad Tenev
The startup’s valuation is undisclosed and it stands at Number 68 on the 100 list.
4.) Peach Payments (South Africa)
Peach Payments, founded in 2012 by South African immigrants, Andreas Demleitner and Rahul Jain, focuses on online payment solutions.
The Pretoria-based startup offers a comprehensive suite of services, including online payment processing, subscription management, payout solutions, and advanced fraud protection, catering primarily to businesses in the ecommerce sector.
In April 2023, Peach Payments secured its largest venture funding to date, raising $31 million in a Series A round, with participation from:
- Launch Africa
- Google Umbono
- Allan Gray
- UW Ventures, and
- Apis Partners
South Africa’s 🇿🇦 Second Largest Online Payment Gateway, Peach Payments, Secures $31 Million in Series A Funding
Peach has set its sights on further expansion buoyed by strong growth in recent years. The fintech startup’s revenue has surged by over 650% since 2020, and by 80% in… pic.twitter.com/CwYFPmfnAt
— BitKE (@BitcoinKE) April 14, 2023
This round brought the startup’s total funding to $31.06 million.
Peach Payments is ranked Number 76 on the list.
5.) Stitch (South Africa)
Founded in 2017 by brothers Kiaan and Priyen Pillay, along with their friend Junaid Dadan, Stitch is a payment service provider based in Cape Town.
The company offers a payment gateway solution that enables businesses to accept diverse payment types, manage and reconcile payments across multiple methods and regions, and handle fund disbursements. Stitch primarily serves clients in the ecommerce, financial services, and marketplace sectors.
Since its founding, Stitch has raised a total of $52 million, with its most recent funding round in August 2023, securing $25 million in Series A-2.
The company’s backers include a range of venture capital firms and angel investors such as:
- 500 Global
- Aaron Fu
- CRE Venture Capital
- Calanthia Mei
- Firstminute Capital
- Future Africa
- Hannes Graah
- Iqram Magdon-Ismail
- Norrsken Foundation
- Iyinoluwa Aboyeji
6.) Telda (Egypt)
The second Egyptian-based fintech on the list, Telda, specializes in peer-to-peer payment solutions. Founded in 2021 by Ahmed Sabbah, a Co-Founder and former CTO of SWVL, and Youssef Sholqamy, the startup offers services that simplify sending, spending, and saving money.
Telda also provides a card that can be used for online and in-store purchases as well as for cash withdrawals.
Telda secured its largest funding to date with a $20 million seed round in October 2022.
This round attracted participation from investors such as:
- BYLD Ventures
- Class 5 Global
- Global Founders Capital
- Sequoia Capital,
- Block, and
- Yellow Card
bringing the startup’s total funding to $25 million.
Telda is ranked 97 on the list.
7.) WorkPay (Kenya)
WorkPay, the only Kenya-based company on the list, provided human resource and payroll solutions. Established in 2017 as TozzaPlus by Jackson Kibigo Kungu and Paul Kimani, the company offers various services, including time tracking, payroll management, and insurance.
Rebranding to WorkPay in 2019, the fintech also facilitates payouts to banks and mobile money across Africa, primarily serving the business sector. To date, WorkPay has raised a total of $10.1 million, including $5 million in a Series A round completed in June 2024.
The startup has several backers including:
- Traction Camp
- Pangea
- Google for Startups Accelerator: Africa
- Y Combinator
- Kepple Africa Ventures
- Musha Ventures
- P1 Ventures
- Soma Capital
- Acadian Ventures
- Axian Group
- Fondation Botnar
- Kara Ventures
- Launch Africa
- Norrsken VC
- Proparco
- Saviu Ventures
- VISA Africa Accelerator
- Norrsken22
- Plug and Play Ventures
- Verod-Kepple Africa Ventures, and
- VISA Ventures
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