Top Fintech Companies in South Africa

By January 5, 2020 February 28th, 2020 News

South Africa Technology is on the rise. The country has a home to some technology stars like Elon Musk that was born in the country and several others. As of 2020 these are the top Fintech startups in South Africa.

1. Yoco

Yoco is arguably one of the biggest venture capital deals that were announced in South Africa in 2018. It is a startup focused on making card payment processes easier with an aim to help small businesses get paid, run the business better and grow it.

Yoco builds tools and services to help small businesses accept card payments and manage their day to day activities. Since launching its first product in late 2015, a card reader that connects with a merchant’s smartphone or tablet, the company has grown its base to over 66,000 South African small businesses, 75% of which had never accepted cards…

According to CrunchBase the company has raised over $23 million USD as of Jan 2020.

2. Jumo:

Jumo has an ambitious goal to provide financial services to the 1.7 billion people in Africa who were excluded from access to financing so far or were underserved by traditional banking companies.

It’s a B2B firm that built a scalable and automated platform based on a microservices architecture. Jumo helps to create predictive data products and models for financial services providers, mobile network operators, and other companies building behavioral data sets.

The company was co-founded by Salomon Brothers alumnus Andrew Watkins-Ball. Jumo.

Jumo has expanded across Africa launching several products including wewole in Uganda in partnership with Airtel among others. They are active in 13 markets including Kenya, Uganda, Pakistan, Zambia, Tanzania and more

3. Luno

The company enables individuals buy/transact Bitcoin and Ethureum. The company has since inception expanded across several African countries and internationally

4. Tyme Bank:

TymeBank is an internet first bank. Users can open an account online and get a TymeBank Visa debit card linked to the account. Users earn reward points on making payments via TymeBank card. Offers a savings tool called GoalSave, that enables users to set up different savings goal. The money in the GoalSaves earns interest at rates that increase over time. Headquartered in Rosebank, Johannesburg, TymeBank does not have any physical bank branches and relies on an Android banking App, an Internet Banking site and a partnership with two retail chains, Pick n Pay and Boxer, to host a national network of self-service kiosks that facilitate the account opening process.

5. Lula Lend:

LulaLend is an online lending platform that offers working capital loans to small businesses. It claims to disburse the loan within 2 business days. The loans are offered for 6 months. The business must be operative for atleast 1 year and based in Africa in order to be eligible for financing.

The above 5 are the top Fintech companies in South Africa as of 2020.

Extended list in video below:


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