The Fintech space in Africa is rapidly exploding. Africa gave birth to mobile first Usage. The fintech space is growing much faster than any other industry based on external funding from local and international investors. In 2019 alone, more than $320 million was raised by Fintech companies. This was a jump by over 60% in funding from just 2 years back. With this capital inflow we see more and more fintech companies coming up each day
- Jumo: It is currently active in Ghana, Kenya, Pakistan, Tanzania, Uganda and Zambia. Its known for providing small scale loans and other financial services through Mobile money especially in Africa. They operate several products including Kasaka Savings, Kasaka loans, Wewole (A loan service available on Airtel money where you can get small loans directly on your mobile money based on your transaction history on Airtel money in Uganda) among others. The company has raised a total of $67.5 million to expand operations as of 2019. Some of its investors include Goldman Sachs, Leapfrog Investments and Proparco
- Yoco (South Africa): The company was founded in 2013 by Bradley Wattrus. It is largely reknown for providing POS machines and software to enable small businesses. It is headquartered in CapeTown.
- BitPesa: Built on Bitcoin (BTC) the company is a transfer service enabling individuals and businesses transfer funds cheaper than banks and many other financial companies. It rebranded into Ava Finance in 2019 after raising over $10 million from investors like Pantera Capital and Plug And Play
- Flutterwave: The Nigeria Based start up provides several payments products for companies in Africa. The company’s products include Rave by Flutterwave, Fly by flutterwave and Barter by Flutterwave built to cater for companies, Market places and individuals.
- Zoona: With an estimated $19 million in venture funding raised across a Series A and B funding, Zoona is Zambia’s most funded startup. Omidyar Network, International Finance Corporation, Quona Capital and The Mastercard Foundation are some of their notable investors.
- Paystack: This is a payments company that focuses on How Africa Businesses accept payments from the world. It is largely focused in Nigeria with the bulk of businesses it serves being from within the country.
- DusuPay: The Ugandan Fintech start up exclusively focused on how global companies based out of the EU and US collect payments and pay out to Africa. 98% of its clients are from the EU and US including companies like XM.com, FXTM. The company provides an API for companies to seamlessly accept and make payments within their apps and websites
- Paga: Paga is Nigeria’s largest mobile money provider. The company enables people send and receive money and pay bills conveniently within Nigeria.
- Eversend: The Uganda/ France based startup provides Africa’s first Online Neo bank. It provides A neobank for Africans, anywhere in the world and A multi-currency e-wallet that allows you to exchange, spend and send money at the best possible rates. Insurance, virtual debit cards, and bill payments.
The 9 companies stated above are the companies you must watch out for coming to 2020
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