Close Menu
fintechbits
  • News
  • AI
  • Acquisitions
  • Trends
  • Insights
  • Rumors
  • Startups
  • finjobsly

Subscribe to Updates

Get the latest news from Fintechbits.

Trending Now

Funding for Startups in India, AI Unicorns, and Space Technology

September 13, 2025

Exploring Quantum Technology and Finance within Google, Microsoft, Apple, and Meta

September 13, 2025

Workiva introduces AI-powered tools for finance teams.

September 13, 2025

M365 customers can utilize sales AI funding through Copilot – Computerworld

September 12, 2025
Facebook X (Twitter) Instagram
Trending
  • Funding for Startups in India, AI Unicorns, and Space Technology
  • Exploring Quantum Technology and Finance within Google, Microsoft, Apple, and Meta
  • Workiva introduces AI-powered tools for finance teams.
  • M365 customers can utilize sales AI funding through Copilot – Computerworld
  • Trintech expands collaboration with Workday through an AI-powered financial closure solution.
  • Philippine Digital: Updates on Connectivity and Fintech by Romulo
  • A brief overview of the upcoming weekly updates in fintech
  • The finance certification market is set to experience significant growth.
Facebook X (Twitter) Instagram Pinterest Vimeo
fintechbits
  • News

    FCCPC recoups 10 billion naira for harmed customers after grievances against banks and fintech companies

    September 11, 2025

    Hyderabad Fintech Viyona secures NPCI approval to function as a third-party application provider.

    September 11, 2025

    Klarna IPO Valuation Analysis in the US Banking Sector

    September 2, 2025

    Robinhood’s IA Investing Tool Digests Launches in the UK

    August 27, 2025

    JMJ Fintech experiences fluctuations despite robust recent financial results and growth strategies

    August 16, 2025
  • AI

    Exploring Quantum Technology and Finance within Google, Microsoft, Apple, and Meta

    September 13, 2025

    Workiva introduces AI-powered tools for finance teams.

    September 13, 2025

    M365 customers can utilize sales AI funding through Copilot – Computerworld

    September 12, 2025

    Trintech expands collaboration with Workday through an AI-powered financial closure solution.

    September 12, 2025

    The finance certification market is set to experience significant growth.

    September 12, 2025
  • Acquisitions

    Amazon concludes its acquisition of the Indian lender Axio, expanding its fintech efforts.

    September 11, 2025

    The incident involving the Kaustubh Kulkarni movement in Moomoo

    September 3, 2025

    Overview of Acquisitions for US Fintech Companies from the Clifford Chance Guide

    September 2, 2025

    Dentons guides PEAC Solutions in acquiring Fintech Topi

    August 29, 2025

    Truckstop.com purchases the denim division of the transport finish company

    August 24, 2025
  • Trends

    Overview of the Size, Trends, Growth Drivers, and Key Players in India’s Fintech Sector

    September 5, 2025

    SEF – Wits Global Fintech Conference 2025 Investigates Worldwide Fintech Trends

    September 4, 2025

    The impressive results of PB Fintech underscore the contrast with overall market trends.

    September 4, 2025

    South Korea’s Fintech Market Overview, Trends, and Growth Predictions

    August 30, 2025

    Vietnam’s fintech market projected to exceed 50 billion USD by 2030.

    August 21, 2025
  • Insights

    A brief overview of the upcoming weekly updates in fintech

    September 12, 2025

    Kapital is the final unicorn in Mexico valued at over $1 billion.

    September 5, 2025

    Canton RestitySteve Forbes and Peter Schiff Headline New Fintech.tv Series Riding Bulls and Taming Bears Led by David Stryzewski New York, NY / Access Newswire / August 25, 2025 / Fintech.tv has unveiled the debut of Bulls and Taming Bears, a series focused on market analysis and…

    August 28, 2025

    Steve Forbes and Peter Schiff Launch New Fintech.tv Series “Conquering Market Fluctuations” by David Stryzewski – Azentral | The Republic of Arizona

    August 28, 2025

    Updates on Blockchain, Fintech, and Finance from Coinlaw

    August 26, 2025
  • Rumors

    Pi Network price hits a new all-time low amid delimitation speculation on OKX and Mexc.

    September 11, 2025

    Tether’s Bitcoin Sale for Gold: CEO Paolo Ardoino Shares the Facts

    September 8, 2025

    Buffalo Sabers encouraged to trade former first-round pick Isak Rosen amid challenges

    September 7, 2025

    Wise aims to establish itself as a bank in the UK.

    September 7, 2025

    Is Trump deceased?

    September 6, 2025
  • Startups

    Startup Fintech Growxcd aims to raise Rs 200 crore in Series B funding.

    September 11, 2025

    South African Fintech Company Finutup Secures $2.6 Million (46 Million Rands) in Funding

    September 11, 2025

    Venturesouq, backed by the sovereign, successfully concludes the second Fintech Fund, highlighting a significant advancement for the Mena startup ecosystem.

    September 10, 2025

    South African Finutup Floor Fineshy Achieves R46M Increase in Scale

    September 10, 2025

    Comparison of RAMP and American Express: Analysis and Market Share of Fintech Startups – News and Data

    September 10, 2025
  • finjobsly
fintechbits
Home » Fintech startups raised 47% of the $2.2 billion in funding for African startups in 2024
Startup News

Fintech startups raised 47% of the $2.2 billion in funding for African startups in 2024

5 Mins Read
Facebook Twitter Pinterest Telegram LinkedIn Tumblr Email Reddit
Fintech.jpeg
Share
Facebook Twitter LinkedIn Pinterest Email Copy Link

Fintech continues to be a favorite among venture capitalists as the sector attracted $1.026 billion in funding in 2024. This figure represents 47% of the $2.2 billion total, according to company data African analysis of venture capital financing, Africa, the big deal.

According to him, fintech’s share of the total represents an improvement on the 42% share of the total that the sector held in 2023. Indeed, this year’s share is the highest that the sector has enjoyed since the post-pandemic (2021).

This is quite interesting given that at the end of the first half of 2024, the sector had only contributed 22% of total funding, far behind climate technology.

“But if you remember, it was not always obvious that Fintech would come out on top in 2024: in fact, in the first half of the year, Fintech was not even the leading sector in terms of fundraising and only represented “ than » 22%. of the total collected. However, the second half of H2 brought many fintech deals (including Tyme of course), which brought the sector back to the forefront.“, we read in the report.

See also: Climate tech outpaces fintech and attracts 45% of African startup funding so far in 2024

The new fintech unicorns, Moniepoint and Tyme, behind a successful year

Two new unicorns were minted in Africa last year. It’s no surprise that they’re both fintech companies, as seven of the continent’s nine unicorns hail from the sector.

The two mega-funding rounds also took place much later in the year to propel the sector to the top of the funding food chain. Indeed, four of the ten largest startup fundraising rounds in Africa in 2024 were for fintech companies.

In July, Egyptian company MNT-Halan announced an increase of $157.5 million. The increase included contributions of $40 million from the International Finance Corporation (IFC), with the remainder of the funds provided by Development Partners International (DPI), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate and GB Corp.

This new influx of capital is expected to fuel the imminent geographic expansion of the Egyptian unicorn.

Moniepoint
Moniepoint

In October, Moniepoint, considered Africa’s fastest-growing financial institution, raised a $110 million Series C round. This investment also means that the fintech has surpassed its $400 million valuation and reached unicorn status.

In December, Tyme Bank became Africa’s 10th unicorn by raising $250 million in a Series D funding round. The digital bank controlled by South African billionaire Patrice Motsepe saw its valuation reach 1.5 billion following the capital increase which includes a $150 million investment from Latin America’s most valuable financial company, Nu Holding.

Climate technology has seen a decline in 2024

Climate technology is the fastest growing sector in Africa and has indeed found itself competing quite favorably with the fintech sector. Its sub-sector, clean energy, is the second best investment sector for venture capitalists, with startups operating in this area having raised $440 million.

This represents 20% of the total venture capital funding raised in Africa in 2024.

Fintech rules as Moniepoint, Tyme and others attract 47% of $2.2 billion in funding for African startups in 2024Fintech rules as Moniepoint, Tyme and others attract 47% of $2.2 billion in funding for African startups in 2024
Credit: Africa, the big deal

Startups in the sector that saw impressive funding include d.light’s $176 million securitization facility in July, SunCulture’s oversubscribed $27.5 million Series B funding round, and $87 million securitization of Sun King dollars with Citi to expand access to financing for off-grid solar energy in Kenya.

This makes East Africa and Kenya in particular the home of clean energy and climate investments in Africa.

Another climate technology sub-sector, the e-mobility sector retained its place as the third preferred sector for funding, recording total funding of $288 million.

This makes it likely the only sector to see an improvement in funding compared to 2023, when it raised $271 million, a 6% year-over-year increase. The $288 million raised by startups in this sector also means that their share of total venture capital funding on the continent has increased to 13% in 2024, from just 9% in 2023.

Indeed, three of the top ten African startups to have raised funds in 2024 belong to this sector. They include: Moove which raised $110 million in equity and debt financing led by Uber and Stride Ventures; Spiro who raised a significant $50 million debt facility with the African Export-Import Bank (Afreximbank) in May and Basigo’s $44.5 million Series A financing aimed at delivering 1,000 electric buses across the East Africa over the next three years.

These three companies attracted 75% of the sector’s total funding in 2024.

BasigoBasigo
Basigo

Investments in clean energy and e-mobility include broader climate-related investments. From a climate technology perspective, they represent 32% of the total invested in start-ups in Africa in 2024.

This is less than the 36% share recorded in 2023 (36%), a drop attributed to lower funding for the energy sector.

In total, 80% of the total $2.2 billion in venture capital funding invested in African startups in 2024 was raised by startups in these top 3 sectors.

All other sectors suffered a loss in absolute and relative terms in 2024, with the agritech and healthtech sectors suffering declines of 44% and 61% respectively.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Startup Fintech Growxcd aims to raise Rs 200 crore in Series B funding.

September 11, 2025

South African Fintech Company Finutup Secures $2.6 Million (46 Million Rands) in Funding

September 11, 2025

Venturesouq, backed by the sovereign, successfully concludes the second Fintech Fund, highlighting a significant advancement for the Mena startup ecosystem.

September 10, 2025
Leave A Reply Cancel Reply

Latest news

Funding for Startups in India, AI Unicorns, and Space Technology

September 13, 2025

Exploring Quantum Technology and Finance within Google, Microsoft, Apple, and Meta

September 13, 2025

Workiva introduces AI-powered tools for finance teams.

September 13, 2025
News
  • AI in Finance (1,605)
  • Breaking News (168)
  • Corporate Acquisitions (71)
  • Industry Trends (200)
  • Jobs Market News (306)
  • Market Insights (209)
  • Market Rumors (274)
  • Regulatory Updates (166)
  • Startup News (1,047)
  • Technology Innovations (174)
  • X Feed (1)
About US
About US

FintechBits is a blog delivering the latest news and insights in fintech, finance, and technology. We cover breaking news, market trends, innovations, and expert opinions to keep you informed about the future of finance

Facebook X (Twitter) Instagram Pinterest Reddit TikTok
News
  • AI in Finance (1,605)
  • Breaking News (168)
  • Corporate Acquisitions (71)
  • Industry Trends (200)
  • Jobs Market News (306)
  • Market Insights (209)
  • Market Rumors (274)
  • Regulatory Updates (166)
  • Startup News (1,047)
  • Technology Innovations (174)
  • X Feed (1)
Happening Now

November 28, 2024

“ Intentionally collaborative ”: how the Rotman school of U of T leads Innovation Fintech

February 6, 2025

‘1957 Ventures’ to Drive FinTech Innovation in Saudi Arabia

September 10, 2024
  • About FintechBits
  • Advertise With us
  • Contact us
  • Disclaimer
  • Privacy Policy
  • Terms and services
  • BUY OUR EBOOK GUIDE
© 2025 Designed by Fintechbits

Type above and press Enter to search. Press Esc to cancel.