Fintech is short for financial technology and it is the technology and innovation which aims to compete with traditional financial institutions in the delivery of financial services. In simple language, fintech companies aim to provide easier ways for people to pay for goods and to be paid.
With the massive growth of Stripe which was founded by two Irish brothers in 2010 and is now worth $95 billion it’s clear that processing payments is big business.
So how are African fintech companies doing in this new digital world? You’ve come to the right place.
In this article we’ll discuss the top 10 African fintech startups to watch in 2021.
Ready? Let’s go!
Nomanini is a South African financial services platform which was founded in 2010. The platform enables informal merchants and micro-entrepreneurs in emerging markets to distribute digital products such as airtime, prepaid electricity and access micro-loans. The Nomanini platform is available in South Africa, Ghana and Mozambique. In 2019 Nomanini raised $4 million from Standard Bank and Goodwell Investments.
Dayra is an Egyptian payments company which was founded in 2020. Egypt has a population of 105 million and only 30% of them have bank accounts. Dayra provides a platform for the 70% of people who do not have bank accounts to easily send and receive money. The platform is most popular with small businesses, courier and food delivery drivers, freelancers and other people in the so called “gig economy”. In March 2021 Dayra raised $3 million from Tanmiya Capital Ventures and other angel investors to expand its operations. Dayra is available on the App Store and Google Play Store.
Umba is a Kenyan digital banking platform which was founded in 2018. The platform lets people send and receive money, pay bills and access loans. Umba is available to customers in Kenya and Nigeria via the Google Play Store.
Paga is a Nigerian mobile payments platform which was launched in 2011. The platform allows people in Nigeria to send and receive money and pay bills from their mobile device. In September 2018 Paga received and investment of $10 million from the Global Innovation Fund to expand its operations. Paga is available on the App Store and Google Play Store.
Yoco is a South African payments company founded in 2015. The platform enables business owners to accept payments online or through Yoco card machines. In 2018 Yoco raised $16 million from Partech, Orange Digital Ventures FutureGrowth.
Mono is a Nigerian fintech company founded in August 2020. The platform enables digital businesses and developers in Africa to access customers’ financial information, identity data and to initiate direct debit to improve customer experience.
Eversend is a Ugandan mobile money platform founded in 2017. The platform allows people to send money between people in different African countries and also buy airtime, pay bills, get insurance and access loans. In June 2020 Eversend raised $706 000 in a crowdfunding campaign on Seedrs. Eversend is available on the App Store and Google Play Store.
Jumo is a South African technology platform for building and running financial services. The platform allows banks, financial institutions, telecoms and other companies to offer savings, lending and insurance products to entrepreneurs in emerging markets. Some of Jumo’s clients are Absa, Ecobank, MTN and Airtel.
Flutterwave is a Nigerian payments company founded in 2014. The platform helps people and businesses to make and accept payments from customers anywhere in the world. In March 2021 Flutterwave raised $170 million from Avenir Growth Capital and Tiger Global to give the company a valuation of over $1 billion.
1. Rock Wallet
Rock Wallet is a South African cryptocurrency wallet founded in May 2020. The platform allows people from all over the world to easily buy, send and receive Bitcoin. Rock Wallet is popular with people who want to keep some of their savings outside the traditional financial system. Rock Wallet is available on any desktop or mobile internet browser and the app can be downloaded from the Google Play Store or Huawei App Gallery.