Financial technology (fintech) has revolutionized the banking and payment systems around the world, and Africa is not left behind. Fintech businesses use cutting-edge technology to offer financial services to Africans, and this article will learn the top 10 fintech companies in Africa in 2023.
Africa is thought to have the second-fastest expanding payments and banking market and is especially suited to fintech innovation and mobile financial services due to the expanding middle class. According to Techpoint Africa, over 54% of startup investments in the region in 2019 were directly attributable to the fintech sector.
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Top 10 Fintech Companies in Africa 2023
The following sections highlight the list of the top 10 fintech companies in Africa in 2023. The list is not following any particular order.
Flutterwave is one of Africa’s fintech companies with corporate headquarters in San Francisco and California. Founded in Lagos, Nigeria in 2016 and valued at $64.7M, Flutterwave runs an API that enables people and businesses to process credit cards and other payment methods on the African continent.
It has partnered with prestigious organizations like Visa, Alipay, and Worldpay in an endeavor to provide financial services to Africans.
Flutterwave is present in 150 countries and enables companies and service providers to effectively receive payments from their clients in USD, Naira, Euro, Yuan, and GBP. It also launched a new feature in 2020 that lets companies set up their store directly on the platform.
Opay was founded in Lagos, Nigeria in 2018 and has emerged as one of the largest fintech companies in Africa, providing a payment gateway for financial transactions. Opera Software, a company known for its popular web browsers and search engines, founded Opay and owns one-fifth of its shares.
Opay offers a variety of services like mobile top-ups, loans, logistics, and food and grocery delivery. It currently has over 5 million users and has raised $400 million in a fundraising round led by Softbank Vision Fund. Currently, Opay has a market value of $2 billion.
3. Yellow Card Financial
Yellow Card is a Pan-African cryptocurrency exchange that was established in 2016 and has its headquarters in Atlanta, USA. It is now active in 13 countries and is continually expanding its market share.
It is committed to making cryptocurrency and other financial services widely available to Africans and offers a variety of crypto products and services. Africans can use Yellow Card to transfer money, make payments, and shield the value of their assets from the ongoing depreciation of their currencies in a number of African countries.
Yoco is a fintech business based in South Africa that was established in 2013. It has handled card payments totaling over US$2 billion and processes over US$1 billion in payments annually. It is currently the preferred digital payments network for over 200 000 small and micro businesses throughout South Africa.
Yoco is one of the most valuable startups on the continent, and its heavy hitters include new investors Breyer Capital, HOF Capital, The Raba Partnership, 4DX Ventures, and TO Ventures. Current and former executives from global tech companies such as Coinbase, Revolut, Spotify, and Gojek also participated.
Palmpay is a leading fintech company in Africa that was founded in Lagos, Nigeria, in 2019. It was founded by Chinese mobile phone manufacturer Trassion, and it has since developed a special connection with Infinx, Techno, and Intel. These handsets come pre-loaded with its app. Additionally available in Ghana, Palmpay has a user base of over a million.
Its services include Mobile Payments and P2P transactions. Palmpay currently offers users cashback rewards for using its payment platform
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Tala is a California-based fintech company founded by Shivani Siroya. It offers digital financial services to help the traditionally underbanked borrow, save and grow their money. The consumer credit app is the world’s most accessible, instantly underwriting and disbursing loans to people who have never had a formal credit history.
Anyone with an Android smartphone can apply for a loan from Tala and loans range from $10 to $500 with rates as low as 4%.
The whole lending process is done on a mobile platform, so it is a natural way for Millennials to get the financing they need.
Cellulant began as a music ringtone company that gave musicians a cut of the money fans paid to listen to their favorite tracks. The focus of the business today is on payments. For unbanked farmers in rural parts of Africa, it has developed two simple payment options and a blockchain-based marketplace platform.
The company asserts that its goal is to completely digitize payments across Africa.. Funding for the business has totaled $54.5 million, making Cellulant one of the largest fintech companies in Africa.
Paga is a Nigerian fintech company that provides a comprehensive mobile payment infrastructure for financial inclusion in Africa. Founded by Tayo Oviosu and employing over 20,000 agents to assist its consumers, Paga has raised $34.7 million in funding, making it one of the biggest fintech companies in Africa.
Zoona is a Canadian-based company that primarily targets African markets. The company offers small and medium-sized businesses three major products. Bulk Payments are the last and most crucial of Zoona’s products. So far, the company has raised $22.4 million in capital.
Fawry is Egypt’s biggest electronic payment network in Egypt. The business serves more than 20 million users and processes 2.1 million transactions daily. The services of Fawry are available to customers in more than 100,000 places around Egypt.
Currently, the business serves more than 20 million users and processes 2.1 million transactions daily.
Let me tell you the 11th one for free……
PiggyVest is Nigerian fintech software that allows users to save money. With over 1 million downloads from Google Play Store, it is hardly surprising that usage is surging
It’s interesting to note that $480 million was paid to around 3.5 million PiggyVest customers in 2021 alone. This is merely to give you an idea of how much money users are saving thanks to that software.