Nigeria is known for its largest number of startups and start-up funding in Africa. It secured over $2 billion from 2015 -2022 with a total of 383 startups.
Currently, Nigeria has 481 tech startups operating as of September 2022. It was reported that fintech companies accounted for one-third of them.
Five of the 10 biggest players are RenMoney, Cowrywise, Flutterwave, TeamApt, and Kuda. As disclosed by Disrupt Africa, Flutterwave tops the list of largest funding as it bagged $250 million Series D in February 2022.
Source: Disrupt Africa
It is such good news that Nigerian Fintech have been able to attract $507 million in the last few years. This accounted for 67.8% of the country’s total funding for the year to date.
Read Also: Over 200 Nigerian Startups Raise $2 Billion in 7 Years
Top Funding Fintech In Nigeria
1. Flutterwave
Flutterwave is a payment company founded in 2016. Over the years, it has processed more than $2 billion in payments and 25 million transactions in 33 African countries where it operates.
In 2016, it raised the sum of a $50,000 seed round, followed by a $230,000 round from investors such as Y-Combinators and Social Capital.
In February 2022, it raised $250 million in Series D. This is at a valuation of over $3 billion in a round led by B Capital. It also held the position of the largest funding fintech for 3 years.
2. Paga
Paga is a mobile money fintech for individuals and businesses to easily send and receive money. Founded in 2009, it has processed over $10 billion in transactions.
The company raised its first $700,000 seed funding in 2010. It then received a $2 million grant from the financial sector development organization EFinA in 2012.
Paga’s last disclosed rounds were $13 million Series B (the largest funding in 2015), led by Adlevo Capital. It also raised $10 million Series B2 led by Global Innovation Fund in 2018.
3. Paystack
Paystack is a payment processing company that enables businesses to accept payments via credit cards, debit cards, money transfers, and mobile money on its app.
It was founded in 2015 and received its first $120,000 cheque from Y Combinator in 2016. It later raised a $1.3 million seed round in December from Tencent (also the largest funding in Nigeria at the time).
In August 2018, it raised a $10.2 million series A led by Stripe.
4. Migo
An embedded lending platform that enables businesses to extend credit to consumers and small businesses in their apps, it was founded in 2018.
It raised $938,000 from XSeed Capital and $2.2 million in a seed round led by First Ally Capital the same year. In 2019, it also raised $20 million for Series B which was led by Valor Capital Group.
5. Kobo
Kobo360, a logistics platform that connects cargo owners to trucks and drivers, provides insurance and credit services for vendors in its ecosystem.
In 2018, it raised a $1.2 million pre-seed round 2018. It also got several seed funds from various investors such as Y Combinator and International Finance Corporation.
A year later, it raised $30 million in Series A funding led by Goldman Sachs, which is also the largest funding round in Nigeria.
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