In the last 7 years, 238 (two hundred and thirty-eight) Nigerian Startups have raised $2.069 billion (#887.5 billion). That’s close to a trillion! This was revealed in research by Disrupt Africa. It added that Nigeria is the most popular investment destination on the continent.
Nigeria currently has about 481 tech startups as of September 2022 with over 19,000 employees, with Fintech topping the chart of the most populated sector.
Nigeria has gone deep into the startup ecosystem which made room for foreign investors and other Africans to penetrate.
Reacting to the report, Gabriella Mulligan, said,
“Nigerians has long been a pioneering startup ecosystem on the African continent, leading the way in various sectors and increasingly becoming a focus for investment. It is high time we dug deeper into its growth, as this report does just that,” Gabriella Mulligan.”
“We hope it serves a valuable resource for both (those already active in Nigeria and those looking to start doing business there soon”. She added.
A Startup that Maintained Growth Since Emergence
Since their emergence, there are fintech and financial startups that have seen massive growth. One such startup is Flutterwave.
Flutterwave was founded in 2016 by Iyinoluwa Aboyeji, Olugbenga Agboola, and Adeleke Adekoya. The Nigerian startup has its operations across different African countries. These countries include Nigeria, Kenya, Ghana, South Africa, Tanzania, Gambia, etc.
Since its emergence, the fintech giant has acquired over 200 million users across 34 countries in Africa. In 2021, the fintech giant raised a 170 million dollars (#71 billion) Series C funding round. It also raised 250 million dollars (#107.2 billion) in its biggest funding early this year (2022).
Just two weeks ago, the court granted Flutterwave payment processing platform. The license allows the company to offer transaction switching and processing services to customers.