Exploring Africa, just a moment...
10+ African Startup Success: Fintech, E-Commerce, Energy, Transport
The African startup space has seen some phenomenal feats in the last decade. It is driven by sheer determination, innovation, and a rising middle class. Africa’s digital village is currently at its all-time ‘transformational high’. Every day, entrepreneurs across the continent are coming up with innovative solutions to local challenges that attract global investors in the process.
Gabby Asare Otchere-Darko, the executive chairman of the Africa Prosperity Network, supports this view. In an interview with Oxford Business Group, he told the group that “investment in infrastructure, digital connectivity, and digital solutions are key to trade and business in Africa.”
Still standing on this premise, in 2024 Nigeria’s MoniePoint and South Africa’s Tymebank both achieved the 'Unicorn' status. It's interesting to see that African founders are now using technology to drive practical solutions and sustainable growth. For context, between 2021 and 2024, African start-ups attracted a whopping $16 Billion (with a capital B) in investments.
Let us take a look at some of these companies, what inspired their success, and how they got to where they are today.
Table of Contents
Inspiring African Startup Success Stories
Inspiring African Companies Success Stories
1. Andela
The story of Andela started in 2014 with six visionary founders two Nigerians (Iyinoluwa Aboyeji and Nadayar Enegesi), one Cameroonian (Brice Nkengsa), one Canadian (Ian Carnevale) and two Americans (Jeremy Johnson and Christina Sass) in a tech hub in Lagos. Eventually becoming a global company and attracting investors such as Mark Zuckerberg and Carmelo Anthony.
In September 2021, Andela secured $200 million in a Series E funding round led by SoftBank Vision Fund 2, elevating its valuation to $1.5 billion and officially granting it unicorn status.
The goal of Andela was to bridge the gap in tech skills by teaching software development to Africans and then connecting them to job offers abroad. Jeremy Johnson, Andela's co-founder, and CEO, emphasized the importance of providing opportunities for talented individuals, saying, "Building a great company is fundamentally an exercise in hiring great people. At Andela, I have been unbelievably blessed to work with extraordinary humans on this now decade-long journey". Andela successfully did this, while giving students stipends and incentives during the training program.
Over time the company evolved into a talent marketplace for connecting established Software Engineers to Clients outside Africa; completely changing how the tech industry perceives and engages with African talent.
2. Jumia
What started off as a dream to create the first "Amazon-like" business in Nigeria is now the pinnacle of success other start-ups take a cue from.
Back in 2012, Jeremy Hodara, Sacha Poignonnec, and Nigerian-born Tunde Kehinde teamed to create what would become Africa's largest E-Commerce business, Jumia.
"It’s amazing how much potential there is in this market." Tunde told 'How We Made It in Africa' in a 2013 interview. His remark reflected his astonishment at the vast market opportunity in Nigeria.
Rather than wait to build physical malls, the entrepreneurs took the bold step to go digital from day one. Having started with only ten dedicated staff, Jumia opened its doors, proving to naysayers that Ecommerce can thrive in Nigeria.
Today, just a little over a decade later, that small team has grown into a thriving workforce of over 3000 full-time employees. Moreover, beyond shopping, Jumia has expanded into everyday life. They help customers book their flights, order meals, and pay utility bills just to mention a few.
3. Flutterwave
Olugbenga Agboola & Iyin Aboyeji founded Flutter Wave in 2016, to transform Nigeria’s payment system. Flutterwave provides solutions that enable businesses to process payments, manage finances, and facilitate efficient payouts when needed.
In a 2022 interview with McKinsey, Agboola talked extensively about the opportunities for innovation in Africa. "There are so many problems to solve on the continent. There are so many things to build. I'm excited by entrepreneurs who are willing to take on these crazy problems and try to solve them across the board”.
On the 10th of March 2021, after a Series C funding where they raised over $170 million, Flutterwave entered the Unicorn status. This milestone made them the second Nigerian company to surpass the $1 Billion valuation after INterswitch and the fourth overall in Africa.
Today Flutterwave’s valuation is well over $3 Billion and is the highest valued company in Nigeria and Africa, surpassing the likes of Opay and Chippercash.
In recent years, Flutter's waves have gained significant expansion, with over 1 million businesses and 2 million individuals using its platform. The company also extended its operations to different countries in Africa like Ghana, Uganda, Zambia, and Mozambique, further increasing its reach and impact.
Flutterwave's legacy is further reflected in its growing transaction volume. For context, in December 2024, the business processed over 26 million transactions worth over $500 million.
“We see Flutterwave as a transaction-processing business at its core... We're like a tollgate.” Agboola told McKinsey, explaining its core mission and its role in the payment ecosystem.
4. Yoco
Yoco was born out of the frustration many small businesses face when trying to accept card payments. Back then, getting a card POS machine meant dealing with difficult bank contracts and high fees. This caused many informal merchants to go out of business.
To solve this issue, four friends (Katlego Maphai, Carl Wazen, Lungisa Matshoba, and Bradley Wattrus) started Yoco. Their idea is simple: to help SMEs accept card payments through affordable and easy-to-use solutions. Yoco's business model is built around a mobile card reader and app. Any business, whether it's a corner shop or a market stall, can use it without stress.
The company's early days weren't pretty. The team bootstrapped for two years because they didn't have any money. On top of that, they faced tough banking and regulatory barriers. Most banks didn't want to work with newcomers like them. But in 2015, they secured their first external funding (a $3.5 million Series A led by Quona Capital and Velocity Capital, two fintech-focused VCs from the US and Netherlands).
That round was a major turning point. It was followed by a Series B in 2018, and a Series C in 2021, which raised $83 million. Since their launch a decade ago, Yoco's growth has been phenomenal. They began with 10,000 active merchants and processed over $1Billion in card payments. However, by 2023, their merchant base had grown past 150,000, with over $2 billion processed each year. Today, Yoco is the leading SME payment platform in South Africa.
5. SunKing
SunKing’s journey began as Greenlight Planet in 2007 with a simple mission: to bring light to homes without electricity. The startup has since grown into the leading provider of solar-powered products across Africa; serving 165,00 homes monthly, across eight countries.
According to Co-founder Anish Thakkar in a 2022 interview with TechCrunch, “It’s now dramatically more affordable to power a home with a solar system than to extend the electrical grid….” talking about the significance of SunKing. From lanterns to home solar systems, SunKing’s innovative designs have reached over 100 million people, particularly in off-grid communities.
What makes SunKing stand out is its pay-as-you-go payment model. Families access clean energy without financial burden and pay in installments across a fixed period. By reducing reliance on Kerosene and other fuels and pivoting to Solar Energy, Sun King helps reduce the emission of greenhouse gases and reduce global warming, while also providing electricity to homes.
6. Zipline
Zipline has revolutionized medical logistics in Africa since it was founded in 2014 by Keenan Wyrobek, Will Hetzler, and Keller Rinaudo. Zipline’s mission is to provide quick and instant delivery of medical supplies like blood, vaccines, and medications using drones to remote and inaccessible areas. According to CEO Keller Rinaudo in a 2019 interview on CNBC, “For the foreseeable future, all Zipline is going to do is health-care logistics, because people need it” addressing the mission of Zipline.
The Rwandan-based company has revolutionized medical logistics in Africa. As of 2019, a third of its medical deliveries were emergencies, and today 70% of the national blood supply in Rwanda outside Kigali is donated by Zipline. Think about the number of lives that have been saved by this company.
7. OPay
Zhou, the founder of OPay said “OPay wants to be “the power that helps emerging markets reach faster economic development.” In 2018 OPay was licensed in Nigeria, to provide progressive financial services to underserved populations. The company's vision aligns with the Nigerian government's efforts to increase financial accessibility and support economic development.
Reaching its milestone, OPay achieved Unicon status with a valuation of $2.7 billion in 2021. The company expanded it services to Egypt and plan to expand to other countries In Africa.
OPay has raised around $570 million in funding, securing $400 million led by soft bank vision funds 2, its services are to provide offline and online payment including digital wallet services, aiming to extend the use of digital financial services in developing countries and among unbanked populations. Specifically, OPay services include peer-to-peer transactions, digital payments, and point-of-sales services for merchants.
8. Wave
Wave is a Senegal-based fintech company that was co-founded in 2018 by Drew and Lincoln Quirk. It provides transaction services with low fees, aiming to improve financial development in West Africa.
During a 2022 Quartz interview, the president of the Consumers Association of Senegal (ASCOSEN), Momar Ndao, spoke highly of Wave’s impact on the region’s informal economy, “It is a well-thought-out product that is solving a lot of problems for people involved in informal financial transactions in this part of the continent. The market foresight is phenomenal.”
September 2021, wave encrypted a $200 million series A funding round the largest ever in Africa led by influential investors such as Sequoia Heritage, Stripe, Founders Fund, and Ribbit Capital. This investment valued the company at $1.7 billion allowing it to reach its unicorn status as the first unicorn in Francophone Africa.
Despite its growth, Wave has experienced challenges from fintech start-ups, including competition from established telecom operators. “Wave has executed superbly from a proof of concept level,” Tidjane Dème, the firm’s general partner, told Quartz. However, its affordability and customer satisfaction have enabled it to maintain its position in the fintech industry.
9. Twiga Foods
Twiga Foods started as a simple idea to connect farmers to vendors and has since grown to be the first of its kind agro tech startup in Africa. In 2014, Grant Brooke and Peter Njonjo a Keynan-born businessman brought the vision to life. In a 2019 interview with TechCrunch, the co-founder said, “Our mission is to create a sustainable and efficient agricultural supply chain that benefits both farmers and consumers” about his motivation for starting the company.
Since its inception, Twiga Foods has helped retailers and consumers get a reliable supply of food, while farmers get direct access to the market and maximum profits.
Twiga’s success comes down to its logistics network, as they have successfully reduced food spoilage in transition.
Retailers and consumers are guaranteed fresh produce straight from farmers ensuring everyone benefits from the exchange equally. While not a unicorn startup yet, Twiga Foods is on the rise and is projected to join the ranks sometime in 2025.
10. Moniepoint
Moniepoint started as TeamApt in 2015. It was co-founded by Tosin Eniolorunda and Felix Ike. While there’ve been quite some successful FinTech startups in Africa, the story of Moniepoint is Unique as it tackled a major and local payment problem.
In October 2024, Moniepoint secured $110 million in a Series C funding round led by Development Partners International (DPI), with participation from Google's Africa Investment Fund and Verod Capital. This investment elevated the company's valuation to $1 billion, officially granting it unicorn status.
“It was crucial that we perfected quick, but reliable systems…..” Eniolorunda stated in a 2024 interview with Techpoint, when referring to the key to Moniepoint’s success. Moniepoint focuses on equipping small and medium enterprises (SMEs), which are the cornerstone of everyday business in emerging markets. With Point-of-Sale (POS) terminals; making cashless payments easy for both consumers and businesses alike transformed whole economies for the better.
Moniepoint went even further and introduced affordable loans for SMEs and smart tools for businesses to track their sales. By focusing on solutions for small markets across numerous countries, Moniepoint has achieved success and a place amongst Unicorns.
11. MNT-Halan
Mounir Nakhla and Ahmed Mohsen founded MNT-Halan in Egypt in 2017, with a clear goal to provide financial services to the millions of unbanked and underbanked people in the country. Traditional banking systems had left a large portion of Egypt’s population without access to credit, payments, or financial tools, and MNT-Halan set out to change that.
The Industry allowed customers to easily access affordable transportation before its service was extended into their financial services like: microloans, buy-now-pay-later (BNPL) options, digital payments, and e-commerce solutions.
"Being globally recognized is an honor, and we're eager to keep innovating right here from the heart of Africa and the Middle East as we unlock financial freedom for millions". Mounir told the audience at the Africa Money & DeFi event, shortly after his company’s recognition as the most innovative financial technology company in both the Middle East and Africa by Global Finance.
Over the years, MNT-Halan’s customer base grew significantly, serving over 5 million people across Egypt, with 2 million active borrowers.
In 2023, MNT-Halan boasted its latest valuation of up to $1 billion after securing $ 400 million in equity and debt financing, including a $200 million investment from Chimera Abu Dhabi. Further, the funding round also included backing from international investors, which enabled the company to scale.
This is not just a significant achievement for MNT-Halan but it also gives a broader trend in the Middle East and North. MNT-Halan continues to innovate and expand the power of technology in reshaping financial services
Impact of Startups on Africa’s Economy and Society
It's clear that Africa's economic landscape has been reshaped by our booming startup. Even beyond solving real problems in society, they have continued to drive financial inclusion, create jobs and attract foreign investments.
The fintech space is leading this charge. In the Finance in Africa 2024 report, Vice-President of the European Investment Bank, Thomas Östros made a remark, "Fintech is revolutionising the way we think about finance in Africa."
The report further highlights how the tech industry is reshaping access to financial services across Africa.
Moniepoint, M-Pesa, Opay, just to name a few have made smart banking possible. For instance, a farmer who needs to pay suppliers and manage logistics can do all of that from the comfort of his home with just his mobile device.
In the case of unemployment, over 19000 people where employed in 2022 alone. Many others were supported indirectly with roles involving dispatch and warehousing.
Its not difficult to see the ripple effect of these startup springing across all of Africa. We can only hope for more opportunity where local solutions are solving everyday problems.
Startups to Watch Out For
Thanks to the success of several startups, there are a lot of new ventures and proposals making rounds across Africa. Despite 2024 recording a 31% funding drop from the previous year, 2025 looks primed to be more profitable. Several new startups are poised to break out and make a mark on the African startup industry.
Helium Health is one of the most promising startups in Africa. They’ve figured out a way to digitize medical records across African hospitals, a brilliant and more reliable alternative to keeping medical records in paper files.
South Africa's Lulalend, a digital lending platform focused on supporting underserved small and medium-sized enterprises (SMEs), secured $35 million in Series B funding to accelerate its growth and expand operations in February 2023 and is soon bound to expand to other parts of Africa.
Carry1st is also an interesting startup to look out for. While it may seem like an outlier as it focuses on gaming, it is doing incredibly well and the right audience is there. It secured about $27 million in funding in 2023 and has secured deals with CODM, Free Fire, Faze Clan, and other top gaming companies.
Husk Power and Nuru are also making promising strides in the power sector and have secured funding to expand their business and build mini solar-powered grids in Africa.
Conclusion
African startups are the manifestation of potential and entrepreneurial spirit that can be found across the continent. Thanks to some of the startups on this list, Africa is gradually staking a claim for recognition in the international community.
In a 2021 press release by his foundation, Businessman, Tony Elumelu said, “By investing in local economies and creating local jobs, they are also increasing the pool of those who can afford their products and services” on the significance of entrepreneurship in Africa.
This wave of innovation proves that when bold ideas meet the right backing, there’s no limit to what can be achieved. Thanks to the ever-expanding potential and power of the internet, we are primed to see even more startups in the years to come.
References
[1] Bloomberg, "South Africa’s Lulalend Secures $35 Million, Eyes SME Banking," 01-Feb-2023. [Accessed: 25-Mar-2025].
[2] Tekedia, "Tech Startups in Nigeria Employ Over 19,000 People as of 2022," [Accessed: 25-Mar-2025].
[3] Africa Money & DeFi Summit, "MNT-Halan Named Most Innovative Financial Technology Company in Both Middle East and Africa in Global Finance Awards," [Accessed: 25-Mar-2025].
[4] TechCrunch, "Kenya’s Twiga Foods Eyes West Africa After $30M Raise Led by Goldman," 28-Oct-2019. [Accessed: 25-Mar-2025].
[5] Afrinection, "African Unicorns: Success Stories and Lessons Learned," [Accessed: 25-Mar-2025].
[6] Founder Africa, "The Journey of Yoco: Revolutionizing South Africa’s Payment Landscape," [Accessed: 25-Mar-2025].
