From its inception, Africa’s unicorn startups have achieved remarkable feats, collectively raising $3.9 billion since 2019. These nine companies represent nearly a quarter (23%) of all the funding raised on the continent in the past six years.
Their journey not only highlights their successes but underscores the transformative power of innovation in Africa’s tech landscape. Here’s a chronological breakdown of their rise to unicorn status:
1) Interswitch
In November 2019, Interswitch, a Nigerian fintech became Africa’s first unicorn in years, thanks to a significant $200 million investment from Visa with its valuation worth $1 billion. In May 2022, it raised $110 million, maintaining its unicorn status. Founded in 2002, Interswitch’s journey to unicorn status took 18 years, far longer than its peers.
2) Flutterwave
After raising $35 million in January 2020, Flutterwave’s $170 million Series C in March 2021 propelled it into the unicorn club. Over $1 billion, which surged to over $3 billion by February 2022 following a $250 million Series D round.
3) OPay
After raising $50 million in June 2019 and $120 million in November 2019, OPay’s $400 million Series C in August 2021 catapulted its valuation to $2 billion. Recently reported to be nearing $3 billion.
4) Wave
In September 2021, Wave, Senegalese fintech announced a groundbreaking $200 million Series A, valuing the company at $1.7 billion. Wave spun off from Sendwave, acquired by WorldRemit in 2020 for approximately $500 million.
5) Andela
In September 2021, Andela, a Nigerian edtech secured $200 million in a Series E round, achieving a $1.5 billion valuation. Reports suggest its valuation may have dipped since, though it remains a significant player.
6) Chipper Cash
After successive funding rounds, Chipper Cash, Pan-African fintech achieved unicorn status in November 2021 with a $150 million Series C extension, valuing it at over $2 billion.
7) MNT-Halan
In January 2023, MNT-Halan,a Egyptian fintech raised $260 million in equity and $140 million in debt, achieving a valuation of around $1 billion. A July 2024 round confirmed its valuation as over $1 billion.
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8) Moniepoint
Moniepoint,a Nigerian fintech secured $60 million in a Series C round, earning a valuation of over $1 billion. The company’s journey began with a $5.5 million Series A in 2019.
9) Tyme
In December 2024, a South African fintech with operations in the Philippines. Tyme’s $250 million Series D raised its valuation to $1.5 billion. Earlier funding rounds included $14 million in 2019 and $110 million in 2021.
Cumulative Impact
Together, these unicorns have raised a combined valuation exceeding $16 billion, with $3 billion in total equity raised since 2019. Their success is a testament to the vitality and potential of Africa’s tech ecosystem.
They represent just 28 startups that have raised $100 million or more, a group that has collectively raised $7.8 billion—47% of the continent’s total funding since 2019.
Africa’s unicorns symbolize the region’s rapid evolution into a global tech powerhouse. As they pave the way, a growing cohort of start-ups is following in their footsteps, redefining possibilities and setting new benchmarks for innovation and growth across the continent.