The African startup hub demonstrated resilience and growth in 2024, raising $2.2 billion in funding despite a decline from the $2.9 billion recorded in 2023.
According to data from Africa: The Big Deal, which tracks startup deals of $100,000 and above, 51% of this funding was dominated by just ten companies, including Moniepoint, Tyme, and MNT-Halan. These key players highlight a continued focus on innovation and market expansion across the continent.
Big Four Dominate the Funding Space
The “Big Four” countries—Kenya, Nigeria, Egypt, and South Africa—continued to lead the charge, collectively securing 84% of the total funding. Kenya topped the list with $638 million, followed by Nigeria at $410 million, Egypt with $400 million, and South Africa at $394 million. Of the 42 ventures that raised $10 million or more, 86% were headquartered in these markets, underlining their central role in driving Africa’s startup ecosystem forward.
1) Tyme
Singapore-headquartered Tyme, a digital banking company operating across Africa and Southeast Asia, achieved unicorn status in December 2024 after raising $250 million in a Series D funding round. Led by Brazilian challenger Nubank, with additional investments from M&G’s Catalyst and existing backers, the funding boosted Tyme’s valuation to $1.5 billion.
Tyme’s subsidiaries—TymeBank in South Africa and GoTyme Bank in the Philippines—serve 15 million customers, showcasing the growing influence of digital banking in emerging markets.
2) MNT-Halan
MNT-Halan, Egypt’s fintech giant, raised $157.5 million in new funding, building on its earlier $400 million investment. The funding round, led by the International Finance Corporation (IFC), supports the company’s regional expansion. Over the past two years, MNT-Halan has raised a total of $677.5 million, enabling it to serve 5 million clients, disburse $2.5 billion in loans, and drive over $50 million in monthly eCommerce transactions.
3) Moniepoint
Moniepoint, a Nigerian fintech company, secured $110 million in Series C funding, reaching a $1 billion valuation. Backed by investors like DPI’s African Development Partners (ADP) III fund and Google’s Africa Investment Fund, Moniepoint provides loans, payment solutions, and business management tools to small and medium-sized businesses (SMBs). The startup processes over 800 million monthly transactions, valued at $17 billion, underscoring its role in driving financial inclusion in Nigeria.
4) Spiro
Electric vehicle company Spiro secured $50 million in debt financing from Afreximbank to expand its operations in Cameroon and Morocco. With over 14,000 electric bikes and a network of automated swap stations, Spiro is creating an integrated EV ecosystem in Africa, reducing urban pollution and enhancing mobility.
ALSO READ: WILLIAM KABOGO GITAU: KENYA’S NEW CABIENT SECRETARY OF ICT AND DIGITAL ECONOMY
5) BasiGo
Kenya-based electric mobility startup BasiGo raised $42 million to accelerate its goal of deploying 1,000 electric buses across East Africa. The funding, a mix of equity and debt from British International Investment (BII) and the U.S. Development Finance Corporation (DFC), supports BasiGo’s mission to transform public transport with sustainable solutions.
6) D.light
Solar energy provider d.light continued its impressive run, raising $40.4 million in 2024, including securitized financing and grants. Operating in Kenya, Uganda, Tanzania, and Nigeria, d.light aims to reach 1 billion people by 2030. Its solar products have already impacted 150 million lives, offering affordable energy solutions to underserved communities.
7) Moove
Nigerian mobility startup Moove raised $100 million from Uber and other investors, bringing its valuation to $750 million. With total funding of $460 million, Moove plans to expand its revenue-based vehicle financing solutions to 16 global markets by 2025, addressing gaps in affordable vehicle ownership for ride-hailing drivers.
8) Sun King
Sun King raised $330 million in Series D funding to expand its off-grid solar energy solutions in Africa and Asia. The company aims to enhance its pay-as-you-go offerings and introduce larger systems capable of powering appliances like refrigerators. Since its inception, Sun King has raised over $550 million in equity and debt to deliver sustainable energy to underserved regions.
9) M-KOPA
M-KOPA secured a $51 million loan from the U.S. International Development Finance Corporation (DFC) to enhance digital connectivity in Kenya and beyond. The fintech platform connects underbanked customers to financing and digital services, expanding access to smartphones and other essential tools for economic empowerment.
10) Nuitée
Dublin-based Nuitée raised $48 million in Series A funding to develop advanced hotel connectivity and distribution technology. Backed by industry leaders, Nuitée is set to revolutionize the hospitality industry with cutting-edge innovations.
