2024: A Mixed Year for African Startups as Funding Shifts Toward Sustainable Growth and Profitability
Funding for African startups surpassed $2 billion last year, indicating a return to pre-pandemic levels. A notable drop in mega-deals has led investors to prioritize sustainable business models.
Here are Africa’s biggest startups based on valuation
Funding into African startups exceeded $2 billion last year, returning to pre-pandemic levels. A decline in mega-deals has led investors to prioritize sustainable business models.
$45B fintech giant Revolut sets sights on South Africa
Revolut has confirmed its interest in entering South Africa's digital banking landscape. Tom Morrison was hired as Head of Strategy & Operations for South Africa three months ago.
Kazang and TymeBank partner to bring easy cash withdrawals to the informal market
Kazang partners with TymeBank to improve cash withdrawal access in underserved areas. TymeBank customers can withdraw cash from spaza shops using Kazang Pay terminals.
Seed vs. Series A: African Fintech Funding Compared
Seed funding in Africa averages $1.6M in 2024, a 26% increase from the previous year. Series A funding has dropped to an average of $8.7M in 2023, down from $15M in 2022.
