- PayTech companies dominate the list of top 10 South African FinTech deals in 2021 taking four spots. Digital payments in South Africa are soaring with total transaction value expected to grow 17% in 2022 to $13.6bn.
- Jumo, a banking as a service company, tops the list with a large $120m funding round led by Fidelity. Jumo has delivered $3.5bn in loans to more than 18 million customers across markets in Africa and Asia, granting up to 120 million individual loans.
- South Africa’s FinTech adoption is a staggering 82% placing it 4th in the world and 1st in Africa. FinTech in South Africa is thriving due to a youthful population (more than 50% under 30 years of age), while a qualitative study suggested other influences include high mobile device trust, ease of use and cheaper banking alternatives.
- South Africa’s total FinTech investment in 2021 was $589m which outpaces countries such as Italy who saw $572m capital invested last year. In 2020 Italy’s GDP was $1.9tn, almost 6 times the size of South Africa’s GDP of $302bn. This shows the huge potential that investment companies see in South Africa and will propel FinTech innovation in the country.
The data for this research was taken from the FinTech Global database. More in-depth data and analytics on investments and companies across all FinTech sectors and regions around the world are available to subscribers of FinTech Global. ©2021 FinTech Global
