Opay is the most well-funded FinTech company in Africa with $570m raised from 14 investors. Opay, a mobile banking platform based in Nigeria, is helping the underbanked population in Africa have access to global markets through its partnership with Mastercard. This partnership provides a virtual payment solution linked to the OPay eWallet which will boost financial inclusion across several African countries. M-KOPA, an online financial service provider, was the next most well-funded company in Africa with $264m in funding. The Kenyan company has 27 investors including CDC Group, AHL Venture Partners, and Generation Investment Management.
The mobile banking sector makes up the majority of FinTech companies listed. Roughly 57% of the population in Africa is unbanked, giving these companies an opportunity to provide easy and convenient banking solutions. FinTech companies across Africa raised $2bn in investments in 2021. The growing need for financial inclusion continues to be recognized as attractive opportunity by investors and VC firms investing in the region.
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. ©2022 FinTech Global
