· The PayTech sector in H1 2022 had 36 deals in total, accounting for 26% of the 143 FinTech deals in the region. The PayTech sector also dominated in terms of capital raised, amassing $401m, which accounted for 39% of total funding raised in Africa during H1 2022. Total transaction value for digital payments in Africa is expected to reach $116bn in 2022 and has a projected CAGR of 16.79% from 2022 – 2026.
· KuCoin, a Cryptocurrency exchange and trading platform, was the largest African FinTech deal in H1 2022 with their latest Series B funding round raising $150m, led by Jump Crypto which pushed the company’s valuation to a staggering $10bn. KuCoin will use the funds to expand its product offerings, going beyond its current centralised trading services and increasing its presence in the broader Web3 market, by building out crypto wallets, DeFi and NFT platforms.
· Overall investment in Africa reached $526m in Q2 2022, a 13% increase from the previous quarter which brings investment in H1 2022 to $991m. Capital raised in 2022 is projected to reach similar levels in 2021, decreasing by a slight 2% to $1.98bn based on investment in H1 2022. Deal activity is also expected to reach similar levels to 2021 with a microscopic 0.5% decrease to 286 deals in total.
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