African startups made a total of $138 million in September 2024 according to a report by the Big Deal. The amount includes equity, debt, and grants. The figure is a bit lower than the $159 million recorded last year. However, a number of startups were able to make a substantial amount of funding.
90% of the total funds went to Egypt, South Africa, Nigeria, Kenya, and Ghana. Other recipients include Morocco, Algeria, Tunisia, Côte d’Ivoire, Tanzania, Uganda, and Rwanda.
Also, fintech companies got the largest chunk as Egyptian Fintech Paymob, raised $22 million. Nigerian fintech Risevest also made headlines by acquiring Kenya’s Hisa, as part of its strategy to expand into the Kenyan market.
Meanwhile, in Ghana, the fintech firm Fido has successfully secured $20 million in Series B equity funding, subsequent to the announcement of a $10 million debt financing in August.
In addition, in the first half of this year, African startups attracted a total of $780 million in funding. Among these, Kenyan startups obtained the highest share, amounting to $244 million, which constitutes 32% of the overall funding. Nigeria followed with approximately $172 million, while Egypt received $101 million, and South Africa secured $85 million.
The rising volume of transactions underscores the expanding vibrancy of Africa’s startup landscape, with the fintech sector consistently at the forefront of attracting substantial investments.
