By Adenike Adebowale
NIgeria’s fin-tech startups attracted 78 per cent of $263.9 million raised by venture capitalists in Africa in March, analysis shows.
Checks revealed that at-least 45 organizations received funding either through grants, pre-seed, seed or series raise on the continent.
Of which Nigerian founded fin-tech startup Flutterwave singlehandedly raised the highest funding and it was for the sum of $170 million. Flutterwave’s funding is also the highest among all the funds raised by tech companies across the continent.
Valuation
The other startups that raised funds in Nigeria include Bankly, Havenhill, Kuda Bank, Kwik Delivery, Termii and Afriex.
Bankly is a female-led fintech startup and it raised $2 million which was announced on March 24. The round which was led by Flutterwave and Vault is expected to help the startup scale to other states in Nigeria.
1. Flutterwave hits “unicorn” status after closing $170m from investors
Nigerian payments startup Flutterwave has announced closing a US$170 million Series C funding round, taking its valuation to over US$1 billion.
The raised amount is the largest amount ever secured by an African tech startup.
The five-year old Fintech player builds modern payments technology and infrastructure for Africa to enable people and businesses connect with the global economy.
Reports revealed that the solution enables banks and merchants to replace multiple payment integrations with one simple API, which enables processing of any form of payment anywhere in Africa.
In August 2017, the startup raised US$10 million in Series A funding while it raised another US$35 million Series B in January 2020.