Africa’s fintech startups are reported to have raised $2 billion in the past year alone. This amount dwarfs the $231 million that was raised in the year 2020. Nigerian startups continue to account for the biggest share of funds raised by the continent’s fintechs in 2021.The capital raised by Africa-based fintech startups in 2021 shot to $2 billion, a figure that is almost ten times the $231 million that was raised in 2020, data from Crunchbase News has shown.
Senegal-based Wave Mobile Money is one of the few non-Nigerian fintech startups that also reported successful funding rounds in 2021. According to the data, the company was able to raise $200 million in 2021 thus giving it a valuation of $1.7 billion.said the main sources for Africa’s fintech funding activity during the past year were U.S. venture capital funds, large corporations, and Asian investors.
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