Top 10 Funding Rounds for African Tech Startups in 2024
Despite the global capital shortage, African tech startups have shown resilience in 2024. While the sector still faces significant challenges, signs of recovery are emerging, giving hope that 2025 will be a more favorable year. Here's an overview of the top 10 funding rounds of 2024:
1. MNT-Halan ($157.5 million)
In July, Egyptian fintech MNT-Halan raised $157.5 million to support its imminent geographic expansion. Founded in 2018, MNT-Halan aims to bank the unbanked by offering electronic solutions to replace cash. Its digital ecosystem integrates microcredit services, payment solutions, personal financing, and e-commerce. This funding round, which includes $40 million from the International Finance Corporation (IFC), paves the way for international expansion. Investors include Development Partners International, Lorax Capital Partners, and funds managed by Apis Partners LLP, Lunate, and GB Corp.
2. Moniepoint ($110 million)
In October, Nigerian fintech Moniepoint raised $110 million in a Series C funding round to accelerate its growth across Africa, becoming a new African unicorn. Founded in 2015 as TeamApt, Moniepoint is a comprehensive financial ecosystem offering payment tools, banking management, credit, and business management to over 10 million businesses and individuals. As the leading merchant acquirer in Nigeria, the startup processes $17 billion monthly for its clients while remaining profitable. The funding was led by Development Partners International's ADP III fund, with participation from the Google Africa Investment Fund, Verod Capital, and Lightrock.
3. Moove ($100 million)
In March, Moove, a fintech specializing in vehicle financing for ride-hailing and delivery drivers, raised $100 million to support its expansion into new markets. Uber and the sovereign fund Mubadala led this funding round.
4. NALA ($40 million)
In July, Tanzanian fintech NALA raised $40 million to accelerate its international expansion and develop its own payment infrastructure. NALA facilitates fast and secure money transfers from Europe, the UK, and the US to several African countries. The company plans to expand its activities beyond Africa and launch Rafiki, a B2B platform aiming to lay the foundation for the next billion users.
5. Yellow Card ($33 million)
In October, pan-African fintech Yellow Card raised $33 million in a Series C funding round to finance its global expansion and strategic initiatives. Launched in Nigeria in 2019, Yellow Card is the first Stablecoin operator in Africa, present in 20 countries and having processed over $3 billion in transactions. This funding, led by Blockchain Capital, will support the improvement of the company's APIs and widgets.
6. SunCulture ($27.5 million)
In April, Kenyan company SunCulture, specializing in solar irrigation solutions, raised $27.5 million to develop its products and support its growth. SunCulture provides smallholder farmers with technological and financial solutions to increase their agricultural yields while reducing costs. This funding round attracted investors such as Reed Hastings and EDF Group.
7. Roam ($24 million)
In February, Kenyan startup Roam, formerly Opibus, raised $24 million to accelerate its production of electric motorcycles and buses for the African market.
8. Paymob ($22 million)
In September, Egyptian fintech Paymob added $22 million to its Series B funding round, bringing the total to $72 million. The company is expanding its activities in the MENA region and continues to innovate in financial services.
9. Pula ($20 million)
In April, Kenyan agricultural insurance company Pula raised $20 million to expand its insurance offerings and reach more farmers.
10. OneOrder ($16 million)
In May, Egyptian startup OneOrder, which offers a procurement platform for the restaurant industry, raised $16 million to expand into the Gulf region.
