Tech start-ups across Nigeria, South Africa, Kenya, Egypt, and other African countries have collectively raised $19.7 billion over the past seven years to scale their operations.

Nigeria alone is home to nearly one million tech startups spanning fintech, mobility, education, health, and other sectors. Fintech remains a major driver of investment, with companies like Flutterwave, Opay, Moniepoint, PalmPay, and Paystack securing hundreds of millions in funding. Other notable startups, such as Moove (mobility fintech) and Andela (talent tech), have also raised significant capital, highlighting a booming ecosystem that attracts both early-stage and growth-stage investors across finance, logistics, and healthtech.

According to Africa: The Big Deal, African startups raised $1.4 billion in 2019, $1.1 billion in 2020 (a 21.43% decline), $4.4 billion in 2021 (a 300% increase), $4.6 billion in 2022 (a 4.55% increase), $3 billion in 2023 (a 34.78% decline), and $2.2 billion in 2024 (a 26.67% decline). As of December 8, 2025, the ecosystem has already raised $3 billion, with numbers expected to surpass both 2023 and 2024 totals.

In fintech, Flutterwave, valued at over $3 billion in 2024, leads cross-border payments in Africa. Opay raised more than $570 million, including a $400 million Series C, while Moniepoint became a unicorn following a $110 million Series C. PalmPay continues to expand digital payment services, and Paystack, acquired by Stripe, remains a key player in online payments.

In mobility and logistics, Moove provides vehicle financing for mobility entrepreneurs, and Kobo360 focuses on freight and logistics tech. Other prominent startups include Andela, Helium Health, Remedial Health, and CowryWise, addressing talent, healthcare, pharmacy supply chain, and personal finance solutions, respectively.

The report notes that 2025 marks a rebound for African startups, with positive year-on-year growth of 33%, reversing declines of 35% in 2023 and 25% in 2024.

This growth underscores the continent’s emerging tech ecosystem as a major hub for innovation, investment, and entrepreneurship.