Over the past years, fintech has emerged as a driving force in Africa’s technology landscape, propelled by a surge in venture capital (VC) funding and its consistent outperformance over major tech verticals.
According to Partech, a global tech investment firm headquartered in Paris, fintech has consistently outpaced other sectors in deal count, total funding, average ticket size, megadeals, unicorns, and exits, a dominance that has been a defining feature of Africa’s tech ecosystem since the emergence of the VC funding landscape.
In 2024, that dominance carried on, with African fintech startups securing US$1.3 billion, or 60% of total equity funding in the region. The sector garnered 131 deals, or 29% of all transactions.
Within this ecosystem, VC firms are playing a critical role, injecting millions of dollars into early-stage ventures in hopes of backing the next unicorn. These investors, hailing from across the globe, are drawn to the sector’s high growth potential and meaningful impact in largely untapped markets. Moreover, Africa’s young, tech-savvy population, increasing internet connectivity, and improving regulatory environments, are create fertile ground for fintech adoption.
Among this growing pool of investors, several VC firms are standing out. In this article, we look at some of the top fintech VCs in Africa, showcasing the most active and prolific funds supporting fintech startups, exploring their investment strategies and emphasizing their most notable fintech investments.
Top fintech VCs in Africa
Accion Venture Lab
Accion Venture Lab is a leading early-stage investor in inclusive fintech. Headquartered in the US, the firm provides seed-first capital and strategic support to innovative startups that are meeting the financial needs of underserved people globally, with a significant emphasis on Africa.
Accion Venture Lab has more than US$475 million in impact assets under management (AUM) and a history of scaling financial service providers to reach over 440 million people globally. So far, the firm has invested in more than 65 early-stage fintech startups that operate in over 30 countries worldwide.
Notable investments include Field Intelligence, a supply chain management and working capital financial platform for pharmacies based in Nigeria; Kuunda, a liquidity and digital business tools provider for mobile money agents based in Tanzania; and Lula, an online lender for micro, small and medium-sized enterprises (MSMEs) from South Africa.
Flat6Labs
Flat6Labs is a leading seed and early stage VC firm based in Egypt, focused on accelerating innovation across the Middle East and North Africa (MENA) region. Annually, the firm invests in more than 100 innovative and technology-driven startups, enabling thousands of passionate entrepreneurs to achieve their daring ambitions and ultimately becoming their institutional co-founders.
Flat6Labs manages a number of seed funds with a total AUM in excess of US$85 million, and more than 25 leading institutions have invested into these funds. Alongside investments, the firm’ startup programs, executed to cater specifically for the needs of the innovative entrepreneurs, help accelerate these startups’ growth by providing them with a plethora of support services and connecting them to unparalleled opportunities with an expansive network comprising hundreds of business mentors, investors and corporates.
Launched and headquartered in Cairo since 2011, Flat6Labs has multiple offices across the region with ongoing plans to expand into other emerging markets.
The company currently has 64 fintech startups in its portfolio, according to Dealroom, particularly in Egypt, Saudi Arabia, Tunisia and the United Arab Emirates (UAE). Notable fintech investments in Africa include Unfrauded, an artificial intelligence (AI)-powered software-as-a-service (SaaS) platform from Tunisia helping insurance companies detect fraud; Edupay, an Egyptian startup that aims to simplify transactions and interactions in education; and Agrisoft, a startup from Egypt that provides interest-free financing for small farmers to adopt solar energy and sustainable farming.
Launch Africa Ventures
Headquartered in Mauritius, Launch Africa Ventures is a prominent pan-African VC fund that aims to solve the significant funding gap in the seed and pre-Series A investment landscape in Africa. With a decade-long track record of venture building alongside some of the smartest founding teams in Africa, the fund backs startups across multiple sectors, regions, and products that tackle the most meaningful challenges on the continent.
Since 2020, Launch Africa Ventures has raised just over US$36 million in its first fund, investing US$31 million into 133 startups across 22 countries. It’s a leading fintech investor across the region, boasting 35 fintech startups in its portfolio. Its most represented locations are South Africa and Nigeria, with 24 and 21 companies, respectively, according to Dealroom. Notable fintech investments include Kuda, a leading digital challenger bank in Nigeria; Peach Payments, a payment gateway from South Africa; Affinity, a neobank from Ghana.
Flourish Ventures
Flourish Ventures is a global early-stage VC firm headquartered in San Francisco, investing in mission-driven fintech founders building a fairer, more inclusive financial system. The firm has US$850 million in AUM, and backs startups that aim to improve financial health for individuals and small businesses.
In Africa, Flourish Ventures has invested in 13 fintech startups in its portfolio. Notable fintech investments include Flutterwave, a paytech unicorn from Nigeria that’s now headquartered in San Francisco; Apollo Agriculture, an embedded finance platform from Kenya that helps small-holder farmers access credit, high-quality farm inputs and customized advice; and FairMoney, a digital banking platform for underserved consumers in Nigeria.
Future Africa
Future Africa is a VC firm based in Nigeria and the US, backing visionary African founders building global, digital-first businesses. With a mission to increase Africa’s share of global GDP, the firm invests in startups tackling the continent’s biggest challenges and unlocking new economic opportunities.
Future Africa combines capital with deep operational support and a trusted network of 300+ members across Africa’s startup, policy, and investment ecosystems, to provide founders with active guidance, relationships, coaching, business and product development, as well as fundraising.
A prominent fintech investor, Future Africa currently has 36 fintech startups in its portfolio. Notable investments include Akiba Digital, a South African startup offering a suite of application programming interface (API) products for businesses; Anchor, an API-first platform that enables businesses to build, integrate and launch financial products from Nigeria; and Bamboo, a digital investment platform enabling access to Nigerian and US stocks for African investors.
Ventures Platform
Ventures Platform, based in Abuja, Nigeria, is a prominent pan-African venture capital firm that invests early in mission-driven founders. It focuses on addressing infrastructural gaps, democratizing access to services, and promoting economic prosperity across the continent. With over US$1 billion in follow-on capital raised, it has supported more than 75 active portfolio companies in over 6 countries.
A key player in the African fintech space, Ventures Platform currently has 35 fintech startups in its portfolio, including notable companies like Moniepoint, an all-in-one financial platform for businesses in Nigeria and a fintech unicorn; PiggyVest, a savings and investment platform from Nigeria; and Rise, a financial investment company from Nigeria.
Voltron Capital
Voltron Capital, headquartered in Lagos, Nigeria, backs extraordinary African entrepreneurs tackling critical problems in large markets. The firm invests primarily at the pre-seed and seed stages, allowing it to capitalize on early-stage opportunities with high return potential.
With over 60 portfolio companies across more than 7 African countries, Voltron Capital has made significant strides in fintech, supporting more than 20 fintech startups including Earnipay, which enables Nigerian employees to access their earned salaries anytime; Plumter, which provides multi-currency accounts for businesses and individuals; and Moni, a mobile money financing platform from Nigeria.
Microtraction
Microtraction is an early-stage VC firm that invests in African startups at the pre-seed stage. The firm focuses on providing the first check for Africa’s most ambitious founders, typically investing US$100,000 for 7% in their businesses. It favors high-growth, technology-driven startups.
Microtraction has made a strong mark in the fintech sector, with 21 fintech startups in its portfolio. Key investments include Bani, a Kenyan platform facilitating online and in-store payments across Africa; Evolve Credit, a Nigerian startup that offers a comprehensive lending management platform; and One Plan, a Ghanaian company providing personalized financial solutions to Africans.
54 Collective
54 Collective, formerly Founders Factory Africa, is a South Africa-headquartered VC firm that aims to revolutionize investment and scale idea to early-stage ventures throughout Africa.
As a commercial and impact fund, 54 Collective’s catalytic capital provides founders with the tailored funding they need to scale while offering investors outstanding returns. The capital these founders receive is combined with value-add support through its Venture Success Platform, enabling entrepreneurs to build without boundaries as they solve Africa’s greatest challenges.
A prominent fintech investor in Africa, 54 Collective currently has 20 fintech startups in its portfolio. Notable fintech investments in Africa include Truzo, a South African digital escrow solution; Zanifu, an SME-focused buy now, pay later (BNPL) platform from Kenya; and Riskbloq, a digital asset startup from South Africa.
Catalyst Fund
Based in Kenya and the US, the Catalyst Fund is a VC fund and accelerator investing in early-stage tech startups scaling solutions for a climate-resilient future in Africa.
The fund invests in three verticals – climate fintech, sustainable livelihoods, and climate-smart essential services -, backing game-changing entrepreneurs building tech and tech-enabled ventures offering affordable, accessible and appropriate solutions for climate-vulnerable communities across key economic sectors
Since 2015, the Catalyst Fund has accelerated 81 companies across 19 markets. The fund currently has 17 fintech startups in its portfolio, according to Dealroom, making it a prominent fintech investor in Africa. Its most represented locations are Kenya, the US, Ghana and Nigeria, with 11, 7, 5 and 5 companies, respectively.
Notable fintech investments include Cowrywise, a leading digital wealth management platform from Nigeria; Turaco, an insurtech startup from Kenya; and Chipper Cash, a cross-border payments unicorn startup headquartered in the US but serving the African continent.
Capria Ventures
Capria Ventures is a Global South specialist VC firm investing in generative AI (genAI), particularly businesses applying the technology in the fintech, healthtech, agtech, edtech and SaaS sectors. The firm brings state-of-the-art VC innovation combined with global best practices of sustainable environmental, social and governance (ESG) management to select and manage its portfolio of startups serving the fastest-growing economies of the world.
With offices in Seattle, Bangalore, Nairobi, and Washington DC, Capria Ventures is backed by prominent investors and catalytic supporters including the World Bank’s International Finance Corporation (IFC), Bill Gates, Ceniarth, Crystal Springs Foundation, Sorenson Impact Foundation, Unitus Labs, Lemelson Foundation, and Mohandas Pai.
To date, Capria Ventures has made a total of 384 investments across 37 countries, and currently manages assets over US$207 million.
In Africa and MENA, Capria Ventures has 20 fintech startups in its portfolio. Notable investments include Paymob, a leading business-to-consumer (B2C) payment solution from Egypt; 4G Capital, a Kenyan startup helping small businesses grow sustainably via financial literacy training and working capital loans for owners; and Appzone, a layer-1 blockchain network for digital payments from Nigeria.
Disruptech Ventures
Based in Cairo, Disruptech Ventures is a leading fintech VC firm focusing on investing in early-stage fintech and fintech-enabled startups. Founded in 2021, the firm aspires to be the first call for rising fintech founders, and first money in, providing initial capital and long-term support to help them scale sustainably in Egypt.
Disruptech Ventures relies on a hands-on approach, aiming to nurture the startups it supports and guiding them through market creation and value network building. The firm’s extensive network of advisors in finance, legal, technical support, and marketing makes it the investor of choice for entrepreneurs seeking both capital and strategic guidance.
Disruptech Ventures currently has 18 fintech startups in its portfolio. Notable investments include fintech unicorns MNT-Halan, a leading fintech platform and the country’s first unicorn startup; Lucky One, a fintech app that connects users to a range of credit products, discounts and cashback rewards; and Banknbox, a tech company providing tailored payment processing and secure data analytics for banks and fintechs.
Ajim Capital
Ajim Capital is an early-stage VC firm headquartered in the US. The firm focuses on unlocking the potential of Sub-Saharan Africa’s rapidly growing markets, investing in startups from pre-seed to seed stages, offering hands-on strategic advice and connecting founders with a global network of investors and experts. It targets promising startups solving the most challenging problems on the continent.
Ajim Capital’s Fund I is a US$10 million pre-seed and seed-stage fund investing in 50 tech startups across Sub-Saharan Africa with check sizes up to US$250,000. The fund focuses on business-to-business (B2B) and business-to-business-to-consumer (B2B2C) startups with solid teams, at least a minimum viable product, and post traction.
Ajim Capital currently has 13 fintech startups in its portfolio, making it a prominent fintech investor in Africa. Notable investments include Flex Finance, a spend management and corporate cards platform from Nigeria; TemboPlus, an API and payment rails to build and launch financial products from Tanzania; and Dojah, an end-to-end AI-powered fraud prevention and know-your-customer (KYC) platform from Nigeria.
Featured image credit: edited from freepik
