African Startups Secure $138m in September Deals, Led By Fintech Giants
Start-ups across Africa secured a combined total of $138 million in deals in September 2024, according to a report by Africa: The Big Deal.
The deals include a mix of equity (89%), debt (9%), and grants (two per cent).
This amount is slightly below the monthly average of $159 million recorded over the previous 12 months, the report noted. However, the number of start-ups that secured funding in September—61 companies—is significantly higher than the 42 companies typically securing funds each month over the past year.
The majority of the funds raised, about 90 percent, went to the “Big Four” countries—Egypt, South Africa, Nigeria, and Kenya—along with Ghana. Other countries that saw deals include Morocco, Algeria, Tunisia, Côte d’Ivoire, Tanzania, Uganda, and Rwanda.
Among the top deals, Egyptian fintech, FlapKap raised a pre-Series A round of $34 million in a combination of debt and equity, marking the largest deal of the month. Another Egyptian fintech, Paymob, raised $22 million in a Series B extension, with the company announcing profitability in its home market.
Rounding out the top three, Ghana’s Fido secured $20 million in Series B equity funding, building on the $10 million debt raised in August.
The report also highlighted two notable exits in September, with South African AI financial reporting platform Syft being acquired by global accounting software giant Xero for $70 million, marking the largest exit of the month. Additionally, Nigerian fintech Risevest expanded into Kenya by acquiring Hisa, a local fintech firm.
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