20 Most Funded Startups in Africa Still Active This Year

Most funded startups in Africa are no longer just local success stories—they’re global contenders attracting billions in venture capital and reshaping industries.

These companies are solving deeply rooted challenges with bold, scalable solutions, and in doing so, they’re pulling in the kind of funding that was once reserved for Silicon Valley unicorns.

But funding is only half the story.

In a startup ecosystem where volatility is real and sustainability is everything, the most compelling question isn’t just who raised the most money—but who’s still standing, scaling, and thriving?

In this blog post, we’ll discuss the 20 most funded startups in Africa that are still fully operational as of 2025. More importantly, they’re still building, hiring, and expanding across the continent and beyond.

Disclaimer: The data in this article is based on publicly available funding information as of July 2025 from reliable sources such as Startuplist Africa, TechCrunch, Crunchbase, and official press releases. We’ve focused exclusively on startups that are still active and operational as of the time of writing. While we strive for accuracy, figures may vary slightly due to undisclosed rounds or currency fluctuations.

TL;DR: 20 Most Funded Startups in Africa

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20 Most Funded Startups in Africa Still Thriving

Fintech leads Africa’s startup funding. By far, financial services ventures attract the lion’s share of capital – roughly 30% of deals by count and 59% of total funding in 2024.

Africa’s top-funded startups reflect this trend, spanning mobile payments, buy-now-pay-later (BNPL), digital banking and lending for the unbanked.

1. Tabby (Egypt)

A leading Buy-Now-Pay-Later platform for online shoppers in MENA, Tabby has raised about $1.9 billion to date.

Its backers include major funds and institutions; e.g., in late 2023, Tabby closed a $200 M Series D (led by Wellington Management with PayPal Ventures, STV, Mubadala, etc.), valuing the company around $1.5 B.

Since launching in 2019, Tabby has scaled BNPL across the Gulf region, disbursing financing via retailers like Adidas, Sephora and Amazon UAE. Investors in Tabby include Wellington, PayPal Ventures, STV (Saudi Technology Ventures), Mubadala Ventures, and Arbor Ventures.

2. MNT-Halan (Egypt)

Egypt’s first fintech unicorn and “super-app” for financial services, MNT-Halan provides mobile loans, payments and BNPL to the previously unbanked. MNT-Halan has also raised hundreds of millions over several rounds.

For example, in July 2024, it secured $157.5 M (including $40 M from IFC), after earlier rounds of $400 M (Jan 2023) and $120 M (Sept 2021). These deals were led by global investors like Development Partners International (DPI), Apis Partners, IFC, Lorax Capital, and others.

(StartupList tallies MNT-Halan’s total capital above $670 M.) This local fintech now serves 7+ million customers and is expanding regionally, leveraging heavyweights like IFC and Apis.

3. Tala (Kenya/US)

Tala provides mobile microloans to millions of users in emerging markets (East Africa, Mexico, India, etc.). In late 2021, Tala announced a $145 M Series E (led by Upstart and the Stellar Development Foundation), bringing its lifetime funding to roughly $350M+.

The round included backers Kindred Ventures, J. Safra Group, IVP, Revolution Growth, Lowercase Capital and PayPal Ventures. Tala CEO Shivani Siroya notes the funds fuel rollout of savings accounts and crypto payments for emerging markets (per Tala press).

According to Tala’s release, “total funding is more than $350 million”.

See Also: From Idea to IPO: African Startups Making Global Headlines

4. Zepz (Somalia/UK)

Formerly known as WorldRemit, Zepz is a cross-border payments provider popular in Africa. It has raised nearly $960 million to date. Notably, in October 2024 Zepz closed a $267 M Series F round led by Accel (with LeapFrog, TCV, Coller Capital and IFC).

Earlier, a $292 M Series E in 2021 was co-led by TCV and LeapFrog. This brings Zepz’s total funding close to a billion dollars.

Headquartered in London, Zepz connects African migrants and their families via low-cost remittances. Its investors include Accel, TCV, LeapFrog, Coller Capital, IFC and others.

5. OPay (Nigeria)

OPay is a China-backed mobile payments and financial services platform in Nigeria. (It powers services like e-wallets, ATM and payment cards.) OPay has attracted ~$570 million in funding.

For example, a $400 M round in 2021 (led by SoftBank Vision Fund 2) valued OPay at $2.0 B. Earlier, Opera – the Norwegian browser company – invested to back OPay’s founder; OPay’s total capital raised is widely reported at ~$570 M.

Investors: SoftBank, US investor Yahui Zhou, Opera’s holding company, etc. (TechCabal notes that Opera’s stake was diluted through those rounds.)

6. Flutterwave (Nigeria)

A payments API provider for businesses, Flutterwave simplifies transactions across Africa and beyond. Launched in 2016, it has raised about $484 million to date.

Its biggest recent round was a $250 M Series D (July 2021) at >$3 B valuation. Investors include Tiger Global, Avenir Growth Capital, Greycroft, PayPal Ventures, Visa, Mastercard, and Stripe (acquirer of Paystack).

Ajim Capital reports Flutterwave’s total at $484 M. (Flutterwave continues expanding globally; it now processes payments in dozens of African countries.)

7. Wave Mobile Money (Senegal)

Senegal’s Wave is a mobile-money (M-Pesa-like) startup. It turned heads with a $200 M Series B (Sept 2021) that made it a unicorn, and in mid-2025 announced $137 M in debt financing.

According to Fintech News Africa, the July 2025 debt round (led by Rand Merchant Bank) brought Wave’s total funding well into the hundreds of millions. The company serves 20+ million users via an agent network of 150,000.

Wave’s model – free cash-in/cash-out and 1% P2P fees – has won key investors. Backers include fintech-focused financiers like IFC, Norfund and Finnfund, plus African banks (RMB). (StartupList pegs Wave’s total at ~$438 M.)

Read Also: Top 17 African Women in Biz Making Waves This Year

8. Chipper Cash (Ghana)

Chipper Cash runs a mobile app for instant P2P transfers across Africa (and the US). To date it has raised about $302 M. Key rounds include a $100 M Series C in 2021 (backed by Deciens Capital, Ribbit Capital and others).

Notably, Chipper raised capital from crypto entrepreneur FTX before its collapse. Its funding fell from a $2.2 B valuation to $1.25 B after FTX’s bankruptcy.

Major investors (outside FTX) include Ribbit Capital, Deciens, Liquid 2 Ventures, and Bezos Expeditions. (Chipper counts 9 African and US markets today.)

9. TymeBank (South Africa)

TymeBank is a fully digital, retail bank aiming to serve millions of unbanked South Africans. It has raised roughly $528 M. Major investors include the South African Public Investment Corp (PIC), Finalto, and LeapFrog Investments.

TymeBank’s rounds include a $109 M Series C (2020, led by Frontier) and a $109 M debt/equity mix in 2021. Its backers are a consortium of funds focusing on emerging markets and financial inclusion.

10. Jumo (South Africa)

Jumo is a data-driven lending/financial platform for mobile users in Africa. While just outside the very top list, Jumo has secured over $300 M (StartupList lists ~$266 M). It has raised large rounds including a $125 M Series C (led by Goldman Sachs) in 2019 and a $55 M Series B in 2017.

Investors include Goldman Sachs, Sequoia Capital, Orange, and international development funds. (Jumo’s credit and savings platform now operates in multiple African and Asian markets.)

Investors also pour capital into African cleantech. Off-grid solar and green mobility startups have nabbed some of the continent’s largest rounds. According to AVCA, Clean & ClimateTech deals doubled their share in 2024, signaling growing interest in energy and sustainability innovation.

Key players below have raised big funding to power Africa’s energy transition:

11. d.light (Kenya)

A pioneer in pay-as-you-go solar, d.light sells affordable solar home systems across Africa and Asia. Cumulatively, it has raised around $815 M (startup list).

But much of that capital comes via consumer debt financing: in 2025, d.light announced a securitization facility ($842 M of solar consumer debt capacity) to sell solar products on credit.

In plain terms, it now has “nearly $1 billion in financing firepower” backing its solar loans. Investors include Mirova (which led the $300M BLd securitization) and African Frontier Capital.

Note: these figures are mostly debt-based; equity funding rounds have been smaller (for example, a 2021 $15M equity raise led by Inspired Evolution).

12. Sun King / Greenlight Planet (Kenya)

Formerly Greenlight Planet, Sun King is another off-grid solar heavyweight. It has raised about $793 M in funding. A marquee round was a $260 M Series D in 2022, led by General Atlantic’s climate fund BeyondNetZero. (Other backers in that round included M&G’s Catalyst and Arch Emerging Markets.)

Sun King’s products (lights, radios, etc.) now reach over 80 million lives across 40 countries. The General Atlantic PR highlights its $260M Series D specifically; overall capital suggests dozens of smaller rounds dating back to the 2010s.

See Also: Top 20 Programs for African Women in Tech

13. M-KOPA (Kenya)

M-KOPA pioneered pay-as-you-go solar and digital finance for low-income Africans. As a result, it has become one of the continent’s biggest financers of energy and devices.

In 2023, M-KOPA announced over $250 M in new investment – one of the largest raises by any African fintech. This included equity and debt (e.g. the latest equity round was ~$36.5M from Japan’s Sumitomo plus follow-ons; separately it closed a huge $250M+ debt package with IFC and others).

Altogether, StartupList reports M-KOPA’s total funding around $561 M. Backers include IFC, Standard Bank, Broadscale Group, Sumitomo, Blue Haven and others. These funds support M-KOPA’s expansion into solar, EV motorcycles and smartphones – all on a PayGo model.

14. Zola Electric (Nigeria/US)

Zola (formerly OffGrid Electric) provides solar power systems and microgrids. It has raised roughly $306 M. Investors include the United Nations’ IFC, Blank Capital, Breakthrough Energy Ventures (Bill Gates), and energy-focused funds. Zola’s corporate info shows strong strategic backers; however, detailed recent rounds haven’t been widely reported.

While finance dominates investment, Africa’s online marketplaces and logistics startups have also captured huge funding. These firms tackle challenging markets (infrastructure, low credit) and often need deep pockets to scale.

15. Jumia (Nigeria)

Often called “the Amazon of Africa,” Jumia is the best-known African e-commerce platform. Its funding history is enormous: total equity and debt raised exceed $800 M.

Founders launched Jumia in 2012, and it raised big rounds from MTN, Rocket Internet, and Goldman Sachs. For example, a 2019 financing included €300M led by MTN/Goldman.

Jumia eventually IPO’d on the NYSE in 2019 (raising ~$196M). Despite recent losses, Jumia is still active across ~10 countries. (Its high funding total reflects years of venture rounds plus public capital.)

16. Glovo (Africa)

Spain’s Glovo expanded to Kenya and Nigeria, offering on-demand delivery (food, groceries, etc.). In 2021, it merged its African operations into a startup called Glover, but earlier funding counts under Glovo’s name.

It has raised about $336 M in total. Major investors: Delivery Hero, Sequoia, GP Bullhound, and others. Glovo’s parent company went public in 2021, but Glovo (Africa-focused) is still operating and has now rebranded as Glovo Africa. (This combined group fits the “funded startup” criterion.)

17. Moove (Nigeria)

Moove provides revenue-based financing for ride-hailing drivers (allowing them to lease vehicles and pay as they earn). Since its 2019 launch, it has raised over $409 M (debt + equity).

For example, in March 2024, it closed a $100 M Series B led by Uber and Mubadala, valuing Moove at $750M. Its total funding includes numerous earlier rounds ($105M in Mar 2022, $10M in Jul 2022, etc.).

Heavyweights like Uber (MV) and the UAE’s Mubadala are investors, along with Speedinvest and others. Moove now operates in over a dozen countries (Africa, Latin America, Asia).

This pan-African mobility fintech is still growing fast, eyeing a unicorn valuation with a planned $300M raise.

Read Also: 44 African Women in Tech Empowering the Next Generation of Innovators

18. Zipline (Rwanda/US)

Zipline is the world’s leading drone delivery service for medical supplies, founded in Rwanda (operational headquarters in California). It has raised an estimated $1.2 billion to date.

(StartupList had an older figure of $483M, but recent media confirm the much larger total.) Its funding includes a June 2021 $250 M Series E at ~$4.2 B valuation and a 2023 filing for $330 M Series F.

Backers include Katalyst Ventures, The Rise Fund, Andreesen Horowitz, Baillie Gifford, and others. Zipline operates in Rwanda and Ghana (national medical drone services) and has expanded to the US and Europe.

Its mission – instant medical delivery by automated drones – has attracted high-profile funding from Silicon Valley to Middle East sovereign funds.

Other notables

Although the top 20 list focuses on larger raises, several other high-growth African startups deserve mention.

For example, Andela (Nigeria/US), a tech outsourcing firm, raised about $381 M (including $200 M from SoftBank in 2021).

Cassava Technologies (South Africa) – a Prosus/Naspers spinout for digital ventures – has raised ~$360 M.

And a handful of startups just below the top 20 include TerraPay (Kenya) – a payments infrastructure company with a $100M+ Series B in 2023.

Moniepoint (formerly TeamApt) has indeed raised significant capital—$110 million in its Series C round (Oct 2024), further backed by Visa in early 2025, giving it a valuation-over-$1 billion unicorn status. It’s a fast-growing startup, and its total reported funding is around (~$110 – 150 million).

See Also: 12 Africa-focused investment firms in 2025

Conclusion

These 20 startups – all currently active – demonstrate that innovative African-founded companies can attract world-class capital. Their success signals an entrepreneurial energy across the continent, and for investors or entrepreneurs, highlights where innovation is paying off.

Despite a global VC slowdown, top African startups continue to raise massive capital – often co-sponsored by Western and Asian giants.

Their investors range from Sequoia, SoftBank and Goldman Sachs to development institutions like IFC and Germany’s DEG. This influx of capital is fueling rapid expansion and technological innovation on the continent.

Key insights:

• Sector focus: Fintech startups (payments, lending, neobanks) lead in funding. Renewable energy (solar pay-as-you-go) is a close second.
• Geography: Nigeria, Kenya, Egypt and South Africa host most of these big financings, but pan-African and global players are involved too.
• Growth funding: Many of the top-funded companies are beyond Series C and focusing on scaling operations internationally.
• Investor interest: Leading global VC funds and DFIs (e.g. General Atlantic, IFC, SoftBank, Visa, IFC, Mirova) trust in African startups’ growth potential, even amid economic headwinds.

FAQ

How do we define the “most funded” startup in Africa?

Here we counted total funding raised to date (equity + major debt rounds) by each company. In other words, these are the firms with the highest cumulative capital injections from investors. We exclude older corporations (like Aspen or retail chains) and focus on venture-backed companies still operating independently today.

Which industries dominate African startup funding?

Fintech is by far the biggest. About 30% of all deals and 59% of capital in 2024 went to financial services (payments, banking, lending). The next-largest sector is Cleantech, followed by e-commerce/logistics, while edtech and others are less represented in the top funding chart.

Are these startups profitable?

Not all – many are still investing heavily in growth. For example, Jumia (e-commerce) has struggled with losses, and Wave gave away free transactions to gain market share. However, some (like Sun King and Zipline) reportedly achieve healthy unit economics.

In general, African startups tend to keep raising rounds to scale quickly, with profitability often targeted later. High valuations (e.g., Flutterwave’s $3B) reflect growth potential rather than current profits.

What does this mean for entrepreneurs or investors?

The long-term trend is still positive. A strong pipeline of African talent and large underserved markets means many more high-growth startups will emerge. These 20 show where investors are most bullish (fintech, renewables, etc.).

• For entrepreneurs: focus on scalable solutions for African markets.
• For investors: building local networks and knowledge will be key.
• And for everyone: supporting diversity of ideas (beyond just finance) could find the next high-value winner.

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