For a fact, Fintech is one of the most attractive tech sectors for investment in Nigeria and Africa at large, with Nigeria, South Africa and Kenya, leading the way on the continent when it comes to the number of hot Fintech investments.
According to the report released on March 2019 by French Venture Capital (VC) firm Partech Africa; at least 33% of total funding raised by African tech startups in 2018 was in the Fintech sector, with a total of 42 deals accounting for $379-million. Below are the top five Fintech Startups in Nigeria.
Paystack founded in 2015 by Shola Akinlade and Ezra Olubi, is a payments platform that makes the online payments process seamless for both the consumers and the businesses they are trying to pay. Paystack is one of the leading online payment gateways in Nigeria that allows businesses to collect payments from customers using MasterCard, Visa and Verve cards anywhere in the world.
In August 2018, the startup announced that it had raised $8-million in a Series A funding round led by US payments company Stripe. The deal was one of the biggest by an African tech startup in 2018.
In addition, the startup claims over 25,000 businesses use its platform.
Kudi was founded in 2016 by Adeyinka Adewale and Pelumi Aboluwarin is a financial service provider focused on providing access to electronic banking and financial services by leveraging conversational interfaces, natural language processing and artificial intelligence to provide faster access, frictionless experience, and ultimately boost financial inclusion in emerging markets.
Kudi’s focus is the African market with a primary focus on the Nigerian Payment ecosystem and the company does this in partnership with e-payment regulators, a leading commercial bank, and an international payment processor.
Interestingly, the startup currently has an agent network of over 4500 merchants and processes over $30-million in payments a month.
TeamApt is a financial technology company focused on, developing Digital Banking, Digital Business solutions, and running Payments Infrastructure by rethinking the needs of consumers, businesses, and the financial industry. Beginning operations in 2015, TeamApt was borne from a desire to create financial happiness, building solutions and tools for businesses and individuals to happily manage money.
Founded by Tosin Eniolorunda, TeamApt supplies financial and payment solutions to Nigeria’s largest commercial banks — including Zenith, UBA, ALAT, to mention but a few.
Interestingly, on performance, TeamApt claims 26 African bank clients, signed up 100,000 Nigerian businesses, serves over three million customers and processes monthly transactions valued at $160-million.
Lidya is a financial services platform to improve access to credit and finance across frontier and emerging markets starting with Nigeria. Launched in November 2016, with a mission to close that yawning credit gap, both in Nigeria and across emerging markets where there is a $2.6 Trillion SME credit gap worldwide.
Interestingly, Lidya, since inception in 2016 has granted more than 1,500 loans to help companies involved in agriculture, hospitality, logistics, real estate or health in Africa. The startup also raised $1.25 million dollars in seed funding in 2017 led by Accion Venture Lab.
Founded in 2016 by Olugbenga Agboola and Iyinoluwa Aboyeji, Flutterwave is a FinTech company helping its customers send and receive money as well as pay bills. The company is a partner to more than 50 banks in Africa, has processed about 100 million transactions amounting to over $2.5 billion.
They are the developers of Rave and Barter, 2 financial service apps that has gained recognition. The company is based in San Francisco and has offices in Nigeria, Ghana, Kenya and South Africa.