Top FinTech Unicorns on the African Continent

“Unicorn” is a term typically used to refer to someone or something that is extremely valued. In the world of business, it refers to a billion-dollar start-up. Since prior to the pandemic till date, we have witnessed a surge in the number of tech-related start-up companies in Africa. These companies contribute their quota to the development of Africa as a whole.

In addition to these, the Fintech sector in Africa has also witnessed immense change and growth from year to year. This has led to a revolution in the financial services industry. There have been introductions of multiple solutions and services, all innovative and technologically enabled. These services make financial activities easier and more convenient for all Africans involved.

According to Fintech news, Fintechs in Africa keep on overshadowing other industries on the continent in terms of funding and valuation. Here are some of the notable Fintech unicorns within the African continent with their valuation at over a billion US dollars each:

1. Fawry: In Fawry’s words, they are the “leading digital transformation & e-payment platform in Egypt, offering financial services to consumers and businesses through more than 225,000 locations and a variety of channels.” They are also a provider of payment gateway in Egypt and e-commerce solutions. 
2. Opay: Opay is an ePayment wallet launched to function as a mobile payment platform, allowing its users to easily pay for goods and services electronically through mobile phones via the OPay application. 
3. Wave: Wave is another innovative Fintech unicorn in Africa. They are on a mission to make Africa the first cashless continent and they’re doing this by building a modern financial network with no account fees, instant availability and acceptance all over the world. 
4. Flutterwave: Flutterwave is a company that focuses on building technology, tools, and infrastructure for businesses and banks who seek to provide more seamless and secure payments for their customers. It was founded in 2016 by a team of African finance and technology veterans from Standard Bank, PayPal, Google Wallet, etc. It has now become one of the fastest growing payment firms in the world. 
5. Interswitch: Interswitch is a Nigerian company that provides payment services and contributes in major ways to the development of the Nigerian payment’s ecosystem. The company is now a leading player with a reputation in Nigeria and Africa. 

These Fintech unicorns are redefining the African financial space by providing innovative solutions and allowing for seamless transactions.