Report: Fintech Firms Received 62% of the $4.9 Billion Raised by African Tech Companies in 2021

Report: Fintech Firms Received 62% of the $4.9 Billion Raised by African Tech Companies in 2021


Fintechs account for nearly two-thirds of the $4.9 billion that was raised by African technology firms during the past year. Fintech groups also dominate in terms of funding that exceeds $50 million, with a 40% share of the total number of tech firms.

The Covid-19 Factor

Out of the $4.9 billion in funding that was raised by African technology companies in 2021, almost two-thirds of this went to fintech companies, data from a new report has shown. In terms of deals wherein the capital raised exceeded $40 million, fintechs accounted for 40% of such deals.

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As shown in the latest Africa Investment Report, the fintech dominance in 2021 eventually culminated into a period with “the highest number of single, non-M&A [mergers and acquisitions] deals

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