The Financial Technology (Fintech) industry in Nigeria has come to stay, as it took the lead in Africa attracting $122 million in funds in 2019. This was disclosed in the 2019 African Tech Startups Funding Report.
The report stated that African tech startups, with 311 companies secured $491.6 million worth of investment in 2019 and Nigeria got 24.8% of that fund. The number of investors in African tech startups jumped by 61% to reach 261.
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Details: The report details how Kenya and Nigeria emerged as the premier investment destinations on the continent in 2019, attracting US$149 million and US$122 million in funding respectively.
Egypt continued its development into a major continental tech hub, with more startups from the North African country securing investment than anywhere else. South Africa’s growth slowed, according to the report, which also contains in-depth data on the investment landscapes in Ghana and Uganda, as well as an overview of activity in 13 other countries.
What you need to know about Fintech: The sector remained the most popular among investors, though its share of total funding fell to 21.8% as other sectors, notably logistics, transport, e-commerce, agri-tech, and e-health, enjoyed bumper years.
The report also provides information on funding activity in six African countries; figures on the number of deals per location, and average deal sizes; data on growth in funds and deals over the past five years; highlights of key deals across the continent; sector-specific breakdowns across 13 sectors, and tracking of acquisitions in 2019.