In October, African start-ups secured over $250 million in funding, with Nigeria leading the continent’s investment landscape. Fintech giant Moniepoint dominated the month, raising $110 million in a Series C round, backed by investors like Google and Development Partners International. Yellow Card, a Nigerian cryptocurrency exchange, followed with a $33 million Series C. This funding surge contributed to the second-best month for African start-ups in 2024, representing a nearly 50 percent increase over the 12-month average.
The total funding for African start-ups in 2024 reached $1.7 billion, down 33 percent compared to the previous year. October saw 42 start-ups across the continent secure funding, marking it as the best October since 2019. Nigeria continues to capture the lion’s share of investment, with 60 percent of the October funds directed toward Nigerian companies, especially within the Fintech sector, which saw 60 percent of the month’s total.
Moniepoint’s new capital, raising its valuation to over $1 billion, will support the expansion of its platform, aimed at providing integrated digital payment, banking, and business management tools for African enterprises. However, the report highlights a notable gap in diversity: 98 percent of the funding went to male-led start-ups, and 97 percent to ventures without a female founder, raising concerns about gender equity in Africa’s entrepreneurial landscape.
