Top Scale-Ups in Africa

Africa’s startup scene is on the rise, with hundreds of companies every year drawing in funding from both local and international investors.

And it’s no surprise that so many investors are looking to Africa to find the next greatest idea, as Focus Economics named 6/10 of the fastest growing economies in the world in 2025 being on the African continent.

In fact, 54 Collective reported that in 2023, venture capital funding globally experienced a decline, but despite this, African tech startups raised a total of $1.4 billion by Q3 2023.

When it comes to the sectors driving the most investment, fintech and agritech take the lead.

Which African Country Has The Most Startups?

According to Statista, Nigeria leads the startup count, registering over 3,360 startups in 2024 – the highest on the continent.

Egypt and Kenya followed behind with 2,112 and 1,000 respectively and other key markets included Algeria, Tanzania, Tunisia, and South Africa.

When it comes to entrepreneurship, according to Business Insider Africa, the list of top 5 most entrepreneurial countries include:

• South Africa
• Rwanda
• Morocco
• Kenya
• Nigeria

Other notable mentions included Tunisia, Ghana, Botswana, Cameroon and Egypt.

So, what are the scale-ups driving forward innovation in Africa? Let’s take a look…

Flutterwave

Flutterwave is a fintech company that allows businesses to more easily receive payments and build the financial products they need to thrive.

Currently used by 1 million businesses and 2 million individuals, the software allows companies to accept payments from anyone, anywhere in the world via their chosen payment method.

Flutterwave is quickly becoming one of the continent’s biggest scale-ups, with a valuation of $3 billion as of 2022.

Interswitch

Interswitch is an African online payment platform and digital commerce company that processes more than 90% of Nigeria’s card and digital money transactions.

Based in Lagos, Nigeria, the company has developed a number of options for companies that cover a suite of payment options. In 2019, the company became one of Nigeria’s unicorns after securing a $200 million investment from Visa.

Andela

Andela is a talent marketplace that helps to connect talented tech workers with companies that need their skills.

Currently representing talent in 135 countries, it sources, screens and onboards the talent – allowing companies to find the best matches for them. Founded in 2014 in Lagos, the company was most recently valued at $1.5 billion after its latest Series E funding round.

Planet42

Operating in South Africa, Planet42 is on a mission to make transport more accessible to people.

Operating as a ‘rent-to-buy’ subscription service, the company allows people to apply for a car and then rent it on a subscription basis. Think of it like a mortgage, but for transport.

Back in 2023, the company raised $100 million in an effort to drive quick expansion across the continent.

Moniepoint

Moniepoint is a Nigerian fintech company that gives businesses banking services and loans via an online banking app.

The company exists to help power business growth in the region, allowing them to more easily manage and accept payments.

With key investors like Google behind them, Moniepoint was labelled a unicorn in October 2024 by Reuters – a huge achievement for the company.

Moove

Moove is a company that offers vehicle financing for people across Africa. By allowing people to more easily buy new vehicles, the company is helping them engage in gig economy work and operate their own businesses.

The company has grown from strength to stretch and recently announced a $100 million funding round led by Uber, solidifying it as one of the most exciting scale-ups in Africa.

Esusu

Esusu is helping people across Africa build better credit scores, designed specifically for those who are overlooked by regular banks.

By allowing people to report their rent payments, the app helps them grow their credit score. This can help them unlock better interest rates for borrowing by positioning them as responsible borrowers.

The startup reached unicorn status back in January 2022 and has continued to grow across Africa.

OPay

Opay is a fintech that allows people to send and receive money instantly to all banks in Nigeria with easy and secure transfers.

This can help people pay bills, transfer money between friends and family and add money to their own accounts.

OPay has become a big player in the digital payments space, with Launch Base Africa announcing its $2.75 billion valuation in 2025.