2020 Africa FinTech Funding Report

Published 15 March 2021
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Baobab Developments: Africa FinTech 2020 Funding Report

In 2019 FinTech funding into African start-ups reached $751.433 million USD (excluding grants, prizes and non-equity funding). This more than doubled the total disclosed the previous year, which reached $364.156 million USD in 2018. As seen in broader trends across all sectors and geographies, the impact of the coronavirus (COVID-19) pandemic resulted in 2020 being a down year. The number of funding rounds into FinTech companies reduced from 114 to 113 between 2019 and 2020, and the total amount of funding dropped from $751.433 million to $390.242 million USD. However, perhaps these trends mask a number of other stories materialising in the FinTech space.

In this report we take a closer look at some of the key themes and trends from 2020.

Headlines from the Africa FinTech 2020 Funding Report:

  • The number of FinTech funding rounds across 2020 reduced from 114 to 113 rounds, and the total amount of funding dropped from $751.433 million to $390.242 million USD.
  • The proportion of early-Seed stage deals (deals totalling $0.550 million or less) increased as a proportion of the total amount invested from 4.1% to 6.0% between 2019 and 2020.
  • The $170.0 million Series C announced by Flutterwave in March 2021 means that the number of African tech companies reaching unicorn status has now reached 3.

Top 10 largest FinTech Raises in Africa in 2020 and 2021 to date

This report was first published in March 2021.