Global investment money is flooding into Africa’s fintechs
Al JazeeraFintech startups drew more than 60 percent of all venture funding that flowed into Africa last quarter. “It’s an amazing validation.” Two years later, Thomson’s experience resonates with hundreds of African founders, as the continent emerges as ground zero for a stunning surge in fintech funding. It’s an amazing validation by Ricky Rapa Thomson, co-founder, SafeBoda In the third quarter of this year alone, African fintech firms raised $906m, according to Digest Africa, a database of early-stage investments on the continent. “The world realises that the best way — the only way really — to find solutions to Africa’s challenges is by investing in local innovators capable of designing fixes that actually work,” Thomson said. After Target Global led a $10m investment round for Nigerian digital bank Kuda last year, Schäfer said his firm’s “biggest concern” was whether smart capital would “follow us.” It did: In early August, Kuda was valued at $500m after a fresh round of funding.
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