Fintech dominated the top funding deals in the continent, both in the number and magnitude. Briter Intelligence data shows that the sector’s funding rounds amounted to approximately $1.33 billion with landmark deals like the Paystack and DPO acquisition.
Countrywise, Kenya, South Africa and Nigeria dominated the top deals, with appearances by Egypt’s Vezeeta and Ethiopia’s AAFC. Most top deals were from Nigeria while the highest valued deal was from Kenya.
1. DPO Group’s $288 Million Acquisition
Nairobi-based Payment Service Provider DPO Group topped deals in 2020, following Network International’s $288 million acquisition. The acquisition will allow the DPO Group to penetrate the Middle East Market and add Point of Sale systems in its product portfolio while allowing Network International to use the DPO’s 47,000 active merchants in 19 African countries to drive mobile and alternative payments in the continent.
2. Paystack’s $200 Million Acquisition
Stripe acquired Nigeria’s Payments provider Paystack for $200 million, making it one of Nigeria’s biggest acquisition deals. The deal will allow Paystack to expand into other markets.
3. MetroFibre Networx’s $97.6 Million Equity Funding
The South African managed open-access fibre optic connectivity provider raised $97.6 million from Africa Infrastructure Investment Managers (AIIM) to fund its expansion plan and cement its position. The deal gave AIIM an undisclosed minority stake in the company.
4. Jumo’s $55 million Series C
The South African platform for building and running financial services money marketplace Jumo raised $55 million in a mix of debt and equity in an investment round led by Goldman Sachs, Odey Asset Management and LeapFrog Investments. The fresh funds will help the company expanded its savings and loaning services across the continent and Asia. Jumo has raised $146 million so far.
5. CrossBoundary Energy’s $40 million
CrossBoundary Energy (CBE) received $40 million in equity funding from RCH Emerging Markets Partners’ Africa Renewable Power Fund (ARCH ARPF) to exit initial investors and develop Commercial & industrial (C&I) solar projects for business across the continent.
6. Vezeeta’s $40 million Series D
Egyptian Healthtech raised $40 million from Gulf Capital and Saudi Technology Ventures in a Series D funding round. The doctor booking platform for the MENA region plans to use the finances to support their growth plans to launch digital capabilities and expand globally. Vezeeta recently launched in Kenya.
7. Flutterwave’s $35 million Series B
Nigerian Payment technology startup Flutterwave raised $35 million in equity in a Series B funding round led by Greycroft to expand beyond finance and grow its market share. Flutterwave also partnered with Worldpay FIS, becoming the first African partner for the global payment processing firm.
8. Lumos Global’s 35 million
Nigeria’s pay-as-you-go solar home systems provider raised $35 million from the United States International Development Finance Corporation. The startup will use the funding to expand its solar home systems across 160,000 homes.
9. Skynamo’s $30.1 million Series A
South Africa field sales management platform Skynamo raised $30 million from US-based investor Five Elms Capital. The platform plans to use the funding to accelerate its adoption and expand internationally.
10.Chipper Cash’s 30 million Series B
Crossborder mobile transfer service provider Chipper Cash raised $30 million to expand its product offering and reach new markets. The Series B round was led by Ribbit Capital, with the participation of Bezos Expeditions, Jeff Bezos’ Personal VC Fund.