A Resilient Recovery: African Tech Startup Funding in 2024
2024 has mirrored 2023 as a challenging year for African tech startup funding, with the sector continuing to grapple with a global capital crunch. Yet, despite these hurdles, signs of recovery are emerging. Funding is gradually flowing back into the ecosystem, sparking optimism for a stronger 2025. Below, we explore the 10 most significant funding rounds of 2024.
1. MNT-Halan (US$157.5M)
Location: Egypt
Sector: Fintech
In July, Egyptian fintech powerhouse MNT-Halan secured $157.5 million to fuel its global expansion. Founded in 2018, MNT-Halan specializes in providing digital banking services for the unbanked, substituting cash with digital solutions.
The funding included a $40 million investment from the International Finance Corporation (IFC), alongside contributions from Development Partners International, Lorax Capital Partners, Apis Partners LLP, Lunate, and GB Corp. With this capital, MNT-Halan is poised to extend its ecosystem—which spans microbusiness lending, consumer finance, payments, and e-commerce—beyond Egypt’s borders.
2. Moniepoint (US$110M)
Location: Nigeria
Sector: Fintech
In October, Nigerian fintech Moniepoint raised $110 million in Series C equity funding, propelling it to unicorn status. Founded as TeamApt in 2015, Moniepoint offers an integrated financial ecosystem, enabling seamless payments, banking, credit, and business management tools for over 10 million customers.
As Nigeria’s leading merchant acquirer, the company processes $17 billion in monthly transactions while maintaining profitability. The funding round was led by African Development Partners (ADP) III, with new investors such as Google’s Africa Investment Fund and Verod Capital joining existing backers like Lightrock.
3. Moove (US$100M)
Location: Pan-African
Sector: Mobility Fintech
In March, mobility fintech Moove raised $100 million to expand its vehicle financing solutions for drivers on ride-hailing and delivery platforms. The round was led by Uber and Mubadala, emphasizing Moove’s growing significance in revolutionizing transportation finance across Africa.
4. NALA (US$40M)
Location: Tanzania
Sector: Fintech
In July, Tanzanian-founded payments startup NALA raised $40 million to support its international expansion and the launch of proprietary payment rails. Operating in Europe, the US, and Africa, NALA empowers users to send money to multiple African countries within seconds.
The Series A round was led by Acrew Capital, with contributions from DST Global Partners, Amplo, Norrsken22, and others. The funding will accelerate growth and the development of Rafiki, NALA’s B2B payments platform, aimed at connecting a billion users globally.
5. Yellow Card (US$33M)
Location: Pan-African
Sector: Fintech
Pan-African crypto-fintech Yellow Card raised $33 million in a Series C round in October, bringing its total funding to $85 million. Since launching in 2019, Yellow Card has facilitated $3 billion in transactions across 20 African countries.
Led by Blockchain Capital, the funding will enhance Yellow Card’s API and widgets, enabling businesses to access African markets and streamline cross-border stablecoin payments.
6. SunCulture (US$27.5M)
Location: Kenya
Sector: Agritech
In April, Kenyan agritech leader SunCulture raised $27.5 million in Series B funding to scale its solar-powered irrigation systems for smallholder farmers. With over 50% market share in Sub-Saharan Africa, SunCulture empowers farmers to boost productivity and climate resilience.
Investors included Reed Hastings, InfraCo Africa, Acumen Fund, and EDF Group. The funding will support new product development and market expansion.
7. Roam (US$24M)
Location: Kenya
Sector: Electric Mobility
Electric mobility startup Roam raised $24 million in February to ramp up production of locally designed electric motorcycles and buses. Founded in 2017, Roam is revolutionizing African transport with cost-effective electric vehicles tailored for the mass market.
The financing consisted of a $14 million equity round led by Equator Africa and $10 million in debt from the US Development Finance Corporation (DFC).
8. Paymob (US$22M)
Location: Egypt
Sector: Fintech
Egyptian fintech Paymob extended its Series B round with an additional $22 million in September, increasing the total to $72 million. Paymob enables over 350,000 merchants to access innovative payment solutions and has expanded to the UAE, Saudi Arabia, and Oman.
The funding was led by EBRD Venture Capital, with participation from Endeavor Catalyst and existing backers like PayPal Ventures and BII.
9. Pula (US$20M)
Location: Kenya
Sector: Insurtech
In April, Kenyan insurtech Pula raised $20 million in Series B funding to expand access to agricultural insurance for smallholder farmers. Founded in 2015, Pula integrates insurance with seeds and credit to make protection more accessible and affordable.
The investment will enable Pula to scale its operations and strengthen farmers’ resilience against climate risks.
10. OneOrder (US$16M)
Location: Egypt
Sector: Supply Chain
In May, Egyptian supply chain startup OneOrder raised $16 million to enhance its services for the food and beverage industry. Offering a streamlined procurement platform, OneOrder simplifies supply chains for over 1,300 customers.
The Series A round was led by Delivery Hero Ventures, with participation from Norrsken22 and other investors. The funding will support regional expansion into the GCC.
A Path Forward
Despite ongoing challenges, African tech startups have shown resilience and ingenuity in 2024. As funding begins to rebound, the sector is positioned for even greater growth in 2025, driven by innovation and a commitment to solving the continent’s unique challenges.
