Despite seeing their share of Africa’s startup funding drop from 48.3% seen in 2021 to 43.4% in 2022, fintech still managed to raise 39.3% more capital in 2022 ($1.45 billion) than they did in 2021 ($1.04 billion). Nigeria was again the best-funded country after 180 of its startups raised a combined US$976,146,000 or 29.3% of the African continent’s total.
Big Four’s Share Drops
According to Disrupt’s 2022 African tech startup funding report, fintech startups were able to secure $1.45 billion in funding in the past year. The sector’s total capital raise represented an increase of 39.3% from the approximately $1.04 billion that was secured in 2021. Despite this increase in fintechs’ overall funding, the sector’s share of total capital raised by African tech startups still dropped from 48.3% seen in 2021 to 43.4% in 2022.
As was the case in 2021, Nigeria is again the best-funded country after 180 of its startups raised a combined US$976,146,000 or 29.3% of the African continent’s total. Both the West African nation’s number of funded startups and their…