Nigeria is a hotbed of innovation and entrepreneurship, with a vibrant tech ecosystem that has produced some of the most successful startups in Africa and beyond. In this article, we will look at the top 10 Nigerian tech startups in 2024, based on their funding, valuation, impact, and growth.
Flutterwave
Flutterwave is a fintech company that provides payment solutions for businesses and individuals across Africa and the world. Founded in 2016 by Olugbenga Agboola and Iyinoluwa Aboyeji, Flutterwave has raised over $300 million in funding and is valued at over $1 billion, making it one of the few African unicorns. Flutterwave enables its customers to accept and send payments across multiple channels, such as cards, bank transfers, mobile money, and cryptocurrencies. Flutterwave also offers a platform for creating and managing online stores, called Flutterwave Store. Flutterwave has processed over $9 billion in transactions and serves over 290,000 businesses in 33 African countries, as well as in the US, UK, Canada, and Europe. Some of Flutterwave’s partners include Uber, Booking.com, Facebook, and WorldRemit.
Read also: Africa’s top 7 identity verification and KYC startups
Opay
Opay is another fintech company that offers mobile money, digital banking, and ride-hailing services in Nigeria and other African markets. Opay was founded in 2018 by Yahui Zhou, a Chinese billionaire and the founder of Opera Software. Opay is valued at $2 billion, after raising $400 million in a Series C round in August 2021, led by SoftBank. Opay’s mobile money service allows users to send and receive money, pay bills, buy airtime, and access loans and savings. Opay’s digital banking service, called Owealth, offers interest-bearing savings accounts and investment products. Opay’s ride-hailing service, called Oride, connects riders with drivers of motorcycles, tricycles, and cars. Opay also operates other services, such as Ofood (food delivery), Oexpress (logistics), and Otrade (e-commerce). Opay claims to have over 60 million users and over 300,000 agents in Nigeria, Egypt, Kenya, and South Africa.
Andela
Andela is a talent marketplace that connects software engineers in Africa with global employers. Andela was founded in 2014 by Ian Carnevale, Iyinoluwa Aboyeji, Jeremy Johnson, and Christina Sass. Andela has raised over $240 million in funding and is valued at $1.5 billion, making it another African unicorn. Andela sources, trains, and matches engineering talent with companies that need them, such as GitHub, Cloudflare, and ViacomCBS. Andela also provides mentorship, support, and learning opportunities for its engineers, who work remotely as part of the clients’ teams. Andela has over 1,500 engineers in its network, who work from Nigeria, Ghana, Kenya, Rwanda, Uganda, and Egypt.
Reliance Health
Reliance Health is a healthtech company that aims to make healthcare accessible and affordable for Africans. Reliance Health was founded in 2017 by Fara Ashiru Jituboh, Njideka Udochi, and Nnamdi Okafor. Reliance Health has raised over $50 million in funding, including a $20 million Series A round in July 2021, led by LeapFrog Investments. Reliance Health offers a range of services, such as telemedicine, online pharmacy, health insurance, and diagnostics. Reliance Health’s flagship product is RelianceHMO, a health insurance platform that covers over 100,000 individuals and businesses in Nigeria. Reliance Health also operates RelianceCare, a telemedicine platform that connects patients with doctors and specialists, and ReliancePharma, an online pharmacy that delivers medicines and wellness products.
Bamboo
Bamboo is a wealthtech company that allows Nigerians to invest in US and Nigerian stocks, ETFs, and cryptocurrencies. Bamboo was founded in 2019 by Yanmo Omorogbe and Richmond Bassey. Bamboo has raised over $20 million in funding, including a $13 million Series A round in July 2021, led by TLcom Capital. Bamboo’s app enables users to buy and sell over 3,500 US and Nigerian securities, with as little as $20. Bamboo also provides market insights, portfolio management, and customer support. Bamboo claims to have over 100,000 users and to have processed over $500 million in transactions.
Moove Africa
Moove Africa is a mobility company that provides vehicle financing and ownership solutions for drivers and transporters in Africa. Moove Africa was founded in 2019 by Ladi Delano and Jide Odunsi. Moove Africa has raised over $68 million in funding, including a $23 million Series A round in August 2021, led by Speedinvest and Left Lane Capital. Moove Africa’s model allows drivers to own their vehicles after a period of weekly payments, while also providing them with insurance, maintenance, and training. Moove Africa partners with ride-hailing platforms, such as Uber and Bolt, to offer its vehicles to their drivers. Moove Africa also operates a logistics service, called Moove Logistics, that connects shippers with truck owners and drivers. Moove Africa operates in Nigeria, Ghana, and Uganda, and plans to expand to 10 more African countries by 2025.
TeamApt
TeamApt is a fintech company that provides digital banking and payment solutions for banks, businesses, and individuals. TeamApt was founded in 2015 by Tosin Eniolorunda, Felix Ike, and Ayokunle Adeniran. TeamApt has raised over $15 million in funding, including a $5.5 million Series A round in 2019, led by Quantum Capital Partners. TeamApt’s products include Moniepoint, a mobile money and agency banking platform that allows users to perform transactions such as cash withdrawals, deposits, transfers, and bill payments. Moniepoint claims to be the largest non-bank mobile money platform in Nigeria, with over 100,000 agents and over 14 million customers. TeamApt also offers Monnify, a payment gateway that enables businesses to accept and manage online payments from multiple channels. TeamApt also operates AptPay, a digital banking platform that offers savings, loans, and investments to individuals and businesses.
Interswitch
Interswitch is a fintech company that provides payment infrastructure and services for banks, businesses, and consumers in Africa. Interswitch was founded in 2002 by Mitchell Elegbe, Charles Ifedi, and Akeem Lawal. Interswitch has raised over $200 million in funding, including a $200 million investment from Visa in 2019, valuing the company at $1 billion. Interswitch operates several products and platforms, such as Verve, a payment card network that has over 19 million cards in circulation; Quickteller, a payment app that allows users to send and receive money, pay bills, and buy airtime; and Paydirect, a web-based payment solution that enables businesses to collect payments from multiple channels. Interswitch also offers Switching and Processing, a service that connects banks and other financial institutions to facilitate transactions. Interswitch operates in Nigeria, Kenya, Uganda, Tanzania, and Gambia, and plans to expand to more African countries.
Umba
Umba is a digital bank that offers banking and financial services to customers in Africa and beyond. Umba was founded in 2019 by Tiernan Kennedy, Barry O’Mahony, and Shane Murphy. Umba has raised over $10 million in funding, including a $2 million seed round in November 2020, led by Lachy Groom and Ludlow Ventures. Umba’s app allows users to open a bank account, send and receive money, pay bills, buy airtime, and access loans and savings. Umba also offers a debit card that can be used for online and offline payments. Umba claims to have over 500,000 users and to process over 1.5 million transactions per month. Umba operates in Nigeria and Kenya, and plans to launch in more African countries soon.
Yellow Card
Yellow Card is a cryptocurrency exchange that allows users to buy and sell digital currencies with local currencies. Yellow Card was founded in 2016 by Chris Maurice, Justin Poiroux, and Munachi Ogueke. Yellow Card has raised over $8 million in funding, including a $1.5 million seed round in August 2020, led by Polychain Capital, Andreessen Horowitz, and Celo. Yellow Card’s platform enables users to create a wallet, deposit local currency, and buy and sell cryptocurrencies, such as Bitcoin, Ethereum, and Tether. Yellow Card also operates a network of agents and merchants who facilitate cash deposits and withdrawals. Yellow Card operates in Nigeria, Botswana, Cameroon, Ghana, Kenya, South Africa, and Zambia, and plans to expand to more African countries.
