Africa has firmly established itself on the global startup map, thanks to a growing lineup of unicorns, startups valued at $1 billion or more, that have emerged in recent years.
Notable names like Flutterwave, Andela, Interswitch, Jumia, Wave, Chipper Cash, and OPay have set the pace, each demonstrating that African innovation can command global attention and serious capital.
But as these high-flying companies lead the charge, a new question looms: who’s next?
Historically, the continent’s unicorns have largely hailed from Nigeria.
While this dominance reflects the country’s deep startup talent pool and sheer market size, it also raises a broader question: when will other regions catch up?
According to TechCrunch, the second wave is already in motion.
A growing number of startups, often referred to as “soonicorns,” have valuations hovering between $300 million and $900 million and are widely considered the next in line to cross the billion-dollar mark.
Though Nigeria still claims the lion’s share, notable entrants from Algeria, Kenya, South Africa, and Egypt are beginning to diversify the list.
— PalmPay ($800 – $900 Million)
Founded in 2019, Nigerian fintech company PalmPay has rapidly become a key player in Africa’s digital payments ecosystem.
The platform enables users to transfer money, pay bills, purchase airtime, and access credit services.
PalmPay has raised $140 million across two funding rounds, including a $100 million Series A in 2021.
While the company has not officially disclosed its valuation, industry sources suggest it could now be between $800 million and $900 million.
PalmPay’s impressive growth has attracted backing from major investors, including Transsion Holdings, Chuangshi Capital, Chengyu Capital, and AfricInvest.
— Moove ($750 Million)
Founded in 2020, Moove is a mobility fintech startup revolutionizing vehicle financing for gig workers.
By offering revenue-based financing, the company enables drivers in ride-hailing, logistics, and delivery services to access new vehicles without traditional credit barriers.
Moove has expanded its operations across multiple cities in Africa, Europe, the Middle East, and Asia, positioning itself as a key player in the mobility sector.
To date, the company has secured over $409 million in funding from major investors, including Uber, which led its recent $100 million Series B round, alongside Mubadala Investment Company, Speedinvest, and Stride Ventures.
— Yassir ($600 Million – $800 Million)
Yassir is an Algerian startup transforming daily life with its all-in-one super app, offering ride-hailing, food and grocery delivery, and financial services across six countries.
The company has quickly gained traction, becoming a leading player in North Africa’s tech ecosystem.
Yassir has raised nearly $200 million from prominent investors, including BOND, Y Combinator, and Stanford Alumni Ventures.
— Kuda ($500 Million)
Founded in 2019, Kuda is a Nigerian digital-only bank redefining financial services with a seamless, tech-driven approach.
The neobank offers banking, savings, lending, and smart budgeting features tailored for modern users.
Since its launch, Kuda has attracted significant investor interest, raising over $90 million from backers such as Target Global and Valar Ventures.
Notably, the company secured $55 million in a Series B funding round, valuing it at $500 million.
— Wasoko/MaxAB ($500 Million)
Kenyan B2B e-commerce platform Wasoko and its Egyptian counterpart MaxAB have joined forces to create Africa’s largest digital marketplace for informal retail.
By connecting buyers and sellers of fast-moving consumer goods (FMCG), the two startups are reshaping supply chains across the continent.
According to VNV Global, one of Wasoko’s investors, the merger has resulted in a combined valuation of approximately $500 million.
Collectively, the two companies have raised nearly $240 million (up to Series B) from major investors, including Tiger Global, Silver Lake, British International Investment, and Avenir Growth.
— Clickatell ($500 Million)
Clickatell, a South African-born startup, is a leader in the chat commerce space, providing businesses with a seamless platform to connect, interact, and transact with customers via popular messaging channels like SMS and WhatsApp.
In 2022, the company secured $91 million in a Series C funding round, bringing its total funding to over $100 million.
Clickatell has attracted investment from prominent backers, including Sequoia Capital, Arrowroot Capital, and Endeavor Global.
— M-KOPA ($500 Million – $600 Million)
Founded in 2011, Kenyan-based M-KOPA is a pioneering lender that provides affordable access to smartphones, electric motorcycles, and digital financial services, including loans and health insurance – across Sub-Saharan Africa.
Leveraging its innovative pay-as-you-go model and digital micropayments, M-KOPA has empowered millions with financial inclusion.
To date, the company has raised over $500 million in combined debt and equity funding from major investors such as Sumitomo, Lightrock, Standard Bank Group, and the International Finance Corporation.
— Yoco ($400 Million – $500 Million)
Yoco is a South African fintech empowering small and medium-sized enterprises (SMEs) with seamless payment solutions and business tools.
The company offers point-of-sale card machines and online payment gateways designed to help businesses thrive in an increasingly digital economy.
To date, Yoco has raised over $107 million, including an $83 million Series C round.
Its investor roster includes Dragoneer Investment Group, Breyer Capital, HOF Capital, and 4DX Ventures.
— OnAfriq ($300 Million – $500 Million)
Onafriq, formerly known as MFS Africa, operates the largest digital payments hub on the continent, seamlessly connecting millions of mobile money wallets across multiple African countries.
The platform facilitates cross-border payments, remittances, and financial integrations for both individuals and businesses, driving financial inclusion at scale.
To date, the South African fintech has raised over $300 million in funding, including a $100 million Series C round.
Its investors include AfricInvest, CommerzVentures, and Admaius Capital Partners.
