The landscape for Nigerian tech startups in 2023 was vibrant and promising, with several companies raising significant funding, launching innovative products and services, and expanding to new markets. Some of the top Nigerian tech startups in 2023 were:
Flutterwave: A fintech company that provides payment infrastructure to global merchants and payment service providers across Africa. Flutterwave became a unicorn in 2021 after raising $170 million in Series C funding, and reached a valuation of over $3 billion in 2022 after raising another $250 million in Series D funding. Flutterwave also launched Send, a remittance service for Africans in the diaspora, and partnered with AfroSport Network to broadcast the 2021 Africa Cup of Nations.
Moove: A mobility company that provides car loans and vehicle supply to Uber drivers in Sub-Saharan Africa. Moove raised $105 million in Series A funding in 2022, making it the largest Series A round for an African mobility startup. And in 2023, it raised a total of $84 million in funding. Moove uses its alternative credit-scoring engine to underwrite loans for drivers, allowing them to repay their loans with a portion of their weekly Uber earnings.
ThriveAgric: An agritech company that connects smallholder farmers with financing, premium markets, and data-driven advice. ThriveAgric raised $9.75 million in Series A funding in 2021, led by Norfund, the Norwegian Investment Fund for Developing Countries. ThriveAgric also partnered with the Central Bank of Nigeria to disburse loans to over 300,000 farmers under the Anchor Borrowers Programme.
54gene: A healthtech company that leverages genomics and data science to improve healthcare outcomes in Africa. 54gene raised $25 million in Series B funding in 2021, led by Cathay AfricInvest Innovation Fund. 54gene also launched the African Centre for Translational Genomics, a non-profit initiative that aims to foster genomic research and innovation in Africa.
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Kuda Bank: A digital-only bank that offers zero-fee banking, instant loans, and savings products to customers in Nigeria. Kuda Bank raised $55 million in Series B funding in 2021, valuing the company at $500 million. Kuda Bank also launched Kuda Business, a platform that enables small and medium-sized enterprises to access banking services, manage their finances, and pay their taxes.
Paystack: A fintech company that enables businesses to accept and process payments online. Paystack was acquired by Stripe, a global payment giant, for over $200 million in 2020, making it one of the largest exits for an African startup. Paystack continued to operate independently and expand its services to new markets, such as South Africa and Ghana.
FairMoney: A digital lending platform that provides instant loans, savings, and bill payments to customers in Nigeria, India, and Egypt. FairMoney raised $42 million in Series B funding in 2021, led by Tiger Global Management. FairMoney also launched FairMoney Bank, a full-fledged digital bank that offers current accounts, debit cards, and overdraft facilities.
Mono: A fintech company that provides APIs for accessing and aggregating financial data from various sources. Mono raised $2 million in pre-seed funding in 2021, led by Entrée Capital and Kuda Bank co-founder Babs Ogundeyi. Mono also launched Mono X, a platform that enables businesses to create and manage financial products for their customers.
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Field Intelligence: A healthtech company that provides data-driven supply chain management for pharmacies and hospitals in Africa. Field Intelligence raised $3.6 million in Series A funding in 2021, led by Blue Haven Initiative and Sunu Capital. Field Intelligence also expanded its Shelf Life service, which allows pharmacies to access quality medicines on a pay-as-you-sell basis, to seven African countries.
Termii: A communication platform that helps businesses to engage and retain their customers through SMS, email, voice, and WhatsApp. Termii raised $1.4 million in seed funding in 2021, led by Future Africa and Kepple Africa Ventures. Termii also launched Termii Chat, a tool that enables businesses to create chatbots and automate customer service.
The top 10 tech startups in Nigeria, by funds raised in 2023
Here is a list of the top 10 tech startups in Nigeria, by funds raised in 2023:
Moove Africa, a mobility fintech that provides vehicles to drivers of ride-hailing apps, logistics and mass transportation services. It raised $135 million in Series A funding in August 2023.
Flutterwave, a payment technology company that enables seamless and secure transactions across Africa. It raised $170 million in Series C funding in March 2023, becoming Africa’s third unicorn.
Reliance Health, a health tech startup that uses technology to make healthcare more affordable and accessible in emerging markets. It raised $20 million in Series A funding in July 2023.
Bamboo, an investment platform that allows Nigerians and other Africans to access global stock markets. It raised $17.4 million in Series A funding in March 2023.
Umba, a digital bank that offers a suite of financial services to customers across Africa. It raised $15 million in Series A funding in November 2023.
Omnibiz, a B2B e-commerce platform that connects fast-moving consumer goods (FMCG) manufacturers to retailers in Africa. It raised $15 million in Series A funding in September 2023.
Vendease, a food tech startup that connects restaurants to local farmers and food suppliers. It raised $15 million in Series A funding in September 2023.
TeamApt, a fintech startup that provides digital banking and payment solutions to banks, businesses and individuals. It raised $15 million in Series A funding in February 2023.
Interswitch, a payment processing and digital commerce company that operates across Africa. It raised $200 million from Visa in November 2023, valuing the company at $1 billion.
Yellow Card, a cryptocurrency exchange and wallet that enables users to buy and sell digital currencies with local currencies. It raised $15 million in Series A funding in September 2023.
The Top Tech Startup in Nigeria by funding, in 2023
The most funded startup in Nigeria in 2023 was Interswitch, which raised a whooping $200 million in funds.
Author: InfoDesk
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