In the present-day march to an innovative Africa, fintech is “of the essence”. After deservedly chowing down the lion share of the continent’s VC funding reception for the last couple of years, African fintech has a new grandchild: API.
There’s been not just one or two but multiple reasons to believe that API (Application Programming Interface) will be a defining sector in the formation of the ideal African fintech ecosystem.
Ever since Paystack’s landmark acquisition by American payments giant Stripe, API has transfigured into a keyword in recent African fintech funding mania. The fanfare seems also indebted to Flutterwave’s ascension to billion-dollar status.
The main African API fintechs have also come out to the million-dollar playing field. Since last December, some startups in the sector have raised pre-seed and seed rounds. From Nigeria's Okra (USD 3.5 Mn seed) to South Africa's Stitch (USD 4 Mn seed) funding activity is picking up in the API sector.
What's all the hype about? WeeTracker had an exclusive interview with Kiaan Pillay, Co-Founder and CEO of SA's best-known fintech API, Stitch. In February, the startup raised USD 4 Mn seed for its African fintech play.