8 African Startups Named in CB Insights’ Annual List of 100 Most Promising Private Fintech Companies

CB Insights recently unveiled its 2024 Fintech 100 list, showcasing the world’s 100 most promising private Fintech startups.

Now in its seventh year, the Fintech 100 cohort spans 23 countries across six continents and highlights companies pushing financial technology’s boundaries. Among them are eight African startups, a record-breaking presence that highlights Africa’s rising influence in global fintech.

These African companies—Cleva, Dopay, Moniepoint, NALA, Peach Payments, Stitch, Telda, and WorkPay—are addressing vital financial needs, from payroll solutions to cross-border payments, and are reshaping financial services across the continent.

The Fintech 100’s international scope is notable, with over half of the 100 companies based outside the United States. While the United States leads with 48 startups, the United Kingdom follows with 12 companies on the list; meanwhile, Canada and Singapore each contribute six. But the focus on emerging economies is particularly evident: 17 companies, including the eight African startups, are from Brazil, India, Kenya, and South Africa. This marks a shift towards financial solutions designed to enhance accessibility and meet the specific needs of underserved populations.

Each of Africa’s featured companies brings a unique service to the continent:

Nigerian-born Cleva provides USD banking solutions for individuals, including non-U.S. residents. Now headquartered in Delaware, Cleva allows users to open U.S.-based dollar accounts, make USD transactions, and save in USD, addressing the demand for international banking options among Africa’s globally active population.

Dopay from Egypt focuses on cashless payroll solutions through its virtual banking platform, which enables businesses to pay employees via prepaid cards, bypassing the need for traditional banking. This service is essential in cash-reliant economies, providing employees with secure, accessible digital accounts.

Also originating from Nigeria, Moniepoint, previously known as TeamApt, provides a robust financial platform designed to equip African businesses with the technological support needed to manage and expand their operations. It supports their growth by combining banking, payment services, credit, and business management tools.

NALA, based in Nairobi, Kenya, is transforming cross-border payments. It offers a mobile app that simplifies money transfers, making it easy and affordable for Africans to send funds to and from the continent. With transparent fees and competitive rates, NALA aims to fill a critical gap for families relying on remittances abroad.

South Africa’s Peach Payments has gained traction as a leading online payment processor for e-commerce businesses. Its platform allows secure payment processing and provides fraud protection tools, helping African businesses build consumer trust and easily handle subscriptions.

Stitch, also from South Africa, is making strides in payment infrastructure by offering businesses a payment gateway that seamlessly integrates various payment options. Supporting industries like e-commerce and financial services, Stitch enables companies to manage and scale payments across African markets, making digital transactions smoother for consumers and businesses alike.

In Egypt, Telda simplifies peer-to-peer transactions with its mobile app and physical card. Founded in 2021, Telda allows users to make instant payments, online purchases, and cash withdrawals. By bringing these functions to a single platform, Telda seeks to meet the needs of Egypt’s young, digitally savvy population.

Finally, Nairobi-based WorkPay addresses African businesses’ HR and payroll needs by offering tools for time tracking, payroll, and payouts to both banks and mobile money accounts. For small and medium-sized enterprises, WorkPay’s platform helps reduce the administrative burden of payroll and compliance, empowering African businesses to focus on growth.

These eight African startups represent a new wave of fintech innovation with several leveraging AI-powered solutions.

A further review of the CB Insights report shows that nearly half of the Fintech 100 companies are early-stage, primarily at seed or Series A funding rounds. The cohort has raised $7.2 billion in disclosed equity funding across 370 deals, a signal of substantial investor confidence.

The 2024 Fintech 100 also reveals that this year’s winners include 13 wealth management companies, 11 in embedded finance, and 10 in insurance. Many leverage AI for fraud prevention, credit scoring, and operational efficiency. CB Insights notes that 26 companies are in a “Deploying” stage, having moved from initial concept validation to commercial distribution.

Overall, the African startups on this list underscore a crucial shift. As fintech innovation spreads beyond traditional tech hubs, companies from emerging markets are now setting standards in financial accessibility and digital infrastructure. By tackling Africa’s specific financial challenges head-on, these startups are not only providing essential services to local markets but also capturing the attention of the global tech community.

CB Insights’ recognition of these eight African companies highlights the continent’s potential to lead in fintech innovation. As they develop solutions that prioritize inclusion, affordability, and accessibility, they are setting the stage for a more inclusive financial landscape.