Did You Know? Fun Facts About 9 of Africa’s Top Unicorn Startups

How well do you know your unicorn startups? Yes, you know they are startups that have achieved USD 1 billion valuation while still privately held – but do you know their backstories? For example, what unusual pain point were they solving that became the reason for their phenomenal success? Or how did they change focus after realising they were solving the wrong pain point and pull in enough funding to become a unicorn? Here are fun facts about the African unicorn startups we all know and love – and who know? There might be lessons in funding for all you aspiring startup founders.

• Flutterwave:

Valuation as at February 2022: USD 3 Billion

This company was founded by Nigerian entrepreneur Olugbenga Agboola, who was frustrated by efforts to make financial transactions seamlessly across different platforms. Fun fact: It’s first headquarters was the Silicon Valley office of one of their early investors, Plug and Play, who head their pitch and saw their passion, and invested in their seed round. This office also gave This shows how Flutterwave, an African company, was able to secure early-stage support and a presence in the heart of the global tech industry.

• Interswitch:

Valuation as at May 2022: USD 1 Billion

The idea for Interswitch was born after the founder, Mitchell Elegbe, used an ATM for the first time while working in Scotland. Inspired by the convenience, he returned to Nigeria with a mission to create an electronic payments infrastructure, which eventually led to the founding of the company. The company’s name is a portmanteau of “Interact, Interconnect, and International,” which reflects its vision of creating a seamless and integrated payment ecosystem that extends beyond national borders.

• OPay:

Valuation as at mid-2025: USD 2.7 – 2.9 Billion

OPay, founded in 2013, was initially known as Paycom Nigeria Limited. At the time, it was launched to be a ‘super app’, offering users access to a wide range of services under one umbrella. However, after facing challenges in these areas, it pared down into a fintech, leveraging a countrywide agent network that led to its growth and eventual unicorn status. It also received attention from Opera, the software company that created the Opera web browser, which incubated it and eventually acquired partial ownership of it, after which the name of the business changed to ‘OPay’.

• Wave:

Valuation as at September 2021: USD 1.7 Billion

Wave’s claim to fame and a key to its success is its super-low-cost model. It offers free money transfers and charges a flat 1 per cent fee for withdrawing money, which is significantly lower than its competitors and was a major disruptive force in the mobile money market in Francophone Africa. Launched in Senegal in 2018, the business was such a disruptor that it forced market leader Orange Money to lower its own fees.

• Andela:

Valuation as at September 2021: USD 1.5 Billion

Andela’s founding principle is “Brilliance is evenly distributed, but opportunity is not.” It is a networking platform for Africa’s top tech talent and the global businesses looking for these resources, and unsure how to source or vet this talent. The Chan Zuckerberg Initiative (the philanthropic arm of Facebook’s Mark Zuckerberg and his wife Priscilla Chan) chose Andela as its very first investment, leading to the validation of its concept and significant funding attention.

• Chipper Cash:

Valuation as at late 2021: USD 2.2 Billion

The company was founded in 2018 by Ham Serunjogi from Uganda and Maijid Moujaled from Ghana, who both met while studying in the US and as is the common theme amongst many successful African startups, were looking for ways to simply the process of sending money digitally. “Chipper Cash” is a reference to a fun, simple, and casual way of handling money. It’s designed to be a friendly, accessible app, and its primary product is a fee-free peer-to-peer payment service. Since its last valuation, the business has been reported to be going through financial turmoil following external threats to its business model, and its internal valuation may have come down by as much as 70 per cent.

• MNT-Halan:

Valuation as at January 2023: USD 1 Billion

This Egyptian fintech was launched in 2018. It currently offers digital loan and payment solutions that has also incorporated a closed-loop e-commerce platform so that its users can purchase items from micro-manufacturers and sellers, and access loans and ‘buy-now, pay-later’ services from MNT-Halan. But did you know it started its journey as a ride-hailing and delivery platform for two- and three-wheeled vehicles (like tuk-tuks) before it pivoted? Its pivot is what has allowed it to achieve unicorn status.

• Moniepoint:

Valuation as at October 2024: USD 1 Billion

Moniepoint was founded in 2015 as a business-to-business (B2B) software company providing banking software to banks in Nigeria. After several years working in this area, the company decided to address provide solutions to consumers as well as financial institutions. It then changed focus in 2019, becoming a business-to-consumer (B2C) business. It now incorporates B2B2C solutions in its operations. Fun fact? It has been voted one of Africa’s fastest-growing fintechs by the Financial Times.

• TymeBank:

Valuation as at December 2024: USD 1.5 Billion

This digital-only retail bank was the first bank in South Africa to receive a full banking license since 1999. It operates without any physical branches, relying on a network of self-service kiosks in retail stores like Pick n Pay and Boxer to onboard new customers. The name ‘Tyme’ is an acronym for ‘take your money everywhere’, which illustrates its mission: to make banking services accessible to all. Users are able to open bank accounts and receive debit cards within minutes using only their national ID and fingerprints. This explains why it has attracted a wave of investors over its various funding rounds.

So there you have it. Are you now inspired to build a tech business of your own? Keep this in mind: The key thing is to answer a significant pain point for consumers, and the world of VC funding will be yours to unlock.