Africa’s top Tech Companies that raised the highest capital in 2019

  1. Compared to the year 2018, 2019 has been a marvelous year for African Tech Companies with returns of $1.24 billion from 97 investments beating the previous year’s record of $1.61 billion. 

Due to the significant improvement in the year’s returns, Anglophone Africa, which includes countries like; The Gambia, Sierra Leone, Liberia, Ghana, some parts of Cameroon, and Nigeria. These countries contributed massively, producing a sum of $528 million owing to Chinese investors and growing interest in agricultural start-ups.

PamPay, Nigeria – $40 million

It is estimated that Nigeria’s digital payment company, PamPay, has raised huge returns at the end of 2019. The activities of the Nigerian based company have caught the eyes of different international investors. 

Moreover, China’s major mobile phone maker Transsion and two other sector players that are top tech companies, NetEase and Mediatek have also sort to do business with PamPay. 

Also, with a total of $40 million, these three companies invested in the company managed by Greg Reeve to preinstall the PamPay application in phones like –Itel, Tecno, Infinix, and brands representing over 20 million phones in 2020. 

Retail Capital, South Africa – $41.7 million

South African Fin tech Retail Capital is a company that aims at providing solutions to small scale and medium scale business funding problems, also ranked as one of the African companies with the most returns at the end of 2019.

The company raised a sum of $41.7 million while aiding as much as 10,000 businesses, majorly retailers, and restaurants.

Swvl, Egypt – $42 million

Swvl is a public transportation company active in Nairobi, Kenya. The company made huge returns at the close of the year 2019 which makes it ranks among the top African Tech Companies.

Swvl, pronounced as “swivel” is owned by Mostafa Kandil. He worked as the head of the department at rocket internet. 

When he ended his appointment with rocket internet, he was inspired to begin his current company, Swvl. And currently, Swvl had returns of $42 million at the close of 2019.

BBOXX, Rwanda, Kenya, the DRC, and Togo – $81 million

BBOXX, a UK-based company, has continued to make waves in Africa and the world at large. Having business units in Rwanda, Kenya, the DRC, and Togo, BBOXX has been able to come up with $31 million in January and $50 million in August. 

BBOXX is generating impact by improving customers’ quality of life through the provision of affordable, clean, and reliable energy solutions. BBOXX has installed more than 150,000 solar home systems in their various countries of operation.

Andela, Nigeria – $100 million

Lagos-based American company, Andela specializes in the hiring, training, and placement of African software developers on behalf of major international tech companies. 

Andela earned the recognition as one of Nigeria’s and Africa’s ground-breaking technological companies in 2019. Having returns of 100m in January 2019.

OPay – $170 million

OPay has been making rounds in and outside Nigeria. Aside from providing mobile payment to offering bike, tricycle, and bus-hailing services. It also offers quick loans and food delivery. 

OPay has become a super app in Nigeria. Most people became aware of OPay when it commenced its transportation services. 

The company has been existing since 2010. OPay has since then marked a benchmark as it raised $50 million in 2019.

The funds that raised will boost the company’s ambition of launching operations in Ghana, Kenya, and South Africa.

Interswitch, Nigeria – $200 million

One of the most used payment processing companies Nigeria is Interswitch. It is situated in Lagos State, Nigeria. Interswitch was founded in 2002 by Mitchell Elegbe. 

The company has since risen to great heights since its inception. Interswitch provides access to 17,000 Nigerian ATMs and processes over 500 million transactions per month. 

Jumia, Nigeria – $1 billion

The story of the year is that of the IPOs, Pan-African e-commerce company, Jumia.

Founded in 2012, Jumia currently sells anything ranging from diapers, office equipment, phones, accessories as well as edibles. 

Although the company faced several challenges in the seventh year of its opening, they have been able to beat all odds and rise to the peak. With the company’s valuation of a billion dollars in 2019, It becomes the very paradigm of much-envied success. 

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