Current African Unicorns list 2023, Although small, Africa’s unicorn roster is expanding. Here’s an overview of the unicorns currently operating in the African tech ecosystem.
A unicorn is a tech startup that is a privately held start-up with a $1 billion or higher valuation. Aileen Lee, a venture capitalist, created the word “unicorn” in 2013 to reflect the rarity of such businesses.
The name “unicorn” is appropriate since it captures the legendary rarity and distinctiveness of these wildly successful enterprises. These businesses, like unicorns, are uncommon, challenging to uncover, and highly prized by investors.
According to Afridigest’s report, that, Africa’s unicorn list is small but growing. Here’s an overview of the seven unicorns in the African tech ecosystem today.
Current African Unicorns List 2023
Leading African integrated payments and digital commerce platform provider Interswitch is based in Lagos.
Interswitch, a transaction switching and processing business with a national focus that was founded in Nigeria in 2002, gradually expanded to include consumer financial services with the successive launches of Quickteller, a retail payments ecosystem that connects businesses and billers with consumers, and Verve, a domestic, EMV-certified payments card program. It is regarded as one of the Current African Unicorns List 2023
A Nigerian fintech business called Flutterwave offers a payment infrastructure to international retailers and payment service providers all over the continent.
It was founded in 2016 by Iyinoluwa Aboyeji, Olugbenga Agboola, and Adeleke Adekoya and is headquartered in San Francisco, California with operations in Nigeria, Kenya, Ghana, South Africa , and seven other African countries.
OPay is a fintech industry and leading mobile money (MMO) wallet in Nigeria licensed by the Central Bank of Nigeria.
The company’s strategy initially leaned on its motorcycle taxi ride-hailing service ORide, but it renewed its focus on payments after a legislative ban on commercial motorbike taxis.
Wave, an African fintech that offers mobile money services in Senegal and Ivory Coast. It was founded by Drew Durbin and Lincoln Quirk, met as hallmates freshman year at Brown University.
Andela is a Nigerian software development company that connects African software developers with global tech companies for remote work opportunities.
Andela focuses on sustainable careers, connecting technologists with long-term engagements, access to international roles, competitive compensation, and career coaching through the Andela Learning Community.
Chipper Cash is a cross-border, peer-to-peer money transfer platform. In addition to cross-border money transfers, the company offers bill payments, airtime top-up services, virtual cards, stock marketing investing, crypto trading, and more.
It is an Egyptian fintech and e-commerce ecosystem, founded by Mounir Nakhla and Ahmed Mohsen, and initiated the development of a ride-hailing platform, simply known as Halan, in the vicinity of Zamalek, Giza.
MNT Halan is a microfinance lending and payments company. The company’s goal of the digital bank the unbanked and replace cash with electronic alternatives.
It is imperative to note that, Jumia being the first unicorn in Africa fell off the cliff after the the company’s historic IPO at the New York Stock Exchange, and as a result, is not regarded as among the Africa unicorn, unfortunately, it does not meet Current African Unicorns List 2023