About Financial Services sector in Africa
The Financial Services sector in Africa comprises 7.15K companies, including 797 funded companies having collectively raised $30B in venture capital money and private equity. Out of these, 485 are Series A+ funded, and 1 has achieved unicorn status.
Financial Services sector in Africa has seen 235 acquisitions and 128 IPOs.
This sector includes companies offering economic services to consumers and businesses.
Companies offering services like banking, insurance, credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds etc are included in this sector. Companies offering Non-Economic services to customers are excluded.
Top Financial Services Companies in Africa
There are 7,146 Financial Services startups in Africa which include Access Bank, Ecobank, Standard Bank, First City Monument Bank, Old Mutual. Out of these, 797 startups are funded, with 485 having secured Series A+ funding, and 1 achieving unicorn status.
Over the past 10 years, an average of 220 new companies have been launched annually. Notably, several of these startups have been founded by alumni of Harvard University, Harvard Business School and University of Oxford.
Here is the list of top Financial Services startups in Africa
1. Access Bank
Key facts about Access Bank
- Founded Year: 1989
- Location: Lagos (Nigeria)
- Stage: Public
- Investors: European Investment Bank, British International Investment and 9 Others
- Latest Funding Round: Conventional Debt, Aug 19, 2020, $*****
- Tracxn Score: 75/100 What is this?
- Competitors Rank: 1 of 92 Competitors
2. Ecobank
Key facts about Ecobank
- Founded Year: 1985
- Location: Lome (Togo)
- Stage: Public
- Total Funding till date: $7.05M
- Investors: IFC Asset Management Company, British International Investment and 17 Others
- Latest Funding Round: Conventional Debt, Mar 12, 2024, $*****
- Tracxn Score: 71/100 What is this?
- Competitors Rank: 1 of 15 Competitors
Standard Bank Group is a commercial bank. It offers personal banking, business banking, corporate banking, investment banking and wealth management services. It has operations in 20 countries in the African continent. In 2022, the company recorded annual revenues of $12.18B and a net profit of $2.18B.
Key facts about Standard Bank
- Founded Year: 1862
- Location: Johannesburg (South Africa)
- Stage: Public
- Investors: Lone Bull Group, British International Investment and 1 Other
- Latest Funding Round: Conventional Debt, Apr 2014, $*****
- Tracxn Score: 70/100 What is this?
- Competitors Rank: 3 of 35 Competitors
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Key facts about First City Monument Bank
- Founded Year: 1979
- Location: Lagos (Nigeria)
- Stage: Public
- Investors: Newlight Partners, Helios and 2 Others
- Latest Funding Round: Post IPO, Mar 27, 2014, $*****
- Tracxn Score: 69/100 What is this?
- Competitors Rank: 2 of 128 Competitors
5. Old Mutual
Diversified financial institution. It focuses its investment on multiple assets class including hedge funds.
Key facts about Old Mutual
- Founded Year: 1845
- Location: Johannesburg (South Africa)
- Stage: Public
- Investors: Lone Bull Group, WIPHOLD and 3 Others
- Tracxn Score: 68/100 What is this?
- Competitors Rank: 12 of 859 Competitors
Companies founded year-on-year in the Financial Services sector in Africa
399 Financial Services startups in Africa were founded in 2020 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2025 | 4 |
2024 | 60 |
2023 | 119 |
2022 | 190 |
2021 | 256 |
2020 | 399 |
2019 | 387 |
2018 | 319 |
2017 | 255 |
2016 | 212 |
Stage-wise distribution of Financial Services sector companies in Africa
Out of the total 7,146 Financial Services companies in Africa, 797 have secured funding. Among them, 485 have reached Series A or higher, and 438 to Series B or beyond.
Founded - 7,146
Funded - 797
Series A+ - 485
Series B+ - 438
Series C+ - 413
Company Stage | No. of companies |
|---|---|
Founded | 7,146 |
Funded | 797 |
Series A+ | 485 |
Series B+ | 438 |
Series C+ | 413 |
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Funding Trends in the Financial Services sector in Africa
Total funding year-on-year in the Financial Services sector in Africa
The Financial Services sector in Africa saw a total funding of more than $26.4B in the last 10 years. The most amount of funding was in 2017 at more than $6.84B.
- Total Funding
Year | Total Funding |
|---|---|
2025 | $377M |
2024 | $844M |
2023 | $3.03B |
2022 | $2.94B |
2021 | $3.45B |
2020 | $2.02B |
2019 | $2.82B |
2018 | $3.34B |
2017 | $6.84B |
Recent Funding Rounds in Financial Services in Africa
In the year 2025, till September 2025, Financial Services companies in Africa have raised $49.7M in equity funding across 12 rounds.
In the same period last year (i.e. till September 2024), Financial Services companies in Africa had raised $353M across 20 rounds.
So, 2025 has seen a 85.92% drop in funding in Financial Services companies in Africa as compared to 2024.
Here are some recent, important funding rounds in Financial Services companies in Africa:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Seed | 8820 | Sep 30, 2025 | ||
Seed | 9428 | Sep 18, 2025 | ||
Seed | 1726 | Aug 28, 2025 | ||
Seed | 4817 | Jun 18, 2025 | ||
Series D | 2884 | Apr 15, 2025 |
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Top Investors in Financial Services in Africa
FMO is the top investor in Financial Services companies in Africa based on number of companies invested.
Here are some top investors in Financial Services companies in Africa:
Investor | Location | Top Portfolio Companies |
|---|---|---|
The Hague (Netherlands) | ||
London (United Kingdom) | ||
Washington, DC (United States) | ||
Washington, DC (United States) | ||
New York City (United States) | - |
M&A activity in Financial Services sector in Africa
In the year 2025, till September 2025, 9 acquisitions happened in Financial Services sector in Africa. Last year, in 2024, a total of 19 acquisitions happened in Financial Services sector in Africa.
Here are some recent, important acquisitions in Financial Services sector in Africa:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Sep 26, 2025 | - | |
Business Acquisition | Sep 12, 2025 | ||
Business Acquisition | Sep 02, 2025 | ||
Business Acquisition | Jul 11, 2025 | ||
Business Acquisition | Jun 25, 2025 |
Acquisition trends in Financial Services sector in Africa
Here are the acquisition trends in Financial Services sector in Africa:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2025 | 9 |
2024 | 19 |
2023 | 25 |
2022 | 37 |
2021 | 19 |
2020 | 19 |
2019 | 18 |
2018 | 21 |
2017 | 17 |
2016 | 9 |
IPOs in Financial Services in Africa
In the year 2024, till October 2024, 2 IPOs happened in Financial Services sector in Africa.
Here are some recent, important IPOs in Financial Services sector in Africa:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Oct 14, 2024 | Johannesburg Stock Exchange (JSE) | |
May 10, 2024 | Nigerian Stock Exchange (LAG) | |
Mar 16, 2021 | Johannesburg Stock Exchange (JSE) | |
Jan 03, 2020 | Frankfurt Stock Exchange (FRA) | |
Nov 25, 2019 | Johannesburg Stock Exchange (JSE) |
Colleges which produce the most Financial Services companies in Africa
Companies founded by alumni from top colleges in the Financial Services in Africa
Most number of Financial Services startups in Africa have been founded by alumni from Harvard University, Harvard Business School and University of Oxford.
College | No. of companies |
|---|---|
Harvard University | 9 |
Harvard Business School | 8 |
University of Oxford | 8 |
London School of Economics and Political Science | 7 |
INSEAD | 4 |
Stanford University | 4 |
HEC Paris | 3 |
London Business School (LBS) | 3 |
University of Cambridge | 3 |
University of Pennsylvania | 3 |
Total funding in Financial Services companies founded by alumni from top colleges in Africa
In the last 10 years, London School of Economics and Political Science graduates' Financial Services companies in Africa have raised the most funding among top colleges. University of Oxford alumni are second, and London Business School (LBS) alumni are third.
College | Total Funding |
|---|---|
London School of Economics and Political Science | $1.25B |
University of Oxford | $1.11B |
London Business School (LBS) | $614M |
Massachusetts Institute of Technology | $448M |
Stanford University | $71.7M |
Carnegie Mellon University | $30M |
INSEAD | $19.9M |
Stanford Business School | $16M |
Harvard University | $15.1M |
University of Toronto | $15.1M |
Top News in Financial Services in Africa
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GDS Aims to Raise Over $1 Billion for International Unit DayOne ExpansionThe Business Times•Oct 16, 2025•GDS, Coatue, Hillhouse, SoftBank Vision Fund and 4 others
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EFT Corporation partners with Happy Pay to expand e-commerce offeringBizcommunity.com•Oct 14, 2025•EFT Corporation, Happy Pay
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Veritas Kapital seeks shareholder approval for N15 billion capital raise at AGMNairametrics•Oct 09, 2025•Veritas Kapital
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CIC Asset Management Launches Global Balanced Special Fund for Kenyan InvestorsSoko Directory•Oct 08, 2025•CIC Group
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International Energy Insurance Plc Exits Daewoo Loan, Repositions for GrowthInvestors King•Oct 08, 2025•IEI
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Dangote Group Expands East African Footprint with Ethiopia Mega ProjectInvestors King•Oct 06, 2025•Dangote Group, Afreximbank, First Bank of Nigeria, Zenith Bank
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International Energy Insurance Plc Reports ₦577.3 Million Half-Year ProfitInvestors King•Sep 30, 2025•IEI
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AfDB Secures Funding Boost for Nigeria’s SAPZ Expansion to 24 Statesrealnewshub.com•Sep 29, 2025•African Development Bank Group
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