About FinTech sector in Nigeria
The FinTech sector in Nigeria comprises 2.39K companies, including 305 funded companies having collectively raised $2.88B in venture capital money and private equity. Out of these, 59 are Series A+ funded, and 3 have achieved unicorn status.
FinTech sector in Nigeria has seen 30 acquisitions and 6 IPOs.
This sector includes companies offering tech-enabled financial services and IT infrastructure and software for offering and managing financial services.
FinTech sector is also known as BFSI Tech.
Companies providing tech solutions to provide financial services like lending, banking, fundraising, insurance, etc are included in this sector. Companies offering traditional financial services like Banks, NBFCs, Insurance Carriers, etc are excluded.
Top FinTech Companies in Nigeria
There are 2,390 FinTech startups in Nigeria which include Flutterwave, Paga, Nomba, OPay, Interswitch. Out of these, 305 startups are funded, with 59 having secured Series A+ funding, and 3 achieving unicorn status.
Over the past 10 years, an average of 191 new companies have been launched annually. Notably, several of these startups have been founded by alumni of University of Oxford, London School of Economics and Political Science and Harvard University.
Here is the list of top FinTech startups in Nigeria
1. Flutterwave
Provider of payment processing solutions for businesses. The solutions include payment gateway API, mobile payment, credit and debit card processing, payment links, issuing physical and virtual cards, invoice management, and more. The payment gateway API allows merchants to accept online payments, while users can pay via payments cards and mobile wallets.
Key facts about Flutterwave
- Founded Year: 2016
- Location: San Francisco (United States)
- Stage: Series D
- Total Funding till date: $489M
- Investors: Greycroft, Tiger Global Management and 69 Others
- Latest Funding Round: Series D, Feb 16, 2022, $*****
- Tracxn Score: 76/100 What is this?
- Competitors Rank: 10 of 6,036 Competitors
2. Paga
Agent-based payment solutions for consumers and businesses. Provides money transfers, bill payments, online or offline purchases, mobile recharges, travel reservations, cash deposits, cash withdrawals, business capital support, and more.
Key facts about Paga
- Founded Year: 2009
- Location: Lagos (Nigeria)
- Stage: Series B
- Total Funding till date: $35M
- Investors: Adlevo Capital, Capricorn and 17 Others
- Latest Funding Round: Series B, Sep 06, 2018, $*****
- Tracxn Score: 75/100 What is this?
- Competitors Rank: 1 of 48 Competitors
3. Nomba
App-based payment acceptance solutions for SMBs. It offers solutions for payment tracking, payment management, payment acceptance, and more. It also offers invoice and inventory management solutions. The app is available for iOS and Android users.
Key facts about Nomba
- Founded Year: 2016
- Location: Lagos (Nigeria)
- Stage: Series B
- Total Funding till date: $42.7M
- Investors: Y Combinator, Khosla Ventures and 11 Others
- Latest Funding Round: Series B, May 02, 2023, $*****
- Tracxn Score: 74/100 What is this?
- Competitors Rank: 1 of 240 Competitors
4. OPay
Wallet-enabled payment solution for consumers and businesses. It offers a platform for QR-based payments, payment links, app-based payments, bank transfers, and more. It features payments for electricity, water, education, toll, tax, and more. The app is available for both Android and iOS platforms.
Key facts about OPay
- Founded Year: 2018
- Location: Lagos (Nigeria)
- Stage: Series C
- Total Funding till date: $570M
- Investors: Meituan, GSR Ventures and 16 Others
- Latest Funding Round: Series C, Aug 23, 2021, $*****
- Tracxn Score: 72/100 What is this?
- Competitors Rank: 14 of 2,437 Competitors
5. Interswitch
Payment solutions for consumers and businesses. For individuals. it offers a VISA chip prepaid card, hosted or API online gateways, and rewards program management. For businesses, it provides revenue collection, funds disbursement, fraud protection, retail payment solutions, loyalty solutions, and more. It serves multiple industry sectors including financial institutions, government, oil & gas, transportation, aviation, and more.
Key facts about Interswitch
- Founded Year: 2002
- Location: Lagos (Nigeria)
- Stage: Acquired
- Total Funding till date: $310M
- Investors: LeapFrog Investments, Visa and 6 Others
- Latest Funding Round: Series E, May 12, 2022, $*****
- Tracxn Score: 71/100 What is this?
- Competitors Rank: 3 of 165 Competitors
Companies founded year-on-year in the FinTech sector in Nigeria
351 FinTech startups in Nigeria 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 |
|---|---|
2026 | - |
2025 | 7 |
2024 | 66 |
2023 | 168 |
2022 | 254 |
2021 | 341 |
2020 | 351 |
2019 | 327 |
2018 | 251 |
2017 | 154 |
Stage-wise distribution of FinTech sector companies in Nigeria
Out of the total 2,390 FinTech companies in Nigeria, 305 have secured funding. Among them, 59 have reached Series A or higher, and 46 to Series B or beyond.
Founded - 2,390
Funded - 305
Series A+ - 59
Series B+ - 46
Series C+ - 39
Company Stage | No. of companies |
|---|---|
Founded | 2,390 |
Funded | 305 |
Series A+ | 59 |
Series B+ | 46 |
Series C+ | 39 |
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Funding Trends in the FinTech sector in Nigeria
Total funding year-on-year in the FinTech sector in Nigeria
The FinTech sector in Nigeria saw a total funding of more than $2.79B in the last 10 years. The most amount of funding was in 2021 at more than $955M.
- Total Funding
Year | Total Funding |
|---|---|
2025 | $14.3M |
2024 | $139M |
2023 | $211M |
2022 | $773M |
2021 | $955M |
2020 | $130M |
2019 | $505M |
2018 | $32.2M |
2017 | $24.9M |
Recent Funding Rounds in FinTech in Nigeria
In the year 2025, till December 2025, FinTech companies in Nigeria have raised $11M in equity funding across 4 rounds.
In the same period last year (i.e. till December 2024), FinTech companies in Nigeria had raised $124M across 11 rounds.
So, 2025 has seen a 91.1% drop in funding in FinTech companies in Nigeria as compared to 2024.
Here are some recent, important funding rounds in FinTech companies in Nigeria:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Seed | 1567 | Dec 01, 2025 | and 2 more | |
Seed | 6225 | Mar 11, 2025 | ||
Series A | 3413 | Feb 11, 2025 | and 4 more | |
Seed | 1326 | Jan 24, 2025 | ||
Seed | 5096 | Dec 19, 2024 |
Top Investors in FinTech in Nigeria
Quona is the top investor in FinTech companies in Nigeria based on number of companies invested.
Here are some top investors in FinTech companies in Nigeria:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Washington, DC (United States) | ||
New York City (United States) | ||
London (United Kingdom) | ||
Abuja (Nigeria) | ||
Ikeja (Nigeria) |
M&A activity in FinTech sector in Nigeria
In the year 2025, till November 2025, 3 acquisitions happened in FinTech sector in Nigeria. Last year, in 2024, a total of 3 acquisitions happened in FinTech sector in Nigeria.
Here are some recent, important acquisitions in FinTech sector in Nigeria:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Nov 11, 2025 | ||
Business Acquisition | Jun 25, 2025 | ||
Business Acquisition | Mar 29, 2025 | ||
Business Acquisition | May 28, 2024 | ||
Business Acquisition | Jan 25, 2024 |
Acquisition trends in FinTech sector in Nigeria
Here are the acquisition trends in FinTech sector in Nigeria:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | - |
2025 | 3 |
2024 | 3 |
2023 | 4 |
2022 | 4 |
2021 | 7 |
2020 | 1 |
2019 | 1 |
2018 | - |
2017 | 2 |
IPOs in FinTech in Nigeria
In the year 2008, till January 2008, 1 IPO happened in FinTech sector in Nigeria.
Here are some recent, important IPOs in FinTech sector in Nigeria:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Jan 07, 2008 | Natural Gas Exchange (NGX) |
Colleges which produce the most FinTech companies in Nigeria
Companies founded by alumni from top colleges in the FinTech in Nigeria
Most number of FinTech startups in Nigeria have been founded by alumni from University of Oxford, London School of Economics and Political Science and Harvard University.
College | No. of companies |
|---|---|
University of Oxford | 7 |
London School of Economics and Political Science | 5 |
Harvard University | 4 |
Stanford University | 4 |
University of Pennsylvania | 4 |
Columbia University | 2 |
Harvard Business School | 2 |
Imperial College London | 2 |
King’s College London | 2 |
Massachusetts Institute of Technology | 2 |
Total funding in FinTech companies founded by alumni from top colleges in Nigeria
In the last 10 years, University of Oxford graduates' FinTech companies in Nigeria have raised the most funding among top colleges. London School of Economics and Political Science alumni are second, and Massachusetts Institute of Technology alumni are third.
College | Total Funding |
|---|---|
University of Oxford | $463M |
London School of Economics and Political Science | $452M |
Massachusetts Institute of Technology | $451M |
Stanford University | $34.8M |
Stanford Business School | $31.1M |
Harvard University | $17M |
Harvard Business School | $15M |
Imperial College London | $15M |
University of Pennsylvania | $15M |
Wharton School | $15M |
Top News in FinTech in Nigeria
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Interswitch Empowers Gaming Operators With Tech-Driven Solutions For Smarter OperationsIndependent•Aug 13, 2025•Interswitch
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RedCloud Partners with Paystack in Nigeria to Boost Digital TradeGlobal FinTech Series•Jul 24, 2025•RedCloud, Paystack
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Interswitch Launches PensionRemit for Easy Regulatory ComplianceBusiness Post Nigeria•Jun 17, 2025•Interswitch
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PalmPay in talks to raise $50M-$100M Series B to fuel Africa, Asia expansionTechCrunch+•Jun 05, 2025•PalmPay
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Flutterwave, YellowCard, Onafriq Join Stablecoin Payment NetworkTechpoint.Africa•Apr 23, 2025•Flutterwave, Yellow Card Financial, Onafriq
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Emerging Markets-Focused Fintech Platform PalmPay Unveils New Debit Card in Nigeria with VervePR Newswire•Apr 16, 2025•PalmPay, Verve
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Flutterwave’s Send App Lands in Ghana to Enable Effortless International TransfersThe Fintech Times•Apr 04, 2025•Flutterwave
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