About FinTech sector in Somalia
The FinTech sector in Somalia comprises 31 companies, including 11 funded companies having collectively raised $5.95M in venture capital money and private equity. Out of these, 2 are Series A+ funded.
FinTech sector in Somalia has seen 2 acquisitions. This represents almost 6.5% of all such companies - which is higher than the 5.0% exit rate of tech companies in general.
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 included in FinTech
Companies providing tech solutions to provide financial services like lending, banking, fundraising, insurance, etc.Companies excluded in FinTech
Companies offering traditional financial services like Banks, NBFCs, Insurance Carriers, etc.Top FinTech Companies in Somalia
There are more than 31 companies in FinTech in Somalia. IBS is the top FinTech company in Somalia, ranked using Tracxn Score (what's this?).
Here are 5 of the top FinTech companies in Somalia:
Company | Description | Location | Founded | Current Stage | Private Funding Raised |
|---|---|---|---|---|---|
Commercial bank | Mogadishu (Somalia) | 2013 | Unfunded | - | |
Online yield generation protocol in DeFi | 2021 | Seed | $5M | ||
Provider of a UI for payments across every network, chain, and wallet | 2023 | Unfunded | - | ||
App-based expense management platform | Hargeisa (Somalia) | 2018 | Unfunded | - | |
Platform offering crypto-based payment solutions | 2020 | Acquired | - |
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Companies founded year-on-year in the FinTech sector in Somalia
9 FinTech startups in Somalia were founded in 2021 - 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 | - |
2024 | 2 |
2023 | 3 |
2022 | 5 |
2021 | 9 |
2020 | 4 |
2019 | 2 |
2018 | 1 |
2017 | - |
Stage-wise distribution of FinTech sector companies in Somalia
Out of the total 31 FinTech companies in Somalia, 11 have secured funding. Among them, 2 have reached Series A or higher, and 2 to Series B or beyond.
Founded - 31
Funded - 11
Series A+ - 2
Series B+ - 2
Series C+ - 2
Company Stage | No. of companies |
|---|---|
Founded | 31 |
Funded | 11 |
Series A+ | 2 |
Series B+ | 2 |
Series C+ | 2 |
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Funding Trends in the FinTech sector in Somalia
Recent Funding Rounds in FinTech in Somalia
In the year 2022, till March 2022, FinTech companies in Somalia have raised $5M in equity funding across 1 round.
Here are some recent, important funding rounds in FinTech companies in Somalia:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Seed | 3773 | Mar 10, 2022 |
Top Investors in FinTech in Somalia
Somali Agrifood Fund is the top investor in FinTech companies in Somalia based on number of companies invested.
Here are some top investors in FinTech companies in Somalia:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Mogadishu (Somalia) | - |
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M&A activity in FinTech sector in Somalia
In the year 2024, till November 2024, 1 acquisition happened in FinTech sector in Somalia.
Here are some recent, important acquisitions in FinTech sector in Somalia:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Nov 25, 2024 | ||
Business Acquisition | Sep 13, 2021 |
Acquisition trends in FinTech sector in Somalia
Here are the acquisition trends in FinTech sector in Somalia:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | - |
2025 | - |
2024 | 1 |
2023 | - |
2022 | - |
2021 | 1 |
2020 | - |
2019 | - |
2018 | - |
2017 | - |
Top News in FinTech in Somalia
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Visa and the International Bank of Somalia have launched a card payment serviceTechgist Africa•Jul 14, 2021•Visa, IBS
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Visa collaborates with IBS Bank Somalia to drive payments inclusionAfrica Business Communities•Jun 19, 2019•Visa, IBS
