About FinTech sector in Uganda
The FinTech sector in Uganda comprises 196 companies, including 49 funded companies having collectively raised $69.4M in venture capital money and private equity. Out of these, 5 are Series A+ funded.
FinTech sector in Uganda has seen 1 acquisition and 2 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 Uganda
There are 196 FinTech startups in Uganda which include Numida, Xeno, Asaak, ChapChap, Zofi Cash. Out of these, 49 startups are funded, with 5 having secured Series A+ funding.
Over the past 10 years, an average of 13 new companies have been launched annually. Notably, several of these startups have been founded by alumni of Carnegie Mellon University, Harvard University and Imperial College London.
Here is the list of top FinTech startups in Uganda
1. Numida
Online marketplace for working capital loans. It enables semiformal micro and small businesses with digital working capital loans. Its underwriting process enables to verify businesses and grow loan limits. It offers an app-based platform that is available on Android devices.
Key facts about Numida
- Founded Year: 2015
- Location: Kampala (Uganda)
- Stage: Seed
- Total Funding till date: $10.1M
- Investors: MFS Africa, Serena Ventures and 10 Others
- Latest Funding Round: Conventional Debt, Sep 28, 2022, $*****
- Tracxn Score: 60/100 What is this?
- Competitors Rank: 1 of 1 Competitors
2. Xeno
Online platform for goal-based savings. The company offers a platform for goal-based investments. It allows users to track and create goal-based financial plans.
Key facts about Xeno
- Founded Year: 2016
- Location: Kampala (Uganda)
- Stage: Seed
- Total Funding till date: $2.65M
- Investors: Beyond Capital Ventures, Plesion Capital and 1 Other
- Latest Funding Round: Seed, Jan 06, 2023, $*****
- Tracxn Score: 52/100 What is this?
- Competitors Rank: 1 of 5 Competitors
3. Asaak
Online platform for consumer loans. It enables individuals to access loan products based on their credit scores. Users can obtain loans for purchasing motorbikes, smartphones, and fuel with customized terms, amounts, and repayment options. The loan amount is transferred to the registered bank account or mobile money account. It also enables users to make early repayments of loans. Its app is available for Android users.
Key facts about Asaak
- Founded Year: 2016
- Location: Kampala (Uganda)
- Stage: Seed
- Total Funding till date: $30M
- Investors: Founders Factory Africa, DAO.VC and 14 Others
- Latest Funding Round: Conventional Debt, Jan 17, 2022, $*****
- Tracxn Score: 47/100 What is this?
- Competitors Rank: 27 of 582 Competitors
4. ChapChap
Mobile-based payment platform for individuals and businesses. It allows individuals to transfer money, pay for utility bills, and make mobile recharges. For businesses, it offers instant cashback for transactions, transaction history, records and analysis of sales transactions, inventory management, and tracking expenditure. It provides customer and merchant application that is available on both Android and IOS platforms.
Key facts about ChapChap
- Founded Year: 2016
- Location: Kampala (Uganda)
- Stage: Seed
- Investors: Nordic Impact Funds, Inclusive Fintech 50 and 1 Other
- Latest Funding Round: Seed, Feb 10, 2022, $*****
- Tracxn Score: 45/100 What is this?
- Competitors Rank: 159 of 2,437 Competitors
5. Zofi Cash
Online platform for employee financial benefits. It offers users to raise requests for on demand salary. It is a digital platform that provides salary advances to employees who need financial assistance. It also offers payroll management.
Key facts about Zofi Cash
- Founded Year: 2020
- Location: Kampala (Uganda)
- Stage: Seed
- Total Funding till date: $1M
- Investors: Startup Wise Guys and Advancly
- Latest Funding Round: Seed, May 29, 2023, $*****
- Tracxn Score: 44/100 What is this?
- Competitors Rank: 2 of 28 Competitors
Companies founded year-on-year in the FinTech sector in Uganda
29 FinTech startups in Uganda were founded in 2019 - 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 | 5 |
2023 | 9 |
2022 | 9 |
2021 | 17 |
2020 | 24 |
2019 | 29 |
2018 | 24 |
2017 | 14 |
Stage-wise distribution of FinTech sector companies in Uganda
Out of the total 196 FinTech companies in Uganda, 49 have secured funding. Among them, 5 have reached Series A or higher, and 3 to Series B or beyond.
Founded - 196
Funded - 49
Series A+ - 5
Series B+ - 3
Series C+ - 3
Company Stage | No. of companies |
|---|---|
Founded | 196 |
Funded | 49 |
Series A+ | 5 |
Series B+ | 3 |
Series C+ | 3 |
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Funding Trends in the FinTech sector in Uganda
Total funding year-on-year in the FinTech sector in Uganda
The FinTech sector in Uganda saw a total funding of more than $69.4M in the last 10 years. The most amount of funding was in 2022 at more than $45M.
- Total Funding
Year | Total Funding |
|---|---|
2025 | $11.5M |
2024 | $424K |
2023 | $4M |
2022 | $45M |
2021 | $6.7M |
2020 | $200K |
2019 | - |
2018 | $295K |
2017 | $500K |
Recent Funding Rounds in FinTech in Uganda
In the year 2025, till September 2025, FinTech companies in Uganda have raised $11.5M in equity funding across 2 rounds.
In the same period last year (i.e. till September 2024), FinTech companies in Uganda had raised $424K across 4 rounds.
So, 2025 has seen a 2609.32% rise in funding in FinTech companies in Uganda as compared to 2024.
Here are some recent, important funding rounds in FinTech companies in Uganda:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Seed | 3942 | Sep 18, 2025 | ||
Series A | 1972 | Jan 24, 2025 | and 1 more | |
Seed | 4742 | Sep 25, 2024 | ||
Seed | 3448 | Aug 27, 2024 | - | |
Seed | 3684 | Feb 23, 2024 |
Top Investors in FinTech in Uganda
FINCA Ventures is the top investor in FinTech companies in Uganda based on number of companies invested.
Here are some top investors in FinTech companies in Uganda:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Washington, DC (United States) | - | |
- | ||
Washington, DC (United States) | - | |
Kampala (Uganda) | - | |
Kampala (Uganda) |
M&A activity in FinTech sector in Uganda
In the year 2020, till June 2020, 1 acquisition happened in FinTech sector in Uganda.
Here are some recent, important acquisitions in FinTech sector in Uganda:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Jun 30, 2020 |
Acquisition trends in FinTech sector in Uganda
Here are the acquisition trends in FinTech sector in Uganda:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | - |
2025 | - |
2024 | - |
2023 | - |
2022 | - |
2021 | - |
2020 | 1 |
2019 | - |
2018 | - |
2017 | - |
Colleges which produce the most FinTech companies in Uganda
Companies founded by alumni from top colleges in the FinTech in Uganda
Most number of FinTech startups in Uganda have been founded by alumni from Carnegie Mellon University, Harvard University and Imperial College London.
College | No. of companies |
|---|---|
Carnegie Mellon University | 1 |
Harvard University | 1 |
Imperial College London | 1 |
University of Toronto | 1 |
University of Waterloo | 1 |
Total funding in FinTech companies founded by alumni from top colleges in Uganda
In the last 10 years, Carnegie Mellon University graduates' FinTech companies in Uganda have raised the most funding among top colleges. Harvard University and University of Toronto alumni are second.
College | Total Funding |
|---|---|
Carnegie Mellon University | $30M |
Harvard University | $15.1M |
University of Toronto | $15.1M |
University of Waterloo | $15.1M |
Imperial College London | - |
Top News in FinTech in Uganda
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