Top startups in Nigeria
There are 24,967 startups in Nigeria which include Flutterwave, Nomba, OPay, Kuda, Paga. Out of these, 1,630 startups are funded, with 98 having secured Series A+ funding, and 5 achieving unicorn status. Banks ($5.06B) and Building Materials ($3.94B) are the top-funded sectors in Nigeria, with over 480 companies, including Access Bank and United Bank for Africa. Lagos (734), Abuja (125), and Lekki (67) are the top cities by number of startups hosted. In the last five years, 336 companies raised over $8.01B in funding across 492 rounds. Moniepoint is the latest startup to join the Unicorn Club from Nigeria. The number of companies founded have declined by 80.3%, from 417 companies in 2024 to 82 companies in 2025.
Here is the list of top startups in Nigeria
1. Flutterwave
Provider of payment solutions for online and physical business transactions. It offers tools for accepting payments, payouts, transfers, and creating online stores. The company provides application programming interfaces for developers to integrate payment functionalities. It also facilitates tuition payments and event ticket purchases.
Key facts about Flutterwave
- Founded Year: 2016
- Location: San Francisco (United States)
- Stage: Series D
- Total Funding till date: $489M
- Investors: Greycroft, Mastercard and 71 Others
- Latest Funding Round: Series D, Feb 16, 2022, $*****
- Tracxn Score: 83/100 What is this?
- Competitors Rank: 7 of 6,850 Competitors
2. 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: 75/100 What is this?
- Competitors Rank: 1 of 239 Competitors
3. OPay
Provider of financial services including transfers, bill payments, and debit cards. It facilitates account funding and transfers to other bank accounts. The company offers debit cards for payments at ATMs, POS systems, and online platforms. It also provides a service that allows users to earn daily interest.
Key facts about OPay
- Founded Year: 2018
- Location: Lagos (Nigeria)
- Stage: Series C
- Total Funding till date: $570M
- Investors: Source Code Capital, GSR Ventures and 16 Others
- Latest Funding Round: Series C, Aug 23, 2021, $*****
- Tracxn Score: 72/100 What is this?
- Competitors Rank: 1 of 7 Competitors
4. Kuda
Provider of a digital bank for individuals. Its services include savings accounts, NFC-enabled prepaid cards, bill payments, and online and offline transactions. It also offers smart budgeting for expenditure monitoring, automated savings with yearly interests, and the option to freeze and unfreeze debit cards by using the application. Its application is available on Android and IOS platforms.
Key facts about Kuda
- Founded Year: 2017
- Location: Lagos (Nigeria)
- Stage: Series B
- Total Funding till date: $91.6M
- Investors: Valar Ventures, Target Global and 19 Others
- Latest Funding Round: Series B, Aug 02, 2021, $*****
- Tracxn Score: 72/100 What is this?
- Competitors Rank: 5 of 165 Competitors
5. 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: 72/100 What is this?
- Competitors Rank: 1 of 48 Competitors
