Nine African female-led fintech startups raised over $20.9 million in funding, according to data from BD Funding Tracker 2023.
The report on the state of startup VC funding in Africa for 2023 disclosed that fintech startups raised $1.01 billion in 65 deals, a 25 percent decline from the $1.36 billion raised from 112 deals in 2022. The data revealed that out of the 65 deals raised, 9 of them were raised by female-led startups who collectively secured over $20.9 million in various funding stages.
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Despite the activity of these women, funding for female-led startups continued to fall in 2023. Only 15 percent of total funding raised on the continent went to solo female founders or a founding team with at least a woman, while 85 percent of funding went to solo male founders or all-male founding teams, Africa the Big Deal, recently disclosed.
Here are the nine female-led fintech startups that raised funding in 2023:
Lupiya – $8.25 million
Led by Evelyn Chilomo Kaingu, who serves as the Chief Executive Officer (CEO), Lupiya raised $8.25 million in Series A funding to scale operations in its home market and new ones.
The microfinance startup established in 2016, aims to address the financial inclusion gap by providing user-friendly, technology-driven financial solutions to the unbanked and underbanked communities in Zambia.
Revio – $5.2 million
Cofounded by Ruaan Botha, who currently serves as the Co-founder and CEO, Revio, the South Africa-based payment API startup, raised a $5.2 million seed round in 2023 to deepen its market across the continent.
The startup founded in 2020 aims to help businesses collect more revenue, by reducing payment failures and recovering lost revenue. It currently serves four of Africa’s largest insurers and two large telcos as clients and recently secured a strategic partnership with a tier 1 African bank.
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Emtech – $4 million
Emtech raised $4 million in seed funding in 2023. The Kenyan fintech startup led by Carmelle Cadet, who serves as the CEO, focuses on developing technologies that will drive financial inclusion.
Last year, the fintech helped Central Banks around the world adopt modern technologies to provide financial services.
Kwara – $3 million
Led by the CEO and co-founder of Kwara Limited, Cynthia Wandia, Kwara raised $3 million in funding in 2023.
The Kenyan-based online and mobile banking platform for financial cooperatives, credit unions, and community banks was founded in 2018 in Kenya and has access to over 4,000 savings and credit cooperatives for its banking-as-a-service offering.
Oystr Finance – $120,000
Ifedolapo Lawal is the cofounder of Oystr Finance, a fintech company founded in 2022 that provides lenders with an infrastructure to help them launch low-risk micro-loan products.
In 2023, Techstars, a global investment business that provides access to capital, selected Oystr Finance and 11 other startups in its 2023 cohort. The firm got access to $120,000 in equity funding, as well as access to training.
Cladfy – $120,000
Led by Ebby Gatamu, who serves as its CEO, Cladfy got $120,000 in equity funding from Techstars in 2023.
The Kenyan fintech company was founded in 2021 and helps to design software for bank statement analysis and offers alternative data analysis for real-time credit score and loan limits.
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Sidebrief – $120,000
As part of the Techstars accelerator cohort, Sidebrief, the Nigeria-based fintech startup secured $120,000 in pre-seed funding. Launched in late 2021 by Eunice Olopade, who serves as the CEO, Sidebrief provides a simple digital infrastructure for entrepreneurs to start their businesses from anywhere.
Flick – $120,000
Flick raised $120,000 pre-seed from ARM Labs Lagos Techstars Accelerator. The startup founded in 2021 by Ruth Olojede and Dipo Gbadebo claims to be building PayPal for Africa. Flick enables users to connect to multiple bank accounts and pay directly from one source.
Koree – $22,193
Koree, a Cameroonian fintech, that allows customers to save spare cash on their cards, raised $22,193 in 2023. The startup launched in September 2022 by Magalie Gauze-Sanga has amassed over 13,000 users, processed 50,000+ transactions, and generated 30,000 private wallets.
