Africa’s fintech ecosystem has seen a surge in investment over the last few years, driven by a combination of technological advancements, a young population, and rising demand for financial inclusion. As a result, several key investors have stepped forward to fuel this growth, helping fintech startups scale rapidly and expand their reach across the continent.
Here’s a look at the top five fintech investors who are playing a pivotal role in transforming Africa’s financial landscape.
1. Partech
Region: Global
Key Investments: Yoco (South Africa), Wave (Senegal)
Partech has positioned itself as a pivotal player in Africa’s rapidly evolving fintech landscape, with its substantial backing of startups across the continent. With the launch of Partech Africa II, a €280 million ($300 million) fund, Partech has reaffirmed its commitment to fostering the growth of African startups. This fund, aimed at supporting digital and tech companies, makes Partech the holder of the largest fund dedicated to African startups, following its successful Partech Africa I, which raised $143 million in 2018.
Partech Africa II has attracted a diverse range of investors, including US and Middle Eastern pension funds, sovereign funds, and notable African institutions such as the African Reinsurance Corporation. This growing investor base demonstrates the global confidence in Africa’s digital economy and fintech ecosystem.
Headquartered in Paris, with operational bases in Dakar, Nairobi, Dubai, Berlin, and Lagos, Partech brings not just capital but also global expertise and networks to African startups. Its focus on early-stage investments has proven particularly beneficial for startups needing growth capital to scale. The fund is especially geared toward supporting companies in their seed to early-stage growth phases, which has historically been a challenging period for many African ventures.
The impact of Partech’s investments is already being felt across the continent, with its portfolio benefiting over 1 million merchants and 20 million end users. By nurturing innovation in payment solutions, digital financial services, and other tech-driven businesses, Partech continues to fuel Africa’s fintech revolution.
Key investments like Yoco (South Africa) and Wave (Senegal) exemplify the breadth and diversity of Partech’s African portfolio, showcasing its ability to identify promising fintech solutions that promote financial inclusion and economic growth.
2. Quona Capital
Region: Emerging Markets
Key Investments: Sokowatch (Kenya), Cowrywise (Nigeria)
Quona Capital is a venture capital firm that specialises in investing in growth-stage fintech companies across emerging markets, including Sub-Saharan Africa, Latin America, and India. The firm is deeply committed to advancing financial inclusion, ensuring that underserved consumers and businesses have better access to affordable financial services through disruptive technological solutions.
Quona’s mission to drive financial inclusion is more than just a statement. It takes a rigorous approach to impact investing, with a strong focus on results that foster meaningful change. This commitment was validated in late 2023, when Quona successfully completed its second impact verification process with BlueMark, an independent provider of impact verification. Quona achieved the highest (“Advanced”) score on 7 out of 8 of the Operating Principles for Impact Management, which places it in the top quartile of BlueMark’s global benchmark, a notable achievement considering the size and stature of other firms in the dataset, such as large asset managers and DFIs.
Quona’s impact-driven investments focus on sustainable finance, climate tech, and building financial infrastructure that enables growth. Quona seeks out fintech solutions that not only improve financial accessibility but also create long-lasting, scalable impact. Its 2023 Impact Report details impressive numbers, with $770 million total assets under management (AUM) and $464 million deployed in investment capital. The portfolio consists of 68 active companies, which have collectively raised over $4.8 billion in equity, reflecting the level of innovation and growth in Quona’s investments.
By focusing on fintech trends that intersect with the real economy, Quona’s portfolio companies are transforming sectors such as payments, credit, and savings, with a strong presence in countries like Nigeria and Kenya. Through a balanced approach of impact and financial returns, Quona Capital continues to be a key player in driving the next wave of fintech innovation across the African continent and beyond.
Some notable investments in Africa include Apollo Agriculture (Kenya), Capitec Bank (South Africa), and Lidya (Nigeria), which are leveraging technology to boost financial inclusion and economic opportunities for underserved populations.
3. Accion Venture Lab
Region: Global
Key Investments: Paga (Nigeria), Lulalend (South Africa)
Accion Venture Lab is the impact investment arm of Accion, a global nonprofit dedicated to financial inclusion. Since its founding in 2012, Accion Venture Lab has focused on providing early-stage capital to innovative fintech startups that are working to provide financial solutions for underserved populations, particularly in emerging markets, including Africa. With its mission to support scalable financial services, the firm’s investments are deeply rooted in advancing financial inclusion and creating economic opportunities.
Accion Venture Lab targets seed-stage startups, offering not only capital but also strategic support through its global network and extensive expertise in financial services. The firm believes in the power of disruptive technologies to enhance the way financial services are delivered, from credit and savings to insurance and payments. This holistic approach has led to investments in over 65 startups globally, with several key investments in African markets.
A major part of Accion’s success is its strong focus on partnerships, working closely with entrepreneurs to create and scale business models that can address the unique financial challenges faced by African consumers. Accion Venture Lab provides a blend of venture capital funding and hands-on operational support, which includes helping companies with product development, regulatory navigation, and market strategy. By actively collaborating with local ecosystems, Accion helps these startups grow faster and more sustainably.
Some of Accion Venture Lab’s investments in Africa include:
– Paga (Nigeria): A mobile payments company that enables safe, simple, and affordable financial transactions.
– Tugende (Uganda): A tech-enabled asset finance company that helps small business owners access affordable financing to acquire income-generating assets.
– Lidya (Nigeria): A digital platform providing small business loans across Africa to improve access to credit.
Accion’s approach to impact investing is data-driven, with a focus on how startups can provide lasting financial solutions that empower underserved communities. Its investments in mobile money, digital lending, and alternative credit scoring are designed to meet the diverse financial needs of unbanked populations, especially in countries like Nigeria, Uganda, and Kenya.
4. Helios Investment Partners
Region: Africa
Key Investments: Interswitch (Nigeria), Fawry (Egypt)
Helios Investment Partners is one of the leading Africa-focused private investment firms, known for its role in driving growth and development across the continent. Founded in 2004, Helios has a long history of investing in high-potential sectors such as financial services, energy, telecoms, and infrastructure. The firm leverages its deep understanding of African markets to create scalable businesses and transformative partnerships.
One of Helios’ key focuses is fintech, where they have invested in several companies aiming to expand financial inclusion and bridge the gap between the banked and unbanked populations across Africa. Their investments often focus on firms that offer innovative digital financial services, enabling millions of Africans to access banking, insurance, and credit solutions that were previously out of reach.
Helios has been involved in some significant fintech investments across Africa, including Interswitch, one of Africa’s largest electronic payments and digital commerce platforms.
Helios Investment Partners has established itself as a cornerstone of private equity in Africa over its 20-year history, deploying over $3 billion across 35 investments in more than 35 countries. This extensive track record reflects the firm’s commitment to driving economic growth and social impact throughout the continent.
Helios has recently been recognized as Private Equity International’s Africa Firm of the Year for the fifth consecutive year, a testament to its unwavering commitment to creating attractive investment opportunities. This accolade highlights the firm’s ability to leverage deep local insights and world-class capabilities to deliver sustainable growth while making a positive impact on the communities in which it operates.
In addition to its PEI recognition, Helios was awarded the 2023 GPCA Social Impact Award for its investment in Solevo. This award signifies Helios’s dedication to not just financial returns, but also to creating lasting social benefits through its investment strategies.
As Helios Investment Partners marks two decades of impactful investing, its recognition as a leader in the African private equity space is well-deserved. With over $3 billion deployed and a focus on creating attractive investment opportunities that foster economic growth and social impact, Helios continues to shape the investment landscape in Africa, proving that financial success can go hand in hand with meaningful contributions to society.
5. Visa
Region: Global
Key Investments: Flutterwave (Nigeria), Paystack (Nigeria)
Visa, a leader in digital payments, is embarking on a transformative journey in Africa with a commitment to invest $1 billion through 2027. This strategic initiative is part of Visa’s broader vision to enhance financial inclusion and foster innovation across the continent’s burgeoning fintech landscape.
At the heart of Visa’s investment strategy is the Africa Fintech Accelerator, which aims to collaborate with around 40 fintech startups each year for the next five years. By providing mentorship, resources, and access to Visa’s extensive network, the accelerator seeks to empower local entrepreneurs who are developing innovative solutions tailored to the unique challenges faced by African consumers and businesses.
Visa plans to invest in a third of these participating fintechs, signalling its commitment to supporting startups that align with its mission of creating a more inclusive financial ecosystem. This initiative not only helps emerging companies scale their operations but also fosters a vibrant startup culture that can drive economic growth in the region.
Visa’s choice to focus on Africa is both strategic and timely. With over 1.4 billion people and approximately one-third lacking access to financial infrastructure, the continent presents a remarkable opportunity for digital financial services. As traditional financial institutions struggle to penetrate these underserved markets, Visa aims to leverage fintech innovations to engage with 50 million non-digital retailers and facilitate their transition into the digital economy.
In addition to financial investments, Visa is intensifying its commitment to the African market by expanding its physical presence. The company plans to establish an office in Tanzania, further embedding itself within the local economic landscape. This move comes on the heels of a 50% increase in Visa’s African workforce over the past two years, resulting in 10 continental offices that enhance Visa’s ability to understand and respond to the diverse needs of African markets.
These top five investors have not only injected capital into Africa’s fintech space but have also brought global expertise, strategic partnerships, and mentorship. Their role in shaping the continent’s fintech landscape is undeniable, and their continued support is critical to the future of financial innovation across Africa.
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