The stories that defined tech in Africa in 2024

From new unicorns to shutdowns of category-leading companies to the arrival of global e-commerce giants, here are the news stories that defined tech in Africa in 2024.

Details:

• January: DPI-backed fintech-as-a-service provider Ukheshe acquired 100% of 23-year-old digital payments pioneer EFT Corporation (EFTCorp). While the companies initially said they’d “maintain their respective brand identities for the foreseeable future,” Ukheshe rebranded to EFTCorp in June.

  

• February: Partech announced the $300M+ final close of Partech Africa Fund II. It’s the largest VC fund fully dedicated to tech startups in Africa (so far).

  

• March: Bootstrapped South African HR & payroll tech platform PaySpace was acquired by global HR solution provider Deel for an estimated $100M.

  

• April: South African used car marketplace WeBuyCars went public on the JSE. It’s since doubled in value to reach its current market cap of ~$950M. ????

  

• May: Amazon officially entered Africa with the launch of amazon.co.za in South Africa.

  

• June: Gro Intelligence shut down after raising ~$125 million.

  

• July: Agent-led B2C e-commerce platform Copia Global shut down after raising ~$120 million.

  

• August: Wasoko and MaxAB completed their much-ballyhooed all-stock merger. The ‘biggest-ever merger in African tech’ creates Africa’s largest B2B e-commerce company, which is now valued at ~$526 million (according to a report from VNV Global which holds a 2.4% stake in the combined entity).

  

• September: Egypt approved its first special-purpose acquisition company. Promoted by Catalyst Partners, the investment vehicle will focus on acquiring fintechs & financial services companies; it announced plans to acquire digital lending marketplace Qardy just a few weeks ago.

  

• October: Moniepoint raised $110 million in a Series C round that saw it join the list of African unicorns.

  

• November: Visa announced investments in four African fintech (& fintech-adjacent) startups that participated in its Africa Fintech Accelerator program. When the accelerator was first announced, Visa’s leadership said it planned to invest in ~33% of the startups in each cohort. Assuming no further investments in the cohort, this makes 17% — half the original target.

  

• December: TymeBank parent company Tyme joined the list of African unicorns in a $250M Series D round that valued it at $1.5 billion.

  

Other big themes of 2024 include:

• Final fund closes galore:
  • TLcom Capital closed its second fund, TIDE Africa Fund II, at $154M.
  • Janngo closed its second fund at $78M.
  • The Raba Partnership closed its second fund at ~$60M.
  • Verod-Kepple Africa Ventures closed its first fund at $60M.
• New unicorns on the horizon:
  • Nigerian vehicle financing platform Moove raised a $100M Series B at a $750M valuation, cementing its status at the front of Africa’s soonicorn list.
  • Kenyan pay-as-you-go asset financing platform M-KOPA announced a target ARR of $400M for 2024, up from $248M in 2023.
• Continued M&A and industry consolidation:
  • In addition to Deel’s acquisition of PaySpace and the Wasoko-MaxAB merger, other notable transactions this year include (but aren’t limited to):
    • Lesaka’s acquisition of Adumo
    • Rise’s acquisition of Hisa
    • SteamaCo’s acquisition of/merger with Shyft Power Solutions
    • BuuPass’ acquisition of QuickBus
    • Santam’s acquisition of Kandua
• Africa’s shifting accelerator landscape:
  • The ARM Labs Lagos Techstars Accelerator Program (aka Techstars Lagos) shut down after Nigeria’s ARM Labs decided to stop paying the program’s associated dollar costs as the naira fell further in 2024.
  • Y Combinator scaled back the number of startup it selects from Africa.
  • Iyin Aboyeji’s new accelerator, Accelerate Africa, completed its first two cohorts and is seemingly finding its footing as a business development bridge between startups and corporates across the continent.