Financial Inclusion Startups in Africa
Overview Powered by AI
Financial inclusion initiatives are gaining traction, but challenges remain. Local business leaders acknowledge progress by players like Finclusion Group, Alsoug.com, and Asante Financial Services Group in providing financial services to underserved populations. However, infrastructure gaps, regulatory hurdles, and financial literacy hurdles still hinder widespread adoption. Collaboration between governments, financial institutions, and fintechs is crucial to accelerate progress.
Cummulative Funding
$312.2M+
Total # of Companies
25
Total Deal Count
52
Total M&A Count
3
Total # of Investors
93
List of Financial Inclusion startups in Africa
Add Startup| Startuparrow_upward | Overviewarrow_upward | Last roundarrow_upward | Total raisedarrow_upward | Founded |
|---|---|---|---|---|
Tasaheel is a financing company for micro-projects with easy and simple payment systems. | Funding Round | $ 138,000,000 | 2015 | |
Flow48 enables SME growth by transforming future revenues into up-front capital under flexible terms. | Series A | $ 94,000,000 | 2022 | |
Finclusion is a Mauritian startup which drives financial inclusion in Sub-Saharan Africa using AI powered and data driven lending. | Seed | $ 42,000,000 | 2019 | |
Asante Financial Services Group is a Kenyan startup advancing financial independence of underserved small businesses and individuals in Africa. | Series A | $ 7,500,000 | 2016 | |
enza empowers Africa’s financial institutions with the innovation needed for more inclusive, opportunity-led commerce. | Seed | $ 6,750,000 | 2023 | |
CrowdForce is an all inclusive crowdsourcing platform for emerging markets. | Debt Financing | $ 5,180,000 | 2018 | |
Alsoug.com is a Sudanese startup that is launching a new fintech platform to support financial inclusion | Seed | $ 5,000,000 | 2016 | |
Touch and Pay Technology Services Limited (TAP) is a Nigerian NFC powered payment and financial inclusion firm | Grant | $ 3,050,000 | 2017 | |
LittleFish is a fintech startup that is enabling commerce, particularly for nano, micro, and small business owners. | Seed | $ 2,500,000 | 2021 | |
Masroofi enables parents and kids to manage their money and spend it in a cashless way via using masroofi mobile app and pre-paid cards. | Seed | $ 1,500,000 | 2022 | |
Qwili solve’s for digital inclusion with a hybrid hardware-software product. | Seed | $ 1,200,000 | 2019 | |
Mosabi’s platform blends fintech and edtech to bring emerging market citizens the skills and services to better manage their businesses and money. | Non-equity Assistance | $ 170,000 | 2018 | |
Mazzuma is building blockchain infrastructure tools for developers and remittances in emerging markets. | Venture | $ 125,000 | 2015 | |
Zowasel is a Nigerian online sustainable marketplace for crops. | Corporate | $ 100,000 | 2019 | |
Empowering SMEs with simplified funding access across Africa | Grant | $ 100,000 | 2021 | |
HerVest is a social enterprise providing financial inclusion for women through a Gender Lens Investment (GLI) approach. | Grant | $ 100,000 | 2019 | |
E-Settlement is a financial service provider with offerings that cater to everyday financial problems. | Undisclosed | Undisclosed | 2009 | |
Owoafara is building a digital bank for the informal economy | Venture | Undisclosed | 2019 | |
Agel is Egypt’s First Islamic Fintech; aiming to provide alternative financing solutions that cater MSMEs unique needs. | Pre-seed | Undisclosed | 2021 | |
CreditGO is an Egyptian a free mobile application for electronic payments that serves C and D segments' merchants | Seed | Undisclosed | 2020 |
Founded
2015
Overview
Tasaheel is a financing company for micro-projects with easy and simple payment systems.
Last round
Funding Round
Total raised
$ 138,000,000
Employee
10,001+
Founded
2022
Overview
Flow48 enables SME growth by transforming future revenues into up-front capital under flexible terms.
Last round
Series A
Total raised
$ 94,000,000
Employee
11-50
Founded
2019
Overview
Finclusion is a Mauritian startup which drives financial inclusion in Sub-Saharan Africa using AI powered and data driven lending.
Last round
Seed
Total raised
$ 42,000,000
Employee
2-10
Founded
2016
Overview
Asante Financial Services Group is a Kenyan startup advancing financial independence of underserved small businesses and individuals in Africa.
Last round
Series A
Total raised
$ 7,500,000
Employee
11-50
Founded
2023
Overview
enza empowers Africa’s financial institutions with the innovation needed for more inclusive, opportunity-led commerce.
Last round
Seed
Total raised
$ 6,750,000
Employee
11-50
Founded
2018
Overview
CrowdForce is an all inclusive crowdsourcing platform for emerging markets.
Last round
Debt Financing
Total raised
$ 5,180,000
Employee
11-50
Founded
2016
Overview
Alsoug.com is a Sudanese startup that is launching a new fintech platform to support financial inclusion
Last round
Seed
Total raised
$ 5,000,000
Employee
11-50
Founded
2017
Overview
Touch and Pay Technology Services Limited (TAP) is a Nigerian NFC powered payment and financial inclusion firm
Last round
Grant
Total raised
$ 3,050,000
Employee
11-50
Founded
2021
Overview
LittleFish is a fintech startup that is enabling commerce, particularly for nano, micro, and small business owners.
Last round
Seed
Total raised
$ 2,500,000
Employee
11-50
Founded
2022
Overview
Masroofi enables parents and kids to manage their money and spend it in a cashless way via using masroofi mobile app and pre-paid cards.
Last round
Seed
Total raised
$ 1,500,000
Employee
2-10
Founded
2019
Overview
Qwili solve’s for digital inclusion with a hybrid hardware-software product.
Last round
Seed
Total raised
$ 1,200,000
Employee
2-10
Founded
2018
Overview
Mosabi’s platform blends fintech and edtech to bring emerging market citizens the skills and services to better manage their businesses and money.
Last round
Non-equity Assistance
Total raised
$ 170,000
Employee
2-10
Founded
2015
Overview
Mazzuma is building blockchain infrastructure tools for developers and remittances in emerging markets.
Last round
Venture
Total raised
$ 125,000
Employee
11-50
Founded
2019
Overview
Zowasel is a Nigerian online sustainable marketplace for crops.
Last round
Corporate
Total raised
$ 100,000
Employee
11-50
Founded
2021
Overview
Empowering SMEs with simplified funding access across Africa
Last round
Grant
Total raised
$ 100,000
Employee
2-10
Founded
2019
Overview
HerVest is a social enterprise providing financial inclusion for women through a Gender Lens Investment (GLI) approach.
Last round
Grant
Total raised
$ 100,000
Employee
11-50
Founded
2009
Overview
E-Settlement is a financial service provider with offerings that cater to everyday financial problems.
Last round
Undisclosed
Total raised
$ 0
Employee
51-200
Founded
2019
Overview
Owoafara is building a digital bank for the informal economy
Last round
Venture
Total raised
$ 0
Employee
2-10
Founded
2021
Overview
Agel is Egypt’s First Islamic Fintech; aiming to provide alternative financing solutions that cater MSMEs unique needs.
Last round
Pre-seed
Total raised
$ 0
Employee
11-50
Founded
2020
Overview
CreditGO is an Egyptian a free mobile application for electronic payments that serves C and D segments' merchants
Last round
Seed
Total raised
$ 0
Employee
11-50