African startups collectively raised $138 million in equity, debt, and grants in September 2024, according to the latest report by *Africa: The Big Deal*. Fintech companies secured the largest share of this funding.
Although this total falls slightly below the 12-month average of $159 million, the number of startups securing $100,000 or more surged. In September, 61 startups crossed this threshold, compared to an average of 42 per month over the past year.
These startups represented 12 countries, with 90% of the funding concentrated in Egypt, South Africa, Nigeria, Kenya, and Ghana. Other countries in the report included Morocco, Algeria, Tunisia, Côte d’Ivoire, Tanzania, Uganda, and Rwanda.
Among the top recipients, fintechs took center stage. Egypt-based fintech FlapKap raised $34 million in pre-Series A funding, combining equity and debt. Another Egyptian fintech, Paymob, raised $22 million as part of an extended Series B round, reporting profitability in Egypt. Ghana’s Fido, also a fintech, secured $20 million in Series B funding.
September also saw significant acquisitions. South Africa’s AI financial platform Syft was acquired by global accounting software company Xero for $70 million, marking the largest exit of the month. Additionally, Nigerian fintech Risevest expanded into Kenya by acquiring Hisa.