Top 10 Most Funded African Startups in 2026

Published: October 28, 2026

Africa's most funded startups have raised about $5.70 billion between them. This ranking lists the ten African-founded private startups that have raised the most money, counting disclosed equity and debt rounds. It is a different question from value. The most funded startup is not the most valuable one.

MNT-Halan of Egypt ranks first, with about $989 million raised across eight rounds, according to tracker AU-Startups. Moove of Nigeria ranks second at about $710 million. Flutterwave ranks third at $575 million, just ahead of OPay at $570 million.

Fintech dominates the list. Seven of the ten companies work in payments, banking, or digital finance. Five were founded in Nigeria. Two were founded in Kenya. Egypt, South Africa, and Benin supply one each.

5 Key Facts

• MNT-Halan ranks first at about $989 million raised, ahead of Moove at about $710 million.
• The top ten have raised about $5.70 billion combined. The top three account for about $2.27 billion, or about 40 percent of the total.
• Seven of the ten companies work in fintech or digital finance. The exceptions are Spiro, Sun King, and Andela.
• Five of the ten companies were founded in Nigeria. Kenya accounts for two, and Egypt, South Africa, and Benin account for one each.
• Raising the most money is not the same as being worth the most. Flutterwave is the most valuable African startup, but it ranks only third here by money raised.

The Ranking

Stat in context: the top ten total, about $5.70 billion, is roughly one third of the top ten valuation total, about $17.4 billion, in our ranking of African startups by valuation. Investors paid far more for these companies than they put into them. That gap is normal for startups. Valuation measures what buyers will pay for the whole company. Funding measures cash that went in over time.

1. MNT-Halan: $989 million

MNT-Halan was founded in Egypt in 2018. It began as a ride-hailing app. It now offers microfinance, consumer loans, small business finance, and payments. It serves more than 8 million customers, mainly in Egypt, and has expanded into Turkey, Pakistan, and the United Arab Emirates.

AU-Startups, a tracker, puts its total across eight rounds at $989 million. The largest disclosed rounds are $120 million in 2021, $400 million in equity and debt in 2023, and $157.5 million in July 2024. In June 2026, Al Ahly Capital, the investment arm of the National Bank of Egypt, led the first closing of a new growth round. That round valued the global parent at $1.4 billion. The size of the Al Ahly closing was not disclosed.

Readers should note one honest caveat. The individually disclosed rounds listed here sum to about $728 million. The balance of the $989 million tracker total sits in smaller debt facilities that are not itemised in public round lists. Even on the lower $728 million sum, MNT-Halan still ranks first, ahead of Moove at $710 million.

2. Moove: $710 million

Moove was founded in Lagos in 2020. It started by financing cars for ride-hailing drivers. Drivers paid for cars from daily earnings, instead of taking bank loans they could not get.

Before its 2026 round, Moove had raised more than $250 million in equity and $210 million in debt. In August 2026, it raised $250 million in a Series C round led by Mubadala Investment Company. That round valued Moove at $2.1 billion and took its reported total above $710 million. Moove says it now runs about 42,000 vehicles across 29 cities in 13 countries. It also manages fleets for self-driving car companies, including Waymo.

In October 2026, Moove reportedly exited Nigeria, the market where it started. It continues to operate elsewhere. The exit does not change its funding total. It does show that raising the most money does not guarantee staying in a home market.

3. Flutterwave: $575 million

Flutterwave was founded in Lagos in 2016. It builds payment tools for businesses across Africa. It says it operates in more than 30 African markets.

Its rounds are $20 million in 2018, $35 million in 2020, $170 million in 2021, and $250 million in 2022. Those four rounds sum to $475 million. In June 2026, Ripple joined a Series E round with a strategic $100 million investment. That round valued Flutterwave at about $3.2 billion and took its total raised to $575 million.

Flutterwave is the most valuable African startup, but only the third most funded. Its value grew faster than its cash intake. That pattern is common for payments companies. Once the network is built, each new market costs less than the last.

4. OPay: $570 million

OPay was launched in Nigeria in 2018, incubated inside Opera. It offers payments, transfers, and lending through agents and an app. It reports tens of millions of users in Nigeria.

OPay raised $50 million in 2019, $120 million later in 2019, and $400 million in a Series C round in August 2021 led by SoftBank Vision Fund 2. Those three rounds sum to $570 million. OPay has raised no new priced round since 2021. In October 2026, it filed to list in New York, with reports putting a possible value near $4 billion. A listing filing is not a funding round, so it adds nothing to the total here.

5. Spiro: $557 million

Spiro is a pan-African electric mobility company, originally associated with Benin. It sells and leases electric motorcycles to riders and runs battery swap stations where riders exchange empty batteries in under two minutes. It operates in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo.

Spiro raised $100 million in October 2025, $50 million in debt in early 2026, $215 million in equity in 2026, and $55 million from NewTrails Capital in 2026. Together with earlier rounds, its total disclosed funding stands at about $557 million, according to TechSoma. It is the fastest riser on this list. Almost all of its total was raised in the last two years.

Spiro has moved its operational headquarters to Nairobi and its holding company to Dubai. It counts here as a Benin-born company. Founding place, not current headquarters, sets inclusion, as in our valuation ranking.

6. Tyme Group: $521 million

Tyme Group runs digital banks in South Africa and the Philippines. Its South African brand is TymeBank. Its Philippine brand is GoTyme. It reports more than 15 million customers across its two markets.

Its disclosed rounds are $13.3 million in 2019, $180 million in a Series B round in 2021, $77.8 million in 2023, and $250 million in a Series D round in December 2024 led by Nubank. Those four rounds sum to about $521 million. The Series D round valued Tyme Group at $1.5 billion and made it a unicorn, a private company valued above $1 billion.

TechCabal put Tyme's total at about $600 million after the Series D round. That higher figure may include other capital that is not itemised in round lists. This ranking uses the $521 million sum of disclosed rounds, so the figure can be checked round by round.

7. M-KOPA: $513 million

M-KOPA was founded in Kenya in 2010. It started with pay-as-you-go solar home systems. Customers paid small daily amounts by mobile money until they owned the system. It has since moved into smartphone financing and digital credit.

Its major rounds include $75 million in equity in 2022 and a combined $255 million in debt and equity in May 2023, led on the debt side by Standard Bank Group. Its 2025 accounts show a further $61.8 million in new borrowings and $59.6 million in equity proceeds. Summing its disclosed debt and equity raises gives about $513 million.

One figure for M-KOPA needs care. Commentators sometimes cite about $600 million for M-KOPA. That figure mixes customer credit unlocked with capital raised, and one tracker total includes grants. Grants are excluded here. Customer credit is money lent to customers, not money raised by the company. On a like-for-like debt and equity basis, M-KOPA sits at about $513 million.

8. Sun King: $508 million

Sun King, formerly Greenlight Planet, was founded in 2007. It designs and sells off-grid solar systems across Africa and Asia. Customers buy systems on a pay-as-you-go plan, paying as little as $0.26 per day by mobile money.

Sun King had raised $170 million in equity and debt before its Series D round. It then raised $260 million in Series D funding in May 2022, led by General Atlantic's BeyondNetZero. A Series D extension added $38 million in new primary investment from LeapFrog Investments. In 2025, Lightrock added $40 million in equity. Those amounts sum to about $508 million.

Two amounts are deliberately left out. The Series D extension also included secondary investment, which buys shares from existing holders and adds no new cash to the company. Sun King's $150 million Ethiopia expansion commitment, announced in early 2026, is the company investing its own money, not raising money. Neither counts as funding raised.

9. Andela: $381 million

Andela was launched in Africa in 2014. It connects companies with remote software engineers. It began by training engineers in Lagos, Nairobi, and Kampala, then placing them with global technology companies.

Its rounds are $10 million in 2015, $24 million in 2016, $40 million in 2017, $100 million in 2019, and $200 million in a Series E round in September 2021 led by SoftBank Vision Fund 2. Crunchbase data puts the total at $381 million. The Series E round valued Andela at $1.5 billion. Andela has raised no new round since 2021. It is the only company in this top ten that is neither fintech nor energy or mobility hardware.

10. Interswitch: $373 million

Interswitch was founded in Lagos in 2002. It is the oldest company in this ranking. It built much of Nigeria's card and switching infrastructure. Its brands include Verve, a card network, and Quickteller, a payments platform.

Visa invested $200 million for a 20 percent stake in November 2019, valuing Interswitch at $1 billion. LeapFrog Investments and Tana Africa Capital added $110 million in May 2022. Interswitch also raised about $63 million through a bond listed in Nigeria in 2020. Those three amounts sum to about $373 million.

One earlier transaction is excluded. TA Associates bought a minority stake in 2016, reported at about $110 million, but that deal bought shares from existing holders. It added no new cash to the company, so it is treated as a secondary deal and left out.

Frequently Asked Questions

What counts as funding raised in this ranking?

Funding raised means disclosed equity rounds plus disclosed debt facilities, added up over a company's life. Grants are excluded. Secondary sales, where one investor buys shares from another, are excluded because they add no new cash to the company. Stock market listings and post-listing raises are excluded. Subsidiary level raises are excluded. Customer credit, which is money lent to customers, is not capital raised.

Why is MNT-Halan first when its named rounds add up to less than $989 million?

The $989 million figure is a tracker total across eight rounds, reported by AU-Startups in September 2026. The largest named rounds sum to about $728 million. The balance sits in smaller debt facilities that are not itemised in public round lists. Even on the lower $728 million sum, MNT-Halan still ranks first, ahead of Moove at $710 million. The ranking is therefore safe on either figure.

Why is Jumia not on the list?

Jumia listed on the New York Stock Exchange in 2019. It is no longer a private startup. Its listing and later share sales raised far more than any company on this list. Including a listed company would break the ranking, because listed companies can raise money in ways private startups cannot. Jumia is excluded for the same reason listed groups and their divisions are excluded.

Which companies just missed the top ten?

Wave of Senegal just misses the list at about $337 million, from a $200 million Series A round in 2021 plus $137 million in debt in 2025. Chipper Cash sits just behind it at about $335 million, from more than $305 million raised by late 2021 plus a $30 million SAFE round in 2022. The two are effectively tied. Moniepoint of Nigeria follows at about $320 million, including a $200 million Series C round completed in 2025.

Does raising the most money mean a startup is winning?

Not always. Funding measures cash taken in, not cash earned. Some heavily funded companies have cut jobs or left markets. Moove left Nigeria in 2026 despite raising $710 million. Chipper Cash raised more than $300 million, then saw its value cut sharply. What matters in the end is revenue, profit, and survival. Funding buys time to reach those goals. It does not guarantee them.

Data Sources

• MNT-Halan, $989 million across eight rounds, and $400 million round in 2023 plus $157.5 million in 2024: AU-Startups; June 2026 Al Ahly Capital round at $1.4 billion: Launch Base Africa.
• Moove, more than $250 million equity plus $210 million debt before Series C, and $250 million Series C in 2026: Technext; October 2026 Nigeria exit: Mazech.
• Flutterwave, $475 million through 2022, plus $100 million Series E from Ripple in June 2026: Technext; Series D details: Awesome Fintech.
• OPay, $570 million across three rounds, Series C $400 million in August 2021: TechCabal.
• Spiro, about $557 million total disclosed funding, $215 million equity round plus $55 million NewTrails round in 2026: TechSoma.
• Tyme Group, $250 million Series D in December 2024 and about $600 million total reported: TechCabal; round-by-round breakdown: ZoomInfo.
• M-KOPA, $255 million debt and equity in May 2023 and earlier rounds: Today Africa; more than $590 million including grants: ImpactAlpha.
• Sun King, $260 million Series D in 2022 after $170 million previously raised, $38 million primary extension, $40 million Lightrock round in 2025: LeapFrog Investments; Mercom India.
• Andela, $381 million total, $200 million Series E in September 2021: Innovation Village.
• Interswitch, $200 million Visa investment in 2019 and $110 million LeapFrog and Tana round in 2022: PYMNTS; Techpoint Africa.
• Wave, $200 million Series A in 2021 plus $137 million debt in 2025: AInvest; Chipper Cash, more than $305 million by late 2021: TechCrunch.
• Related African Exponent reading: African startups by valuation in 2026; most profitable companies in Africa in 2026.

Methodology

Data vintage: funding rounds disclosed up to October 28, 2026. Each total uses disclosed rounds reported by the company or by reputable technology press, plus tracker totals where stated. Where a tracker total and a round-by-round sum differ, both figures are given and the ranking uses the figure that can be checked round by round, except for MNT-Halan, where even the lower sum still ranks first.

Scope: private, standalone startups founded in Africa. Public companies are excluded. Divisions of listed groups are excluded. Companies founded outside Africa are excluded, even if they operate in Africa. Current headquarters do not decide inclusion. Founding place does.

Counting rules: disclosed equity and debt rounds count. Grants do not count. Secondary sales do not count. Listing proceeds and post-listing raises do not count. Subsidiary level raises do not count. Customer credit lent onward to customers does not count. Bond issues by the company itself do count as debt, which is why Interswitch's 2020 bond is included.

Close calls: Wave at about $337 million and Chipper Cash at about $335 million are effectively tied just outside the top ten. M-KOPA at about $513 million and Sun King at about $508 million are close, but their order does not change on any plausible recount, because M-KOPA's 2025 accounts add $121 million that Sun King lacks. Moniepoint at about $320 million sits just behind both near misses.

Exclusions and limits: funding totals are not audited accounts. Some debt facilities are disclosed only as totals, not as itemised rounds. Totals for MNT-Halan, Moove, and M-KOPA therefore rest partly on tracker or press totals rather than fully itemised round lists. Where that is the case, the article says so. A future round could change any total, and the next edition will re-rank on the same rules.