Africa’s Latest Unicorn, Kenya’s Absa launches WhatsApp transactions & Audiomack expands its services for African artists | The Round-up
Hey guys. We have another roundup for you, just in case you missed all the juicy African tech news from the month of August. In this article we explore Africa’s latest unicorn, Flutterwave in the US, and Duolingo in South Africa, amongst others. Here’s the roundup.
Africa’s Latest Unicorn
A ‘unicorn’ is a privately held start-up company valued at over $1 billion, and Africa has its latest one - fintech company and super-app, OPay. OPay has recently reached a $2b valuation, making the company the latest unicorn on the continent and the quickest to reach the coveted status in Africa.
According to a report from Quartz Africa, the Lagos based startup, “in less than three years, has gone from a curious startup known for its motorcycles in Lagos, Nigeria, to a financial services company worth $2 billion. The latest valuation comes after it raised $400 million from an investment round led by SoftBank, the Japanese investment firm, with Sequoia Capital China, and five other large firms participating...No other startup whose operations are based in Africa has raised as much in one round.”
It is no surprise that fintechs continue to reach billion dollar valuation or unicorn status much quicker than other industries in Africa. This is because most of the funding on the continent tends to be swayed towards the fintech direction due to its obvious success in the region.
We hope to see more unicorns emerge from other sectors on the continent soon.
Here is a roundup of other news stories from the African start-up scene in August:
What else are we reading: