It’s the final month of Q2 and the African tech ecosystem keeps buzzing with innovators making the kind of change we want to see. This month we are taking you on another journey across the African tech ecosystem to discuss the most talked about stories from May, featuring companies such as Chipper Cash, MTN, M-Pesa and even the South African government. Here’s the roundup.
Welcoming the era of African unicorns
It’s been barely two months since we said congratulations to Nigerian company, Flutterwave, for reaching a one billion dollar valuation, and gaining “unicorn” status.
Now, it's the turn of Chipper Cash! Now referred to as Africa’s most valuable company, Chipper Cash, a startup that facilitates cross-border payment across Africa, closed a $100 million Series C round, led by SVB Capital, to introduce more products and grow its team, bringing the company’s total valuation to over one billion dollars.
Nowadays, due to the value that is being placed on African startups, mostly by international VCs investing in the ecosystem, it is taking a lot less time for African startups to reach a one billion dollar valuation. It took fintech provider Interswitch approximately 17 years to reach unicorn status but they have paved the way for companies such as Flutterwave who reached unicorn status in 5 years and now Chipper Cash who have reached unicorn status in just 3 years.
In a few years time, African unicorns will become commonplace and will be less rare, but for now, let’s bask in the glory of fast paced growth by African startups who are constantly changing the status quo.
Here is a round up of other news stories from the African startup scene in May:
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