Africa, a region long defined by fragmentation, is ripe for innovation in finance. With a median age of 19, there is a raw entrepreneurial energy in cities such as Cairo, Johannesburg, Lagos and Nairobi. Young entrepreneurs like the founders of portfolio company Flutterwave are starting to invest locally and fill the void.
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African start-ups attract international investors — but need local ones too
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Flutterwave, which has offices in Lagos and San Francisco, hit the $1bn mark in March when it raised $170m from US investors. Typical is Samrawit Fikru, an Ethiopian woman who founded Ride, a taxi-hailing app. Young Africans have tapped into international networks. FairMoney was co-founded by Laurin Nabuko Hainy, a German-Nigerian man. It has launched a business in India, part of a trend of African start-ups taking on other emerging economies. South Africa’s TymeBank raised $110m to expand into the Philippines. FlexClub, a South African company that allows Uber drivers to hire cars on subscription, operates in Mexico.
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