A New Report Shows that Fintech Startup Funding in Nigeria Recorded $678.73 million Funding in Five Years with Over 150 Percent Increase in 2019.
Nigeria recorded a remarkable financial year for Fintech startup in the country with over $663.24 million in venture capital. This is the highest venture capital secured in any African country in 2019.
According to a 2019 Africa Venture Capital report released on Saturday by WeeTracker, a global tech media site. This is the second time that Nigeria attracted the highest amount in Venture Capital with Fintech startup leading the chart.
The African tech and start-up focused report ranked Kenya as the second country with a high increase in 2019 compared to previous years.
Kenya covered up to 283.6 percent growth in 2019. South Africa secured the third position among the top three countries in venture capital funds recorded for startups in Africa.
The general africa’s venture capital investments for startups records $1.34 billion in investments through 427 deals in equity and debt financing in 2019. That is a 79.2 percent increase from $725.6 million invested across 458 deals in 2018.
The fintech startup funding includes both funding that were awarded as grants, price and investment fundings. These seed funds for fintech startup contributed a lot the new records in venture capital funds for tech startups in Nigeria.
Women entrepreneurs (women in tech) were a major part of the growth in 2019. One of the remarkable aachievements is the smartbag blockchain startup pioneered by Temie who won the Jack Ma’s entrepreneurs project pitch programme.
Other remarkable funding from Nigeria government in the blockchain technology sector includes the 2 million naira ~ $5000 funding for Wicrypt blockchain startup.
Wicrypt a blockchain startup in Nigeria secured 2 million naira from Nigeria’s Telecom regulator, Nigeria Communication Commission. Moreso, the Zenith bank hackathon during the 2019 Zenith tech fair attracted funds for blockchain startups and other Fintech and tech startups.