Popular startups in Nigeria, Financial technology (fintech), has raised $120,557,026 in 60 deals in 2020, its Funding Report 2020 published by Techpoint Africa reported.<\/p>\n\n\n
According to the report obtained yesterday, of the 60 deals, 18 of it were pre-seed rounds.<\/p>\n\n\n
A further breakdown of the amount raised showed that 53.7 per cent of the total funding was raised by financial services providers; while 74.7 per cent was attributable to six startups that individually raised at least $10 million.<\/p>\n\n\n
Also, while 3.5 per cent, which was 15 of the deals were local; 37 (71.2% of the total amount raised), were foreign deals, and nine (25.3% of the total amount raised) were deals with participation by both local and foreign investors.<\/p>\n\n\n
However, it pointed out that there were more than 15 undisclosed deals in the year.<\/p>\n\n\n
Some of the sectors that benefited from the funding last year were startups in agriculture ($200,000), education ($150,000), energy ($3,000,000), financial services ($64,793,455), healthcare ($32,249,955), human resources ($2,830,000), media ($750,000), mobility and logistics ($793,616), online retail ($13,970,000), retail ($20,000) and services ($1,780,000).<\/p>\n\n\n
In all, the report showed that 26 financial services providers raised a total of $64,793,455.<\/p>\n\n\n
Flutterwave which had a Series B funding in 2020, was listed as the top deal of the year, with $35 million Series B fund raising. It is however, worthy to note that the fintech startup last month raised $170 million in a Series C funding round, bringing its total fund raising to $225 million since its launch five years ago.<\/p>\n\n\n