Nigeria’s Fintech raises $120m in 60 deals

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.

According to the report obtained yesterday, of the 60 deals, 18 of it were pre-seed rounds.

 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.

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.

However, it pointed out that there were more than 15 undisclosed deals in the year.

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).

In all, the report showed that 26 financial services providers raised a total of $64,793,455.

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.