The African tech industry has only produced nine unicorns to date. Despite massive growth in funding and investment support from internal and external sources over the years, only a handful of companies have crossed the highly coveted $1 billion valuation mark.
Admittedly, various factors influence the ability of African tech companies to reach this status. In addition to investments and funding support, factors such as their Minimum Viable Product (MVP), the type of market they serve, their reach, and customer base—all of which ultimately affect their revenue—play crucial roles.
Hence, achieving unicorn status is no small feat. With fintech giants Moniepoint and TymeBank being the most recent additions to Africa’s unicorn club, both achieving the status in the closing months of 2024, let’s take a look at some of the companies with the highest potential to join this elite category in 2025.
Moove
Founders: Ladi Delano and Jide Odunsi
Founded: 2020, Nigeria
Industry: Fintech (Mobility)
Moove is a mobility fintech company providing revenue-based vehicle financing to would-be vehicle owners across Africa. The company leverages performance and revenue analytics to offer accessible financing options, facilitating vehicle ownership and enhancing transportation services for Africans.
Moove has raised significant funding over the years, reaching a valuation of $750 million after securing $100 million in a Series B funding round led by Uber in 2024. With its expansion into Europe and Asia, it is well-positioned to take the leap into the $1 billion club in the coming months.
Kuda
Founders: Babs Ogundeyi and Musty Mustapha
Founded: 2019, Nigeria
Industry: Fintech (Digital Banking)
Kuda is a digital-only bank offering free banking services via a mobile app. The company’s digital solution provides features such as zero-fee transactions, savings options, and budgeting tools to enhance financial accessibility for Nigerians.
Kuda’s valuation currently stands at $500 million after its last $55 million funding round. Having recently relocated its headquarters to the United Kingdom, the company has positioned itself in a prime market to scale rapidly. Additionally, its user-centric approach and rapid customer acquisition underscore its potential to reach a $1 billion valuation.
D.Light
Founders: Ned Tozun and Sam Goldman
Founded: 2007, Kenya
Industry: Renewable Energy
D.Light is an innovative renewable energy company that specialises in designing and manufacturing affordable solar lighting and power products, providing sustainable energy solutions to off-grid communities in Africa and beyond.
D.Light’s valuation is speculated to be close to $571 million. Additionally, the company has securitized financing amounting to a total combined purchasing value of $718 million. While specific valuation figures are undisclosed, D.Light has impacted millions of lives globally with its solution, reflecting its significant market presence. With the increasing demand for renewable energy solutions in underserved regions, D.Light’s innovative products and expansive distribution network position it for substantial growth.
Wasoko
Founder: Daniel Yu
Founded: 2013, Kenya
Industry: B2B E-Commerce
Formerly known as Sokowatch, Wasoko is a B2B e-commerce platform that supplies informal retailers with essential goods and inventory. It streamlines the stock replacement process by offering real-time delivery and financing options to small shop owners.
Previously valued at $501 million, Wasoko’s valuation dropped to about $260 million after investor VNV Global reduced the value of its investment. However, following its recent merger with MaxAB, the company remains in the race to achieve unicorn status.
Additionally, Wasoko’s innovative approach to digitizing informal retail supply chains and its rapid expansion across multiple African markets highlight its scalability and potential for reaching a $1 billion valuation.
Twiga Foods
Founders: Grant Brooke and Peter Njonjo
Founded: 2014, Kenya
Industry: Agritech
Twiga Foods is an agritech company operating a B2B platform that connects farmers directly with vendors, streamlining the agricultural supply chain. It reduces food wastage and ensures fair pricing by leveraging technology to match supply and demand efficiently.
Although the company’s specific valuation details have not been disclosed, Twiga has secured significant funding over the years and currently serves a large customer base. In addition, its scalable model, which addresses inefficiencies in Africa’s agricultural sector, positions it for significant growth and potential unicorn status.
M-Kopa
Founders: Jesse Moore, Nick Hughes, and Chad Larson
Founded: 2011, Kenya
Industry: Fintech & Renewable Energy
M-Kopa is a multi-sector tech startup whose solutions span across multiple industries, with a focus on energy and financial services. The company offers pay-as-you-go solar energy solutions, allowing low-income households to access affordable solar power with flexible payment plans.
According to CB Insights, M-Kopa has raised close to $700 million across 19 funding rounds. While its exact current valuation remains uncertain, the company has demonstrated remarkable investor confidence over the years. As one of Africa’s largest fintechs by revenue, with a $400 million run rate as of late 2024, M-Kopa’s financing model and market expansion enhance its growth prospects and potential for unicorn status.
Yellow Card
Founders: Chris Maurice and Justin Poiroux
Founded: 2018, Nigeria
Industry: Cryptocurrency & Fintech
Yellow Card is a fintech and digital solutions startup promoting financial inclusion through digital assets. The company operates a cryptocurrency exchange platform that enables users across Africa to buy and sell cryptocurrencies using local currencies.
Although Yellow Card’s current valuation stands at approximately $200 million—still a considerable distance from the $1 billion mark—the company is well-positioned to scale. With the rising adoption of cryptocurrencies, it has immense potential to grow and achieve unicorn status in 2025.
Yoco
Founders: Katlego Maphai, Lungisa Matshoba, Carl Wazen, and Bradley Want
Founded: 2015, South Africa
Industry: Fintech (Payments)
Yoco is a fintech company that provides small and medium-sized businesses (SMBs) with digital payment solutions, including point-of-sale (POS) systems, card readers, and online payment tools. It helps businesses transition from cash-based transactions to digital payments.
Yoco’s current valuation is estimated to be above $700 million. The company has capitalized on Africa’s rapid digital transformation and the increasing adoption of cashless payments. With over 300,000 merchants using its platform, strong investor backing, and expansion into new markets, Yoco is well-positioned to hit the $1 billion valuation mark in 2025.
As Africa’s startup ecosystem continues to evolve, these companies are at the forefront of innovation, disrupting industries and driving economic growth. With strategic expansion, sustained funding, and strong market positioning, they are well on their way to achieving unicorn status in 2025.
