Several African startups have in the previous few years demonstrated remarkable innovation in addressing the continent’s most pressing challenges, from energy access and healthcare to financial inclusion and sustainable transportation. These companies were not only raising funds off the back of empty promises and shallow remedies, they were creating effective solutions to real problems.
Thanks to the practicality of their solutions, these startups garnered widespread acceptance, scaled their offerings and attracted significant support from various investors.
Below are eight standout ventures that have over the years combined impactful solutions with significant traction, funding success, and media attention.
Moniepoint
Founders: Tosin Eniolorunda, Felix Ike
Sector: Fintech
Founded: 2015, Nigeria
Moniepoint is a leading financial service provider that offers a wide range of products including business accounts, loans, and POS solutions. The company’s service is aimed at driving financial inclusion for over 30 million SMEs across Nigeria.
Moniepoint specifically tailored its financial services to small and medium-sized enterprises (SMEs), Moniepoint, giving them the tool to manage their cash flow efficiently and scale their growth.
More remarkably, the company’s strategic partnership with the Nigerian government has facilitated the onboarding of over 2 million informal businesses into the formal economy. Its extensive agent banking network and an emphasis on digital transformation make it a pivotal player in Nigeria’s fintech scene.
Moniepoint is currently one of the most popular and most widely used financial solutions in Nigeria. The company also recently achieved unicorn status with a $1 billion valuation after securing $110 million in Series C funding late in 2024.
Tyme
Founders: Coenraad Jonker and Tjaart van der Walt
Sector: Digital Banking
Founded: 2015, South Africa
Tyme is one of the few fully digital banks serving underbanked populations in Southern Africa. The company offers low-cost accounts, microloans, and an overall seamless online banking experience to users. Unlike traditional banks, Tyme operates without physical branches, relying primarily on an innovative cloud-based banking infrastructure that enables efficient and scalable financial services.
Operating across multiple emerging markets, Tyme is setting the stage for digital banking transformation in Africa and Asia. The company’s approach to financial inclusion has won it global recognition. It continues expanding its reach through strategic partnerships and enhanced digital offerings, making banking more accessible to millions.
Tyme currently serves about 12 million customers and recently raised $250 million in Series D funding, reaching a $1.5 billion valuation. This funding is being funnelled into scaling its digital banking services and gaining more traction as a leader in digital financial services.
Sun King
Founders: Patrick Walsh, and Anish Thakkar
Sector: Off-Grid Energy
Founded: Kenya
Sun King is the world’s largest off-grid solar energy company revolutionising energy access across Africa. The company provides affordable and durable solar-powered home systems, empowering households with reliable electricity and reducing reliance on fossil fuels.
Through its innovative pay-as-you-go model, Sun King makes renewable energy accessible to low-income communities, allowing customers to pay in small instalments. With an increasing demand for clean and sustainable energy solutions, Sun King’s expansion into more African markets positions it as a key player in the continent’s transition towards renewable energy.
Late in 2024, the International Finance Corporation (IFC) announced its plans to invest a corporate loan of up to $60m in Sun King to enable it to further scale its PAYG credit portfolio.
Overall, Sun King’s solar solutions have enabled hundreds of millions of Africans, particularly in rural areas lacking grid access to enjoy affordable energy solutions.
BasiGo
Founders: Jit Bhattacharya and Jonathan Green
Sector: Electric Vehicles
Founded: 2021, Kenya
BasiGo’s electric buses are designed to provide a cleaner and more efficient mode of public transport, for Africans. Through its solutions, the company is helping to address some of the environmental and economic challenges posed by traditional fuel-powered buses.
BasoGo’s solution also includes a battery-as-a-service financing model which enables transport operators to transition to electric mobility at lower upfront costs. With growing government support for sustainable transportation initiatives, BasiGo is well-positioned to scale its operations across Africa and lead the region’s shift towards electric public transport.
Late in October 2024, BasiGo secured $42 million to deploy 1,000 electric buses in East Africa. With the rollout of the additional vehicles, BasiGo intends to further reduce reliance on fossil fuels and improve urban air quality across Africa. Essentially, the company’s sustainable transport solutions are helping to drive Africa’s shift towards cleaner, more efficient public transportation.
Nuru
Founders: Jonathan E. Shaw
Sector: Renewable Energy
Founded: 2015, Democratic Republic of Congo
As one of the leading African clean energy startups, Nuru is addressing Africa’s electricity deficit by rolling out decentralised, renewable energy solutions that enhance energy security and resilience.
The company’s mini-grids are built to provide consistent, affordable power, supporting economic growth and improving livelihoods in regions with limited access to electricity. In addition to its remarkable solutions, Nuru is leveraging innovative financing models and partnerships to scale its impact.
In its last funding round in 2023, Nuru raised $40 million to build Africa’s largest solar mini-grid, which will serve 5 million people with reliable electricity. While working towards an ambitious goal to mobilize $300 million for renewable energy projects, Nuru has positioned itself among the frontliners of Africa’s push for sustainable energy solutions.
Reliance HMO
Founders: Femi Kuti
Sector: Healthtech
Founded: 2015, Nigeria
Reliance HMO is a pioneer telemedicine solutions provider offering affordable chronic disease management services, 24/7 consultations, and medication delivery for patients for as low as $2 monthly payments. The company’s innovative use of artificial intelligence enables it to create personalized healthcare plans for individuals and businesses, making healthcare more accessible for all.
In addition to its remarkable solutions, Reliance HMO leverages partnerships to improve health outcomes across Africa. As digital health adoption accelerates, the company is poised for further growth, expanding its services to new markets and integrating more advanced healthcare technologies into its solutions.
Currently serving over 4000 businesses and 250,000 individuals globally, the company stands tall as one of the leaders in the African telemedicine space.
Rology
Founders: Amr AboDraiaa, Bassam Khallaf, Mahmoud Eldefrawy, and Moaaz Hossam
Sector: Healthtech
Founded: 2017, Egypt
Rology provides advanced teleradiology solutions to Africans, solving the problem of high latency in medical reports and radiology services. The company leverages AI to connect hospitals in Africa with radiology experts worldwide, addressing Africa’s shortage of specialists. Through its cloud-based platform, hospitals can quickly leverage the skills, resources, and expertise of radiologists remotely to get accurate diagnoses for patients while reducing wait times.
The company was featured on the 2024 Impact/100 list for its diagnostic innovations, solidifying its reputation as a leader in AI-driven healthcare solutions. As demand for teleradiology services grows, Rology continues to expand its operations across Africa and the Middle East, bringing advanced medical imaging solutions to underserved communities
MNT-Halan
Founders: Mounir Nakhla and Ahmed Mohsen
Sector: Fintech
Founded: 2017, Egypt
MNT-Halan is a leading fintech company that offers a suite of digital financial services, including credit options, payments, consumer finance, and e-commerce. It caters to the needs of underbanked individuals and small businesses in the MENA region.
One of the company’s flagship is its AI-driven credit-scoring technology through which it offers micro-loans and flexible payment solutions, enabling financial empowerment across Egypt. With a presence in several markets across Africa and the Middle East, MNT-Halan is a major player in the continent’s digital financial landscape.
MNT-Halan achieved unicorn status in January 2023, becoming Egypt’s first startup company to hit the $1 billion valuation mark. After that, it has gone on to raise significant funding to further expand its operations. Overall, its comprehensive approach to digital financial services—including lending, payments, and e-commerce—has positioned it as one of Africa’s most promising fintech players.
