Disrupt Africa has Released its the 4th edition of the Finnovating for Africa 2023 Report in Partnership With AZA Finance and Curacel. The report tracks growth of African fintech ecosystem, and explosion in funding, since 2021.

The report reveals that the fintech ecosystem is the most-populated vertical within Africa’s wider tech ecosystem, having gained steady growth over the last two years. Since the last edition of Finnovating for Africa in 2021, the number of startups operating in the space grew by 17.7 percent to 678.

Africa’s fintech startup ecosystem grew in size by almost 20 percent, and saw USD$2.7 billion in investment flood, over the last 24 months. The growth includes consideration of the regional spread and growth of fintech ventures, discussion of startup activity in various sub-sectors of the fintech industry, data on fintech startup launches by year, and tracking of funding and acquisitions in the fintech space, as well as a full list of every known African fintech startup.

This growth is evident across the continent, with all major markets like South Africa posting an increase in the number of active ventures. Egypt and Nigeria have also indicated a positive growth rate, with the number of fintech companies based in those countries leaping by 66.7 percent and 50 percent respectively over the course of the last two years,

Pctech blog also notes that, Fintech is also by far and away the most popular vertical for investment within the wider African tech space. Since Disrupt Africa began tracking funding in the African tech startup space in 2015, 540 fintech startups from 25 countries have raised an extraordinary USD$3,635,823,965, three times more than any other sector.