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African startup funding dropped sharply from 406 in 2023 to 200 in 2024, marking a second consecutive year of decline amid a global capital shortage. Despite this downturn, the "Big Four" tech hubs—Nigeria, Egypt, Kenya, and South Africa—continued to attract the majority of investments, while fintech funding also saw a decline. However, signs of recovery emerged in late 2024 and early 2025, offering hope for improved funding prospects.
UBS has lowered its price target for APA Corporation to $23 from $27 while maintaining a Neutral rating. APA specializes in hydrocarbon exploration and production, with crude oil accounting for 81.2% of its output, followed by natural gas at 11.9% and liquefied natural gas at 6.9%. Geographically, net sales are primarily from Egypt (41%), the North Sea (18.1%), and the United States (4.9%).
In January 2025, Egypt's microfinance sector saw lending rise to $1.58 billion, up from $1.16 billion the previous year, despite a slight decline in clients. Funding for micro-enterprises increased to $1.26 billion, while small and medium enterprises received $320.5 million, more than double the previous amount. Consumer finance surged by 16.5% to $109.4 million, with a dramatic increase in beneficiaries, particularly in the automotive and electronics sectors. Financial leasing also grew significantly, reaching $204 million.
enza has secured a USD 6.75 million seed investment led by Algebra Ventures and Quona Capital to enhance financial inclusion in Africa. The funding will improve payment infrastructure, reduce transaction costs, and empower underserved SMEs and underbanked populations with accessible payment solutions. With this investment, enza aims to strengthen its market presence, foster partnerships, and address the needs of Africa's digitally connected populations, ultimately transforming the continent's payments ecosystem.
Agthia Group PJSC has announced a leadership transition, appointing Salmeen Al Ameri as Managing Director and CEO effective June 2, 2025, succeeding Alan Smith, who will remain as an advisor. Under Smith's leadership, Agthia expanded its business segments and more than doubled its revenue from AED 2.1 billion in 2020 to AED 4.9 billion in 2024. Al Ameri, who has been Vice Chairman since 2020, aims to accelerate growth and drive digital transformation as the company pursues its ambitious 2030 strategy.
UAE-based enza has secured $6.75 million in a seed round co-led by Algebra Ventures and Quona Capital, marking its first external funding. The investment will enhance enza's payment solutions for banks and fintechs across Africa, aiming to drive financial inclusion and support underserved SMEs. With a strong leadership team and innovative services, enza is poised to transform the continent's payments ecosystem.
Saudi Nayla Finance has raised $4 million to support micro-enterprises, while Paysky, a digital fintech leader, has been recognized among Forbes Middle East’s Top 50 Fintech Companies for the third consecutive year. Founded in 2017, Paysky operates in 18 countries, offering innovative digital payment solutions, including the Yalla Super App, which has processed over 17 million transactions since its 2022 launch. The company continues to focus on expanding financial inclusion and driving digital transformation across emerging markets.
Saudi Nayla Finance has raised $4 million to support micro-enterprises, while Paysky, a digital fintech leader, has been recognized among Forbes Middle East’s Top 50 Fintech Companies for the third consecutive year. Founded in 2017, Paysky operates in 18 countries, offering innovative digital payment solutions, including the Yalla Super App, which has processed over 17 million transactions since its 2022 launch. The company continues to focus on expanding financial inclusion and driving digital transformation across emerging markets.
UAE-based PlaysOut has secured $7 million in a seed funding round led by KBW Ventures to expand its mini-game ecosystem, valuing the company at $70 million. The funding will enhance its blockchain-powered mini-game engine, targeting growth in the US, MENA, and Asia.Meanwhile, ORO Labs raised $1.5 million to transform gold into a yield-generating asset through blockchain technology, allowing users to earn yield and trade gold-backed assets. The startup aims to bridge traditional gold markets with Web3 finance, leveraging the UAE's robust gold trade environment.
UAE-based PlaysOut has secured $7 million in a seed funding round led by KBW Ventures to expand its mini-game ecosystem, valuing the company at $70 million. The funding will enhance its blockchain-powered mini-game engine, targeting growth in the US, MENA, and Asia.Meanwhile, ORO Labs raised $1.5 million to transform gold into a yield-generating asset through blockchain technology, allowing users to earn yield and trade gold-backed assets. The startup aims to bridge traditional gold markets with Web3 finance, leveraging the UAE's robust gold trade environment.
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africa business heroes 2025 winners announced with 1.5 million in prizes
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