Driving economic growth through innovation
Nigeria’s tech industry is rapidly evolving, positioning itself as a cornerstone of the country’s economic growth. With a population exceeding 200 million and Africa’s largest economy, Nigeria has become a magnet for global investors and startups alike, drawn by a dynamic market with vast potential. Below is a look at the wealthiest tech companies in Nigeria in 2024, ranked by the capital they have raised.
Flutterwave
Founded in 2016 by Olugalu Agbola and Iyinoluwa Aboyeji, Flutterwave has emerged as a leader in Nigeria’s fintech space, delivering payment solutions across Africa and beyond.
Headquartered in Lagos with branches in San Francisco, London, and Nairobi, the company offers a range of financial services, from payment acceptance platforms to transaction management and business optimization.
By 2023, Flutterwave had raised over $475 million, with backing from notable investors like Tiger Global, Avenir Growth Capital, and Greycroft. Valued at $3 billion in 2022, Flutterwave’s rise reflects its expanding influence in fintech.
In 2021, the company processed more than $9 billion in transactions, underscoring strong demand and steady growth in its services. Flutterwave continues to build a global footprint through new offices and partnerships across Europe and North America.
Andela
Established in 2014 by Christina Sass, Ian Carter, and Jeremy Johnson, Andela is a prominent edtech and staffing company specializing in training and placing software developers worldwide, with a strong focus on Africa.
Headquartered in Lagos with additional centers in Kenya, Uganda, and Rwanda, Andela has secured over $180 million in investment, including backing from the Chan Zuckerberg Initiative, GV (formerly Google Ventures), and Spark Capital.
Andela’s business model has proven profitable, with the company partnering with over 200 leading tech firms such as Microsoft, IBM, and ViacomCBS. This success has allowed Andela to generate stable revenue streams and strengthen its position as a major player in talent outsourcing.
Paystack
Founded in 2015 by Nigerian tech entrepreneurs Shola Akinlade and Eze Obi, Paystack quickly established itself as a go-to online payment solution in Nigeria, offering businesses streamlined connectivity to multiple payment methods.
In a groundbreaking move, Stripe acquired Paystack in 2020 for over $200 million, highlighting the company’s vital role in Africa’s fintech industry. Previously, Paystack had raised more than $8 million in a 2018 Series A round.
Today, the acquisition has fortified Paystack’s influence across Africa, positioning it as a trusted partner in digital payment solutions for businesses of all sizes.
Konga
As one of Nigeria’s leading e-commerce platforms, Konga was founded in 2012 by Sim Shagaya. Known for its extensive product range—from electronics to home goods—the company has attracted over $100 million in investment from global investors, including Naspers, Tiger Global Management, and Walmart.
Konga has built a reputation as a reliable online marketplace, and it is innovating in logistics and payment services with initiatives like KongaPay to enhance security and simplify transactions.
The company’s growth trajectory includes spikes in revenue during events like Black Friday, cementing its role in Nigeria’s e-commerce landscape.
Interswitch
Established in 2002 by Mitchell Elgebe, Interswitch has long been a staple in Nigeria’s fintech ecosystem. Specializing in digital payment and transaction solutions, Interswitch offers services ranging from payment processing to mobile payment options.
The company is behind the Quickteller platform and the Verve card network, both widely used across Africa. In 2019, Visa invested $200 million in Interswitch, propelling its valuation to $1 billion and granting it “unicorn” status.
Headquartered in Lagos, with a presence across Africa, Interswitch’s impact on digital payments continues to expand, providing users with accessible, secure financial services.
Hotels.ng
Founded by Mark Ess in 2013, Hotels.ng is Nigeria’s largest online hotel booking platform, offering access to thousands of accommodations.
The company raised $1.2 million in early funding from Omidyar Network and EchoVC Partners, allowing it to expand significantly.
Hotels.ng’s platform has become essential for travelers across Nigeria and West Africa, making it a leader in the region’s travel tech sector.
IrokoTV
Founded in 2010 by Jason Njoku and Bastian Gottschall, IrokoTV has pioneered African digital streaming, offering movies, series, and shows to users worldwide.
The company, which has raised over $8 million, initially gained traction through a major investment from Tiger Global Management. Headquartered in Lagos, with offices in cities like Accra and Nairobi, IrokoTV continues to expand its content offerings, including the development of original productions.
The platform’s success speaks to the rising demand for African entertainment on a global scale.
Nigeria’s tech sector is driving transformative economic change, with companies like Flutterwave, Andela, and Paystack leading the charge in fintech, edtech, and e-commerce.
With billions in investments and steady innovation, these companies are positioning Nigeria as a technological powerhouse in Africa and globally. The sector’s robust growth reflects an exciting future for Nigeria, marked by increased digital connectivity, job creation, and economic diversification.
