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Photographer: Adetona Omokanye/Bloomberg
Roxanne Henderson
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Fintech companies in Africa raised more capital despite the Covid-19 pandemic, standing in contrast to their emerging-market peers such as Latin America that saw a decline.
The continent saw fintech funding, including mergers and acquisitions, grow to $1.35 billion last year from $1 billion in 2019, according to a report by BFA Global’s Catalyst Fund and Briter Bridges published on Thursday. While Indian and Latin American fintech companies still raised more money than those in Africa, their volumes fell from the previous year as they battled to close later-stage deals.