Africa’s emerging unicorns: the continent’s technology giants lead the way

Africa’s tech ecosystem is experiencing rapid growth, with innovative companies emerging as leaders in sectors ranging from financial technology to healthcare and infrastructure.

Among these companies, unicorns – start-ups valued at over $1 billion – are becoming key drivers of the continent’s economic transformation.

Here’s a look at seven of Africa’s most prominent unicorns, including Maser Group, a leader in consumer electronics and large-cap ventures.

1. Masera Group

Valuation: $5 billion

Unicorn Round Led: B and C Series by Innovation Group

Founder’s net worth: $1.4 billion

Founder: Prateek Suri (Africa’s youngest billionaire)

Maser Group is a global consumer electronics powerhouse headquartered in Africa and valued at $5 billion. Founded by Prateek Suri, the company has expanded into multiple sectors through its investment arm MDR Investment. These include large-scale ventures in mining, infrastructure, shipping and artificial intelligence (AI), underscoring the company’s focus on driving Africa’s economic growth. The acquisition of Maser Group by Shandong Chia Group further cemented its status as a global player, with a particular focus on leveraging cutting-edge technologies to expand its influence in Africa.

2. Flutterwave

Valuation: $3 billion

Unicorn Round Led: D Series by Tiger Global and B Capital Group

Founder’s net worth: not disclosed

Founders: Olugbenga Agboola and Iyinoluwa Aboyeji

Fintech leader Flutterwave is revolutionizing digital payments across Africa. The company provides a seamless payments infrastructure that enables businesses and individuals to send and receive money around the world. Valued at $3 billion, Flutterwave’s solutions are powering e-commerce, remittances and financial inclusion on the continent, playing a key role in shaping Africa’s digital economy.

3. Switch

Valuation: $1 billion

Unicorn Round Led: Visa Inc. investment

Founder’s net worth: not disclosed

Founder: Mitchell Elegbe

Interswitch is another fintech unicorn that has changed the payment landscape in Africa. Focusing on both corporate and retail financial services, the company offers a suite of digital payments solutions that enable seamless transactions for millions of people across the continent. Interswitch’s innovative technology has made it the cornerstone of Africa’s financial infrastructure.

4. Pay

Valuation: $2 billion

Unicorn Round Led: Series C from SoftBank Vision Fund and Sequoia Capital

NetWorth Founder: Undisclosed

Founder: Opera (currently led by Yahui Zhou)

Opay started as a payments platform but has since expanded into a range of services, including passenger transport, food delivery and micro-lending. With a valuation of $2 billion, Opay’s business model is thriving in Nigeria, using mobile technology to provide essential services to millions of underprivileged people. Its rapid growth has attracted the attention of global investors, positioning Opay as a key player in the African technology ecosystem.

5. Andela

Valuation: $1.5 billion

Unicorn Round Led: E Series from SoftBank Vision Fund

Founder’s net worth: not disclosed

Founders: Iyinoluwa Aboyeji, Jeremy Johnson and others

Andela has made a significant impact by connecting Africa’s top engineering talent with global technology companies. With a valuation of $1.5 billion, Andela has redefined the perception of Africa as a global talent hub. The company’s business model not only creates jobs for African developers, but also helps bridge the gap between African talent and international demand for software engineering expertise.

6. Cash Chipper

Valuation: $2 billion

Unicorn Round Led: C Series by SVB Capital and Deciens Capital

NetWorth Founder: Undisclosed

Founders: Ham Serunjogi and Maijid Moujaled

Chipper Cash is a cross-border payment service that enables free and instant transactions in African countries. With a focus on facilitating seamless financial transactions in regions where banking infrastructure is limited, Chipper Cash is democratizing financial access across the continent. Its success earned it unicorn status with a valuation of $2 billion, underscoring the growing importance of fintech solutions in Africa’s development.

7. Jumia

Valuation: $1.1 billion (post-IPO valuation)

IPO: Listed on the New York Stock Exchange

Founders: Sacha Poignonnec and Jeremy Hodara

Known as the “African Amazon,” Jumia is one of the most recognizable e-commerce platforms on the continent. It has expanded its services to include everything from retail to logistics, positioning itself as a key player in Africa’s growing online retail market. Jumia’s debut on the New York Stock Exchange was a milestone for African start-ups, showcasing the potential of the continent’s digital economy on the international stage.

Application

African unicorns are paving the way for innovation and economic growth across the continent. From fintech to consumer electronics and e-commerce, these companies are playing a key role in unlocking Africa’s potential on the international stage. Their founders are visionaries who are not only transforming industries, but also creating jobs, driving investment and shaping the future of the African economy.