Meet the Fintechs in Financial Times’ fastest-growing companies in Africa in 2022

According to the list, South Africa is the most represented country in the ranking, with 24 companies, followed by Nigeria (20) and Kenya (9). These are also the markets that have attracted the most venture capital and where unicorns (companies valued at $1bn+) and would-be unicorns have proliferated.

Out of this year’s top 75 high-growth companies in Africa, 5 are fintech companies. The following are the fintech firms that made it into the FT annual ranking of Africa’s fastest-growing companies.

Flocash is a payment services provider powering eCommerce in the Middle East and Africa for large cross-border business payments. The Kenyan technology company, founded in 2013, had revenues of $27.4 million in 2020 and a staff base of 80 employees.

A Wholly-Ghanaian-owned company and one of Africa’s leading financial services technology solutions providers, ITC has since 2001 developed various products and services geared towards financial inclusion and creating value for the end-user.

The company generated revenues of $4.6 million in 2020 with a staff base of 73 employees.

Yoco is an African technology company that builds tools and services to help small businesses get paid, run their businesses better, and grow. Since launching in 2013, South African fintech has positioned itself as the go-to platform to access offline payments among merchants.

The company generated revenues of $13.9 million in 2020 with a staff base of 149 employees.

Global Accelerex Limited is a financial technology company focused on delivering digital payment solutions and services to customers across various industries in developing economies of the sub-Saharan African region.

The company generated revenues of $16.8 million in 2020 with a staff base of 389 employees.

M-KOPA provides connected asset financing solutions for underbanked customers in key markets across Sub Saharan Africa. The company’s financing platform combines digital micropayments and IoT connectivity to offer access to products including solar lighting, televisions, fridges, smartphones, financial services and more.

Since it was set up earlier over a decade ago, M-KOPA has connected over 600,000 households to solar power in East Africa, and more than 500 new homes are being added to its network every day. The company generated revenues of $88 million in 2020 with a staff base of 1,102 employees.

The FT ranking, compiled with data partner Statista, aims to identify the African companies with the strongest revenue growth between 2017 and 2020. It ranks them by their compound annual growth rate (CAGR) and absolute growth rate.