Top 10 tech startups in Nigeria ranked by their market value and funding
The Nigerian tech startup scene is growing fast, with many companies getting high market values and lots of funding. These startups work in areas like finance, online shopping, and transportation, bringing new solutions to local problems. Discover the top tech startups in Nigeria ranked by their market value and funding.
Source: UGC
TABLE OF CONTENTS
Key takeaways
- Many Nigerian tech startups have achieved high market valuations, reaching billions of dollars.
- Top tech startups in Nigeria have raised a considerable amount of funding from investors worldwide.
- These startups operate in various sectors, including fintech, e-commerce, mobility, and logistics.
Top tech startups in Nigeria
Nigeria's tech industry is growing rapidly, with many startups emerging as major players in the market. These companies have secured significant funding from investors. They are also creating jobs, improving technology, and helping the economy. Here are the tech startups in Nigeria ranked by their market value and funding.
| Tech startup | Industry | Market valuation | Total funding |
| Flutterwave | Fintech | $3.2 billion | $475 million |
| Opay | Fintech | $2.7 billion | $570 million |
| Andela | Software Development & Talent Outsourcing | $1.5 billion | $381 million |
| Interswitch | Fintech | 1 billion | $320.5 million |
| Moniepoint | Fintech | $1 billion | $166 million |
| Moove | Fintech | $750 million | $260 million |
| Kuda | Fintech | $500 million | $91.6 million |
| Jumia | E-commerce | $492 million | $1.2 billion |
| Paga | Fintech | $300 million | $35 million |
| Konga | E-commerce | $200 million | $75.9 million |
1. Flutterwave
Source: Getty Images
- Founded: 2016
- Headquarters: Lagos, Nigeria
- Industry: Fintech
- Valuation: $3.2 billion
- Total funding: $475 million
Flutterwave is a fintech company founded in 2016 by Iyinoluwa Aboyeji, Olugbenga Agboola, and Adeleke Adekoya. Headquartered in Lagos, Nigeria, it operates in the U.S., Canada, Nigeria, Kenya, Uganda, and 29 other African countries.
Flutterwave provides payment infrastructure for global merchants and payment service providers across Africa. In 2022, it secured $250 million in a Series D funding round, bringing its valuation to over $3 billion and establishing it as one of the continent's most valuable startups.
Opay
Source: UGC
- Founded: 2013
- Headquarters: Ikeja, Lagos State, Nigeria
- Industry: Fintech
- Valuation: $2.7 billion
- Total funding: $570 million
OPay is a mobile-based platform in Nigeria that offers money transfers, payments, loans, savings, and other services. It was founded by Zhou Yahui and Djxbazz in 2013 and has its headquarters in Ikeja, Lagos State.
OPay has raised $570 million over 3 rounds from 19 investors, including Redpoint Ventures and IDG Capital. In August 2021, the Nigerian fintech company obtained $400 million during a Series C funding round. Opay's current valuation is $2.7 billion.
3. Andela
Source: UGC
- Founded: 2014
- Headquarters: Remote
- Industry: Software Development & Talent Outsourcing
- Valuation: $1.5 billion
- Total funding: $381 million
Andela is a private marketplace that connects technologists from around the world with companies seeking to hire them. Andela's software engineers undergo a coding boot camp before working remotely from the company's tech campuses across Africa.
Andela has raised a total funding of $381 million over 8 rounds. Its latest funding round was a Series E round on 29 September 2021 for $200 million, pushing its valuation to $1.5 billion.
Interswitch
Source: UGC
- Founded: 2002
- Headquarters: Lagos, Nigeria
- Industry: Fintech
- Valuation: Over 1 billion
- Total funding: $320.5 million
Interswitch is one of Nigeria's most prominent fintech companies and a pioneer in the country's digital payment ecosystem. Established in 2002 by Mitchell Elegbe, the company has grown to become a leader in providing comprehensive digital payment and transaction processing solutions to individuals, governments, banks, and institutions.
In recent years, Interswitch has been valued at $1 billion. In May 2022, the company raised $110 million in a funding round led by LeapFrog Investments and Tana Africa Capital.
Moniepoint
Source: UGC
- Founded: 2015
- Headquarters: Lagos, Nigeria
- Industry: Fintech
- Valuation: $1 billion
- Total funding: $166 million
Moniepoint, formerly TeamApt, was founded by Tosin Eniolorunda and Felix Ike in 2015. The Moniepoint company provides an all-in-one payment, banking, and operations platform for businesses and their customers.
The fintech company Moniepoint has raised over $166 million in funding. In October 2024, Moniepoint's market value increased to over $1 billion after raising $110 million in a Series C funding round. It became the eighth unicorn out of Africa.
Moove
Source: UGC
- Founded: 2020
- Headquarters: Victoria Island, Nigeria
- Industry: Fintech
- Valuation: $750 million
- Total funding: $260 million
Moove is a global mobility fintech established in 2020 by Ladi Delano and Jide Odunsi. It provides revenue-based vehicle financing and financial services to mobility entrepreneurs across ride-hailing, logistics, mass transit, and instant delivery platforms.
As of 2025, Moove has raised a total funding of $260M over 14 rounds. On 19 March 2024, in its latest Series B funding round, Moove raised $100 million, bringing its total valuation to $750 million.
8. Kuda
Source: UGC
- Founded: 2019
- Headquarters: London, United Kingdom
- Industry: Fintech
- Valuation: $500 million
- Total funding: $91.6 million
Kuda, also known as Kuda Technologies Limited, is a Microfinance Bank and fintech company duly licensed by the Central Bank of Nigeria. It makes financial services more accessible, affordable and rewarding for every African worldwide. Founded by Babs Ogundeyi and Musty Mustapha in 2019, the fintech company is valued at $500 million.
Kuda has raised over $90 million from investors, including Target Global and Valar Ventures. It raised $55 million in its latest funding round, which was a Series B round held in August 2021. The company was listed as one of the seven WEF African technology startups of 2021.
Jumia
Source: Getty Images
- Founded: 2012
- Headquarters: Ikeja, Lagos, Nigeria
- Industry: E-commerce
- Valuation: $492 million
- Total funding: $1.2 billion
Jumia Nigeria is a popular online marketplace that provides logistics and payment services. It offers various products, including electronics, fashion, home appliances, and groceries. Customers from African countries, including Nigeria, Morocco, and Ivory Coast, can place orders on Jumia.
Jumia currently has a market valuation of $492 million and a total of 122 million shares. The company has raised over $593 million in funding since its first round in 2012. Jumia raised $56 million in its latest funding round, a Series D round held on 29 March 2019.
Paga
Source: UGC
- Founded: 2009
- Headquarters: Lagos, Nigeria.
- Industry: Fintech
- Valuation: $300 million
- Total funding: $35 million
Paga, a leading Nigerian fintech startup founded in 2009, has achieved a valuation of over $300 million, making it one of Nigeria's most valuable startups. The company provides various financial services, including mobile money transfers, bill payments, and airtime purchases.
Paga has raised a total funding of $35 million over 5 rounds. Its most recent round, a Series B in 2018, secured $10 million.
10. Konga
Source: UGC
- Founded: 2012
- Headquarters: Gbagada, Lagos, Nigeria
- Industry: E-commerce
- Valuation: $200 million
- Total funding: $75.9 million
Konga is one of Nigeria's leading online shopping platforms. Founded in 2012, Konga offers a third-party online marketplace and first-party direct retail spanning various categories including electronics, fashion, home and kitchen items, baby and kids products, beauty and health items and groceries.
Konga was reportedly valued at approximately $200 million as of Series C. Konga has raised over $75.9 million across various funding rounds. This includes their Series C round in 2014, where they raised $40 million, becoming the highest single round raised by a single startup in Africa at the time.
How many tech startups are in Lagos?
Lagos is home to many tech startups, making it one of Africa’s biggest tech hubs. While the exact number is unclear, the city hosts several hundred startups, including billion-dollar companies like Flutterwave, Opay, and Interswitch.
What is the top tech startup in Nigeria?
According to various sources, the biggest tech company in Nigeria is Flutterwave, a fintech company that provides payment solutions. The company is valued at over $3 billion, making it one of Africa’s most valuable startups.
Is Nigeria a tech hub?
Nigeria is a big tech hub in Africa. Many startups and investors are helping the country grow in fintech, e-commerce, and other tech industries
What are the highest-paying tech startups in Nigeria?
Top high-paying tech companies in Nigeria include Andela, Paystack and Interswitch. They are known for competitive salaries and growth opportunities.
What is the fastest-growing fintech in Nigeria?
One of the fastest-growing fintech companies in Nigeria is Moniepoint, which became a unicorn in 2024 after raising $110 million and now processes over 800 million transactions monthly
These top tech startups in Nigeria play a significant role in the Nigerian economy and are helping to shape the country’s tech industry while creating new opportunities. Most of them have raised considerable amounts of capital from investors, with some securing over $100 million in funding.
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