Top 20 Startups In Nigeria. 

In recent years, Nigeria’s startup scene has been thriving with creative entrepreneurs who are coming up with new and innovative solutions to tackle challenges and create opportunities. Startups in various industries such as fintech, e-commerce, health tech, and agribusiness are using technology to solve societal problems and revolutionize traditional industries.

This article highlights the top 20 startups in Nigeria in no particular order, their valuation, funding raised and how they are leading the charge in driving innovation, and transforming the business landscape. 

 

1 Paystack 

Paystack is a Nigerian-owned payment gateway founded in 2015 by Shola Akinlade and Ezra Olubi. The platform enables businesses to accept online payments from customers.

The company has a rapidly growing customer base and has been praised for delivering reliable and user-friendly payment solutions. In 2020, Paystack was acquired by Stripe for $200 million, making it one of the most valuable startups in Nigeria.

2 Flutterwave 

Flutterwave is a Nigerian-owned fintech company that is revolutionizing the way money is sent and received in Africa. 

Founded in 2016 by Olugbenga Agboola (CEO), Iyinoluwa Aboyeji and Adeleke Adekoya, the company’s platform allows businesses and individuals to send and receive payments across borders, making it easier to do business in Africa. 

In 2022, Flutterwave raised a US$250 million Series D funding round at over US$3 billion valuation.

3 Andela 

Andela is a Nigerian-owned talent accelerator that trains and places top African tech talent with leading global companies. The company is dedicated to building a more inclusive and diverse tech ecosystem, while also providing young African developers with opportunities to grow their skills and careers. 

Andela announced on September 29, 2021 that it had secured a $200 million investment, led by Softbank Vision Fund 2 and including new investor Whale Rock and existing investors such as Generation Investment Management, Chan Zuckerberg Initiative, and Spark Capital. As part of the deal, Lydia Jett from SoftBank Investment Advisers became a member of Andela’s Board of Directors. The Series E funding round valued the network at $1.5 billion.

4 Thrive Agric 

Thrive Agric is a Nigerian-owned agtech company founded in 2017, that helps small-scale farmers increase their yields and profitability. The company uses technology to connect farmers with buyers and investors, providing them with access to the resources they need to grow their businesses. 

Thrive Agric’s revenue and valuation remain undisclosed, but the company has raised a total of $60M in funding over 8 rounds. 

Their latest funding was raised on Dec 1, 2022 from a Grant round.

5 CowryWise 

CowryWise is a Nigerian-based digital wealth management platform that simplifies investing and growing wealth. With a focus on delivering tailored investment solutions, the company leverages technology to meet the unique needs of local investors, helping them reach their financial goals. 

Although CowryWise’s revenue and valuation are not disclosed, the platform has received more than $3 million in funding to date. It was founded by Razaq Ahmed.

6 Kuda Bank 

Kuda Bank is a Nigerian digital bank founded in 2019 by Babs Ogundeyi and Musty Mustapha. Its mission is to make banking more accessible and convenient for people in Nigeria through the use of technology. 

With a rapidly expanding customer base, Kuda Bank is leading the way in innovation in the country’s financial industry. To date, the company has received over $13 million in funding. 

7 Moove 

Moove is a mobility fintech that helps people who own and run vehicles for transportation services by giving them money to buy the vehicle. 

They use a special way of checking if someone is able to pay back the loan based on how much money their vehicle makes. 

They work with transportation services like hiring a private driver, moving goods, and quick deliveries. Founded by Jide Odunsi and Ladi Delano, the startup has raised a total funding amount of $270 million. 

8 PiggyVest 

PiggyVest is a Nigerian fintech company that was established in 2016 by Joshua Chibueze, Odunayo Eweniyi, and Somto Ifezue. It provides individuals and businesses with convenient savings and investment solutions. The company has designed a user-friendly platform that offers a variety of investment options, making it simple for people to save and grow their wealth. Despite its success, the exact revenue and valuation of PiggyVest remains undisclosed.

9 Nomba 

Nomba designs, produces, and distributes various electronic devices for payments, inventory management, invoicing, and banking, primarily in Nigeria. With a focus on delivering cutting-edge technology, Nomba has attracted $5 million in funding through a single Series A round, which was completed on April 4, 2019. The company was founded in 2016 by Yinka Adewale and Pelumi Aboluwarin with the goal of making financial services more accessible and efficient. 

10 Bamboo 

Bamboo is a digital investment platform that offers real-time access to buying, holding, and selling stocks. The company has successfully raised a significant amount of funding through multiple rounds, with a total of $33.6 million in funding to date. On March 2, 2022, Bamboo raised $17,402,493 in a Series funding round from an undisclosed investor. On January 31, 2022, the company raised $15 million in a Series A funding round from Chandaria Capital and 8 other investors. 

Bamboo was founded in 2019 by Richmond Bassey and Yanmo Omorogbe with the aim of making investment more accessible and convenient for its users.

11 LifeBank 

LifeBank is a healthtech company based in Nigeria that aims to improve the supply chain of essential medical products in Africa. The company works to ensure that essential medical products such as blood, oxygen, and vaccines are available where and when they are needed by managing and optimizing the distribution of these products in real-time. 

LifeBank’s platform connects hospitals, blood banks, and other healthcare providers with suppliers and transporters, ensuring that medical products reach those in need in a timely and efficient manner. 

The company was founded in 2016 by Temi Giwa-Tubosun and has since grown to become one of the leading healthtech companies in Africa, raising over $350 thousand in funding to help improve access to essential medical products and save lives in the process.

12 Moniepoint (fka “TeamApt”), 

Moniepoint is a Nigerian fintech company that provides business payments and banking platforms. Founded in 2015 by Tosin Eniolorunda, a former Interswitch employee. In 2022, the startup rebranded to “Moniepoint ” Microfinance Bank, taking on the name of its most important product which was providing users with financial services such as withdrawals, payments and overall processing of transactions for small businesses. Moniepoint topped the fundraising table in Q3 2022 with its $50 million pre-series C funding announced in August. 

QED Investors, a US fintech-focused venture capital firm led the new investment, while Novastar Ventures (co-lead), Lightrock and BII also participated in the round.

The company valuation is not made public. 

13 CredPal

Credpal is a “buy now, pay later” payment solution that enables businesses and individuals to make purchases and pay for them in installments across various online and offline merchants. It allows customers to access credit at the point of checkout, allowing users to set up accounts and choose their payment plans. The platform also connects customers with multiple financial institutions that can provide credit to make purchases.

Credpal was founded in 2018 by Fehintolu Olaogun and Olorunfemi Jegede. The startup has raised funding of over $15 million to extend its consumer credit offerings services across Africa.

14 KONGA 

Konga.com, a Nigerian e-commerce company with headquarters in Gbagada, Lagos State, Konga offers a comprehensive online marketplace, bringing together a vast array of products and services for the convenience of its customers. 

With a total funding amount of $79.5 million, Konga.com has established itself as a major player in the Nigerian retail sector. From books and home appliances to mobile phones and groceries, Konga.com offers shopping categories that cater to the needs and wants of its customers. The company was founded by Sim Shagaya in 2012. 

15 GRADELY 

Gradely utilizes analytics and data-driven insights to help schools and parents address learning gaps die their children in real-time. 

By administering weekly adaptive homework tests through its web or mobile platform, Gradely can determine a child’s understanding of a particular subject and offer personalized recommendations such as practice sets, remedial videos, or tutoring. The Ed-tech company was founded in April 2019 by Babatunde Calebs, Boye Oshinaga, Femi Ibiwoye, and Oluwaseyi Adelaju, and has raised $235K in funding. 

16 Helium Health 

Helium Health was founded in 2016 by Adegoke Olubusi, Dimeji Sofowora, Nicholas Moore, and Tito Ovia. 

It is a Nigerian healthtech firm enhancing patient care by providing digital solutions to simplify the healthcare process. From how records are kept, to how operations are managed. 

The company boasts of managing over 160,000 patients monthly, and has received over $12 million in funding.  

17 Mono 

Mono helps businesses access tools and data. They have platforms and APIs that allow businesses to access financial data, initiate direct bank payments, and verify identity. Mono also connects consumers’ bank accounts to financial applications. Abdulhamid Hassan and Prakhar Singh founded Mono in 2020. They have received over $17 million in funding so far. 

18 Vendease

VendEase is connecting restaurants with farms and food manufacturers. The platform makes it possible for food service businesses to order supplies directly and manage their procurement and inventory processes in a digitized, tracked, and automated manner. VendEase has successfully raised over $40 million in funding and is headquartered in Lagos, Nigeria. 

The company was founded in January 2020 by Gatumi Aliyu, Olumide Fayankin, Tunde Kara, and Wale Oyepeju. 

19 AUTOCHEK 

Autochek is a Nigerian-based automotive technology company that provides digital solutions for the automotive industry. The company was founded in 2020 by Etop Ikpe, a Nigerian entrepreneur and former CEO of Cars45. Autochek offers various services such as vehicle history reports, pre-purchase inspection services, and online marketplace for buying and selling cars. The platform has raised a total funding of over $16 million. 

20 Utiva 

Utiva is a technology platform that helps Africans learn valuable tech skills through collaborative learning with others in groups. 

It also provides opportunities for lifelong learning through participating in projects, market activities, and connecting with other people in the industry.

Utiva was founded in 2018 by Eyitayo Ogunmola. The company valuation is not disclosed. 

These top 20 startups in Nigeria are just a glimpse of the incredible potential and opportunities that exist in the country’s startup ecosystem. With a rapidly growing population and increasing access to technology, the possibilities for innovation and growth are endless. The Nigerian government and investors have a critical role to play in supporting these startups and nurturing the ecosystem to ensure its continued success. As Nigeria’s startup scene continues to evolve, we can expect to see even more groundbreaking solutions and inspiring success stories in the years to come.