Top Tech Companies in Africa: In the recent decade, the African tech sector has expanded. Several firms reached new financial milestones, garnering a slew of investors in the process. Africa is the continent with the fastest-growing developer population in the world. A good example of this is Microsoft’s investment of more than $100 million in development centers that will employ more than 500 Africans by 2023, according to the company.
Many sectors in Africa and the rest of the world collapsed in 2021 as a result of the COVID-19 epidemic. However, 397 African digital firms received funding totaling over US$700 million in 2021, setting a new record.
According to TechPoint, African entrepreneurs raised over $1 billion in funding for the first time in history in 2020. Nigeria is in the lead, having raised 17% of the $1 billion in 2021. Other popular technical investment destinations in Africa include Egypt, Kenya, and South Africa. The emergence of various innovation hubs on the continent has resulted in greater growth in the African tech sphere. According to Quartz, the number of digital hubs in Africa increased by roughly 50% in 2019. In each of their locations, these centers provide mentorship and workspace for investment ideas.
When it comes to financing and investment in the African IT sector, the Fintech sector has dominated in recent years—and this year was no exception. Fintechs were responsible for almost 30% of the funding raised by African entrepreneurs, totaling over $1 billion. According to Buiter’s research, e-commerce, cleantech, and health were also strong investment portfolios.
What is a Company
A company is a legal body or establishment that is formed by a group or group of people to engage them and operate in one or more enterprises. The abbreviation for a company is co. A corporation can be a combination of a natural or legal group of individuals or a division of both. One of the most important characteristics of a business is that its members have a shared aim and purpose, and they work together to achieve it as a single entity.
A business can take many different shapes depending on its goals. The following are examples of these forms:
- Banks and financial institutions;
- Nonprofit organizations/voluntary associations;
- Corporations are legal entities (Profit oriented).
A company can also be formed as a legal entity, making it a limited liability corporation. Incorporation is defined as the discharge of members’ duties or the failure to do so as required by the public.
Types of Businesses
There are many different sorts of businesses, but according to Legislation, the Companies, and Allied Matters Act, the following are some of the most common (CAMA).
Section 21 of the Act (Companies and Allied Matters Act (CAMA)) defines the following sorts of businesses:
- Company limited by shares: Because the financial responsibilities of members are restricted by their individual shares, they are referred to as the company’s shareholders. If the corporation goes bankrupt, liquidates, or becomes insolvent, they will not be liable to anyone save, if applicable, a shareholder who has not paid in full.
- Restricted-by-guarantee company: In the event that the company becomes bankrupt or is wound up, the financial responsibilities of the members, known as guarantors, are limited to the amount guaranteed to be contributed to the company’s claims by them, which cannot be less than N100,000. When the company goes bankrupt, only the money that was promised will be demanded. This type of company requires the approval of the Attorney General of the Federation (A. G. of the Federation) before it can be registered, and it is not a profit-oriented company that distributes profits to its members, but rather one that promotes art, science, commerce, sports, culture, education research, and other similar activities. These proceeds are not distributed to the members; instead, they are used purely to further the organization’s goals and for philanthropic causes. This type of business does not pay taxes in Nigeria.
- Unlimited liability company: In Nigeria, an Unlimited Liabilities Company is one that has no limit on its liability in the case of bankruptcy. In the event that the company’s liabilities exceed its assets, the members’ personal property may be seized in order to pay off the company’s debts. As a result, all members have an equal responsibility to ensure that the firm does not go bankrupt, and they can contribute from their own pockets to ensure that this happens.
These previously listed businesses could be classified as either private or public.
Top 10 Biggest Tech Companies in Africa
The African tech industry has evolved enormously over the years, and many start-ups have put in more work to ensure that their businesses are up and running. They expanded to the point where they broke several records, drawing investors who were interested in the start-ups and who, in turn, invested, bringing it to the point where it is now. The top 10 biggest tech companies in Africa are shown below.
Flutterwave, which is ranked number one among the top tech companies in Africa, is an African fintech firm that focuses on providing payment infrastructure to global merchants. Olugbenga Agboola founded the company with the goal of establishing a digital platform that connects Africa and, by extension, the rest of the globe.
Another of its goals is to provide a secure payment option for businesses on the African continent and around the world. Flutterwave has already processed over 100 million transactions worth over $5 billion, adding to its impressive track record. Flutterwave has acquired a $35 million investment from major investors for 2020.
Helium Health is one of two health-tech businesses to make the top ten (10) fintech, with a total score of 92.5 after receiving 29 points for local storytelling, 34 points for brand type, and 29.5 points for experience.
This brand type is focusing on making a name for itself in the financial space. More than seven (7) African countries are serviced by the company.
API payment solutions, cryptocurrency trading, and investment services are among the company’s services. Chipper Cash received a $30 million investment in November 2020.
Dr. Abasi Ene-Obong is the founder and Chief Executive Officer of this company (54gene). This company and its services are unique to the African continent since they provide individuals with more information on African Genomics, which has resulted in numerous medical and scientific advances.
They collect genetic samples and data for health research and development. The firm employs approximately 300 researchers and geneticists around Africa, as well as a research lab in Nigeria (Lagos).
Akin Jones is the company’s chief executive officer and founder. Every user’s financial demands are addressed by the company. The organization focuses on borrowing, investing, and making payments.
They make investing, making payments, and borrowing money simple and stress-free for users/customers. The startup received a $10 million investment from a Singaporean firm. Nonetheless, the corporation hopes to incorporate additional African countries in its financial plans and ensure that other individuals benefit from the financial assistance.
This company’s goal is to make banking as simple as possible with the use of our personal cell phones. Fintech is the industry in which this company operates. This fintech eliminates the time-consuming process of opening a bank account.
The bank received a $10 million seed in November 2020, making it one of the largest rounds ever funded on the African continent. Babs Ogundeyi, the business’s Chief Executive Officer, has provided chances for women to work in the company in order to address gender disparity in the digital industry.
Onyekachi Izukanne, the company’s CEO, is responsible for Trade deport. This Nigerian firm collaborates with small businesses all around Africa. It was founded in 2016 and has since grown into a massive network of over 40,000 small enterprises in Africa that are connected to the rest of the world.
This is another health-tech startup that is generating a lot of noise in the African tech world. They make pharmaceutical supplies inexpensive for the government and businesses, allowing for adequate health care to be provided.
Michael Moreland is the Chief Executive Officer and Co-Founder of Field Intelligence. Its offices are located in Abuja, Lagos, and Nairobi.
Medsaf remains one of the biggest top tech companies in Africa. Vivian Nwakah founded Medsaf in 2017 after losing a buddy to bogus medication. Given the high rate of fake medicine supply in Africa, the goal of this company is to connect with pharmaceutical suppliers who supply hospitals and pharmacies in order to give adequate and original drugs to this company.
Auto check is a Nigerian and Ghanaian auto-tech firm having offices in both countries. It all started with the goal of providing a stress-free and secure way to buy a car.
Its goals of purchasing, selling, and repairing automobiles online have now become a reality, thanks to a $3.4 million funding round in November 2020.
So far so good we have been able to list the top 10 biggest tech companies in Africa.