Africa’s fintech sector surged back to the top of the continent’s startup funding rankings in the first half (H1) of 2025, claiming $640 million, driven largely by five standout transactions, according to the latest Africa: The Big Deal report.
Leading the pack was Wave Money, which secured a $137 million debt deal, marking the single largest fintech raise during the period. Egypt’s Bokra followed with a $59 million sukuk raise, while South Africa’s Stitch closed a $55 million Series B round.
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Nigeria’s LemFi raised $53 million in its Series B, and Egypt-based MNT-Halan’s Tasaheel issued a $50 million bond.
These top five transactions formed the backbone of fintech’s strong showing in H1 2025, reflecting the growing scale of capital flowing into the sector. Their size also underscores the widening gap between fintech and other startup segments in terms of deal value.
Over a 12-month rolling period, fintech’s share of total startup funding rose to 51 percent, up from a near-record low of 28 percent about 18 months ago. In H1 2025, fintech accounted for 27 percent of total deal count, but its presence was even more pronounced among larger rounds, comprising 31 percent of deals over $1 million and 46 percent of those over $10 million.
In contrast, fintech captured just 21 percent of smaller deals ranging from $100,000 to $1 million. Still, with a median deal size of $1.7 million and an average of $10 million, fintech continued to outpace non-fintech sectors, which recorded a median of $0.5 million and an average of $4.8 million during the same period
Outside fintech, the energy sector ranked second, attracting $220 million (20 percent of total funding). Notable deals included Burn Manufacturing’s $85 million and PowerGen’s $55 million, both in Kenya, where energy has accounted for 50 percent of all startup funding since 2019.
By comparison, energy represented just seven percent, six percent, and two percent of startup investment in South Africa, Nigeria, and Egypt, respectively.
Healthcare ranked third with $160 million (11 percent), driven by a $100 million merger between South Africa’s hearX and U.S.-based Eargo. Logistics and transportation followed with $116 million (8 percent), while proptech came fifth, lifted by Egypt’s Nawy, which raised $75 million through a Series A and debt, the largest proptech deal in Africa to date.
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Across sectors, climate tech deals, including those in energy, agri-food, logistics, and fintech, totalled $300 million, or 21 percent of H1 2025 funding, and represented 28 percent of all $100k+ deals. Though below their peak a year ago, these figures indicate sustained investor interest.
Notable deals outside Africa’s Big Four markets included: Tunisia’s Kumulus Water, raising $3.5 million, and Ghana’s Kofa, which closed an $8.1 million pre-Series A round.
