The year has brought a global attraction in the technological field in the Africa. High profile IPO which is visited by the Jacks and bigger Chinese startup investment has energized it. The previous 12 months served like grand finale for 10 years which had seen 3 digit increases in the formation of the startups as well as the VC on the continent. Here you will find an overview of the market event of this year which grabbed the attention of the rapid growth in the African technology.
The story of 2019 is the April IPO on NYSE of the Pan-African E-Commerce company named Jumia. This was the primary listing of the VC backed by the tech company launching in the Africa on major global exchange that brought the unpredictability. Jumia was founded first in 2012 and was pioneered if the infrastructure to sell the goods to the customers through online in Africa.
China-Africa goes digital
2019 is the year when the Chinese actors pivoted to the African technology. China is well known for the strategic relationship with the African based trade and infrastructure, and over the previous 10 years, the country has been engaged less in the digital scene of the continent. In the month of September this year, the company had raised around $394 million some of which was directing toward the venture funding as well as the operational growth in the Africa.
Nigeria and Fintech
On the debate, the case could be created that 2019 is the year when this African country – Nigeria has become the unofficial capital of the Africa for the Fintech startups. The Kenya has grabbed the title “Hereto” with local success and the global acclaim of the M-Pesa mobile money product. However, more founders as well as VCs are now opting for the Nigeria as an epicenter for the growth of digital finance.