Africa looks set become the next , major global fintech hub . In early 2020 , figures showed that VC funding for African fintech startups had risen by 51 % with capital being generated for virtual banking projects , consumer credit checks and finance apps . Later in the year , reports announced more growth , as new fintechs raised almost $ 350m during the first quarter of 2020 . South Africa led the way with $ 112m in investments , followed by Nigeria , which raised $ 74m , Kenya at $ 62m and Egypt at $ 51m .

Innovation is at the heart of this meteoric rise . The Cape Town-based fintech startup Stitch Money , for example , is helping more enterprises launch with its full access API that connects apps to financial accounts . In February 2021 , the company announced its seed round of $ 4m , making it the largest round raised by any API fintech startup in Africa today .

8 April 2021