FairMoney Sees 62% Revenue Growth in 2024, Shifts to Customer Deposits for Lending
Nigerian consumer-focused lending fintech FairMoney reports 62% revenue growth in 2024, driven by a shift to customer deposits for lending operations.
Riley King
TechCabal, a leading African tech publication, has launched a new column called "Startups on Our Radar" to highlight innovative startups across the continent that are solving real problems in bold and unconventional ways. The inaugural edition features 10 startups from Algeria, Nigeria, Kenya, South Africa, Zambia, and Egypt, showcasing the diversity and creativity of African entrepreneurship.
These startups are not necessarily the most funded or widely followed, but they are doing work that deserves more attention. They are taking unconventional approaches, filling fundamental gaps, and creating value in a way that feels fresh, focused, and meaningful. From fintech and logistics to electric vehicles and artificial intelligence, these startups are tackling pressing issues in their respective industries.
Vaulfi, an Algerian fintech startup, is revolutionizing cross-border remittance by providing a multicurrency e-wallet platform that allows users to make international money transfers and get physical and debit cards. In a country where only 20% of the population owns debit cards, Vaulfi's solution is poised to become a market leader.
Revwit, a Nigerian SaaS startup, is building revenue infrastructure and CRM tools for African sales teams. Its app automates lead capture, deal management, and email outreach, making it easier for businesses to sell and grow. With over $800 million in deal volume processed just six months after launch, Revwit is showing strong early traction.
Apexloads, a Kenyan logistics startup, is solving the problem of backhaul in Africa's logistics industry. Its app connects shippers and truckers, maximizing truck utilization and reducing empty return trips. With operations in Nigeria and Kenya, Apexloads is well-positioned to become the digital backbone of African logistics.
Zimi, a South African EV startup, is pioneering vehicle-to-grid (V2G) technology in Africa. Its solution enables electric cars to act as power banks, providing electricity to homes, businesses, or the national grid. With a $320,000 grant from EEP Africa, Zimi is set to test its technology and partner with fleet operators.
Caantin, a Zambian AI startup, is reducing the cost of making phone calls for businesses by using AI voice agents to have conversations at scale. Its technology is designed to understand and speak multiple African languages, dialects, and accents, making it a game-changer for voice-driven interfaces in Africa.
Stylebitt, a Nigerian SaaS startup, is digitizing order management, invoicing, and customer data for Africa's informal fashion sector. Its all-in-one platform helps tailors, designers, and boutique owners run their businesses more efficiently and deliver on time. By solving a real pain point, Stylebitt is making it easier for fashion entrepreneurs to grow and succeed.
SpitchAI, a Nigerian AI startup, is developing speech-to-text and text-to-speech models specifically for African languages and accents. Its technology already supports accurate voice recognition and natural-sounding speech synthesis in several languages, with plans to add more soon. SpitchAI is addressing a critical pain point in AI adoption in Africa, where most global AI models are built without Africans in mind.
Wayak, an Egyptian healthtech startup, is making affordable, continuous healthcare accessible to underserved populations. Its mobile app offers round-the-clock online consultations with doctors and pharmacists, discounted medications, and electronic medical records. With Egypt's healthcare market valued at $25 billion, Wayak is tapping into a significant opportunity.
Vendy, a Nigerian social commerce startup, is building a platform on WhatsApp to connect buyers and sellers directly. Its technology automates orders, invoicing, and payments, making it easier for businesses to sell and for customers to shop. With over 103 million active social media users in Nigeria, Vendy is well-positioned to capture value in the growing social commerce space.
Inalipa, a Tanzanian e-commerce startup, is connecting businesses and individual consumers to a wide range of fast-moving consumer goods (FMCG). Its platform operates both B2B and B2C marketplaces, offering a unified inventory, working capital, and delivery platform. By addressing the unique challenges faced by small retailers, Inalipa is bridging a crucial gap in Tanzania's retail ecosystem.
The "Startups on Our Radar" column is a bi-weekly feature that will continue to shine a light on innovative African startups that are solving real problems in bold and unconventional ways. The next dispatch is expected on May 7th, and readers can nominate startups for feature consideration.
Nigerian consumer-focused lending fintech FairMoney reports 62% revenue growth in 2024, driven by a shift to customer deposits for lending operations.
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