CHART: African fintech funding trends downward to $1.2 billion in H1 2023
Africa's fintech landscape is experiencing a funding slowdown, with the first half of 2023 showing a retreat from the previous year's heights.
While 75 fintech startups in Africa raised approximately $1.2 billion in risk capital across 85 transactions, there was a significant 21% drop compared to H1 2022, per a recent report by Afridigest.
Differentiating between equity and debt financing in the African fintech landscape, equity funding took a substantial hit, plummeting by 42% from the previous year to reach only $719 million. Conversely, debt financing surged by 86%, reaching approximately $473 million.
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