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A unicorn is a startup valued at over USD 1 billion. These startups are incredibly innovative and disrupt existing markets. The leading tech unicorn startups in Nigeria have helped establish the country as one of Africa’s top tech hubs.
Nigeria’s startup scene has grown quickly, making the country an important player in Africa’s tech growth. In recent years, Nigeria has become a hot spot for investors, with several startups reaching a billion-dollar valuation, known as “unicorn” status. This rise in their market value shows the potential of Nigeria’s creative businesses and their ability to expand across Africa and the world.
In this article, we will list and explain the top 15 tech unicorn startups in Nigeria. We will also give you insights about their location, primary sector, time to unicorn, valuation, total funding till date, and latest funding round.
Unicorn companies are startups that are privately owned, valued at $1 billion or more, and not yet listed on the stock market.
In 2013, Aileen Lee, the founder of Cowboy Ventures in Palo Alto, pointed out that unicorn companies often share a strong focus on technology. However, this doesn’t mean they are entirely tech-based. Instead, they rely heavily on technology to run most of their business operations.
This also applies to social networks, where investments are often lower than traditional ads, but they can still reach the right audience quickly and efficiently.
In Nigeria, several tech unicorn startups are making waves. We will talk about them below. This has opened doors for more tech investors in Nigeria.
See also: Top 10 Unicorn Companies in Africa in 2025
In no particular order, below is the list of the top 15 tech unicorn startups in Nigeria:
Interswitch is one of the tech unicorns in Nigeria founded in 2002 by Mitchell Elegbe. Their headquarters is in Lagos, as they provide innovative solutions that have transformed how Nigerians transact. Its products include Verve, a payment card, and Quickteller, a digital payment platform.
Interswitch achieved unicorn status in November 2019, 17 years after its establishment, when Visa acquired a minority stake in the company for $200 million. This investment pushed Interswitch’s valuation to $1 billion, making it one of Africa’s earliest fintech unicorns.
Interswitch has raised a total of $310 million in funding to date. Its most recent funding round was in May 2022, when it secured an additional $110 million to expand its operations and accelerate its growth across Africa.
OPay is another top Nigerian tech unicorn founded in 2018. Headquartered in Lagos, the company initially launched as a ride-hailing service but quickly focused on digital payments and financial services. OPay aims to drive financial inclusion by providing accessible and affordable payment solutions for Nigeria’s unbanked population.
OPay achieved unicorn status in 2021, just three years after its founding, following a Series C funding round of $400 million led by global investors such as SoftBank and Sequoia Capital China. This round valued the company at $2 billion, making it one of Nigeria’s fastest-growing tech unicorns.
OPay has raised a total of $570 million in funding to date. Its latest funding round was the Series C in 2021, which provided the resources to expand its operations and improve its services.
Flutterwave is a Nigerian fintech startup founded in 2016 by Olugbenga Agboola and Iyinoluwa Aboyeji. With its headquarters in Lagos, Flutterwave provides seamless payment solutions for businesses and individuals across Africa in over 150 currencies.
The company operates primarily in the financial technology (fintech) sector, where it has become a key player in facilitating digital payments. Flutterwave reached unicorn status in March 2021, just five years after its launch, when it raised $170 million in a Series C funding round, achieving a valuation of over $1 billion. Its valuation later soared to over $3 billion following a $250 million Series D funding round in February 2022.
Since its inception, Flutterwave has secured a total funding of $475 million. The company’s services include providing businesses with payment platforms and offering local and international payment options. It has supported over 1 million businesses globally, processing over 400 million transactions worth over $25 billion.
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Moniepoint, formerly known as TeamApt, is one of the top tech unicorn startups in Nigeria founded in 2015 with its headquarters in Lagos. It provides innovative financial solutions to small and medium-sized businesses (SMBs). as the company focuses on business banking such as payment processing, working capital loans, and business management tools.
Moniepoint achieved unicorn status in October 2024, nine years after its founding. This milestone came after a $110 million Series C funding round led by Development Partners International’s ADP III fund, with participation from Google’s Africa Investment Fund, Verod Capital, and Lightrock. The funding round valued the company at over $1 billion.
To date, Moniepoint has raised more than $180 million in total funding. Its robust platform processes over 800 million monthly transactions, with a total transaction value exceeding $17 billion. By 2022, the company was already serving 400,000 SMBs and has since expanded into personal banking services.
Maser is a Nigerian tech startup that made a significant mark in the country’s tech ecosystem by achieving unicorn status in 2022. Founded in 2015 and headquartered in Lagos, Nigeria, Maser operates in the fintech sector, focusing on providing innovative payment solutions to businesses and consumers. The company has developed a platform that enables seamless digital payments, making it easier for Nigerian businesses to accept payments and conduct financial transactions efficiently.
Maser achieved unicorn status in just seven years, a testament to its rapid growth and market acceptance. Its valuation is estimated to be over $1 billion, positioning it as one of Nigeria’s leading tech startups. Maser has raised significant funds in various investment rounds, with a total funding amount exceeding $150 million.
The latest funding round, completed in 2022, was a major milestone for Maser, with participation from global investors looking to tap into the growing African tech market. This funding has helped Maser expand its services and scale its operations across Nigeria and other parts of Africa.
Andela is one of the top tech unicorn startups in Nigeria that was founded in 2014, with its headquarters located in Lagos. The company focuses on training and outsourcing software developers from Africa to global tech companies.
Andela achieved unicorn status in 2021, seven years after its founding, with a valuation of $1.5 billion. This was after raising $200 million in its Series E funding round.
To date, Andela has raised over $380 million in total funding from prominent investors like SoftBank, Google Ventures, and others. Its rapid growth has allowed it to expand its services across multiple African countries, including Kenya, Uganda, and Rwanda, as well as hiring developers from countries worldwide.
See also: 10 Best Tech CEOs in Nigeria
Chipper Cash is yet another Nigerian unicorn startup founded in 2018, with its headquarters located in Lagos. The company focuses on providing fast and affordable cross-border payment services, allowing users to send and receive money across multiple African countries.
Chipper Cash achieved unicorn status in 2021, just three years after its founding, with a valuation of over $2 billion. The company’s growth was fueled by its innovative payment solutions that cater to both individuals and businesses, offering services such as mobile money transfers and currency exchange.
To date, Chipper Cash has raised over $300 million in total funding from investors like Deciens Capital, Ribbit Capital, and others. Its latest funding round was a Series C round in November 2021, where it raised $150 million to expand its operations and further improve its platform.
Jumia is an e-commerce company founded in 2012 and headquartered in Lagos, Nigeria. Often referred to as “the Amazon of Africa,” Jumia is focused on offering a wide range of products, including electronics, fashion, and groceries, through its online platform. The company operates in several African countries to improve access to goods and services across the continent.
Jumia became Africa’s first tech unicorn in 2016, reaching a valuation of $1 billion. Its rapid growth was fueled by the increasing internet penetration and mobile phone usage in Africa, which made online shopping more accessible to a broader population.
To date, Jumia has raised over $850 million in total funding from investors such as Rocket Internet, MTN, and others. The company went public in 2019 with an IPO on the New York Stock Exchange, marking another significant milestone in its journey. However, its valuation has fluctuated over the years, and as of 2023, it stands at around $600 million.
Moove, founded in 2020, is one of the tech unicorn startups in Lagos, Nigeria. The company operates in the mobility sector, offering revenue-based financing to drivers, primarily in the ride-hailing industry. Moove provides financial services to drivers, helping them purchase vehicles through flexible financing options, making it easier for gig workers to own vehicles and earn income.
Moove achieved unicorn status in 2023, just three years after its launch, with a valuation exceeding $1 billion. This rapid growth was supported by Moove’s innovative approach to financing, which uses the driver’s earnings to determine loan terms, offering a more inclusive way to access vehicles.
To date, Moove has raised over $200 million in funding. The company’s investors include SpeedInvest, Left Lane Capital, and Tekton Ventures. Moove’s latest funding round was in 2022, where it raised $105 million in equity and debt financing.
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RelianceHMO is a Nigerian health tech company that is revolutionizing healthcare access in Nigeria through innovative digital solutions. Founded in 2016 and headquartered in Lagos, Nigeria, RelianceHMO operates in the health insurance and healthcare services sector. Its platform provides affordable and accessible health insurance, enabling individuals and businesses to have easy access to quality healthcare services.
The company became one of the tech unicorn startups in Nigeria in 2023, a major milestone that places it among the few startups in Nigeria with a valuation of over $1 billion. RelianceHMO’s growth has been driven by its ability to provide affordable healthcare packages, targeting Nigeria’s large underserved population and the rapidly growing middle class.
RelianceHMO’s total funding to date is estimated at over $200 million, which has been raised through several rounds of investment. The company’s most recent funding round was completed in 2023, with support from major investors including venture capital firms and international organizations looking to tap into the African health tech space.
Paga is also among the top tech unicorn startups in Nigeria that have made remarkable strides in the country’s tech ecosystem. Founded in 2009 and headquartered in Lagos, Nigeria, Paga operates in the mobile payments sector. It provides a digital payment platform that allows users to send and receive money, pay bills, and perform other financial transactions with ease. Paga has become one of the largest mobile payment platforms in Nigeria, with over 19 million users.
Although Paga achieved unicorn status later than some other Nigerian startups, it has grown steadily over the years. The company’s valuation is estimated to be around $1 billion, making it one of Nigeria’s leading tech unicorns. Paga has raised over $50 million in funding since its inception, with the latest funding round taking place in 2021.
Kuda is a Nigerian digital bank that has made a significant impact in the country’s financial sector. Founded in 2019 and headquartered in Lagos, Nigeria, Kuda operates in the digital banking sector. Unlike traditional banks, Kuda offers banking services entirely through a mobile app, providing customers with easy and affordable access to banking services without the need for physical branches.
Kuda achieved unicorn status in record time, with a valuation of around $500 million, making it one of the fastest-growing fintech startups in Nigeria. As of 2021, Kuda raised $55 million in a Series B funding round, bringing its total funding to date to more than $90 million. This funding has helped the company expand its services and increase its customer base.
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Tyme is a Nigerian fintech company that has made significant strides in the country’s digital banking space. Founded in 2019 and headquartered in Lagos, Nigeria, Tyme focuses on providing digital financial services to both individuals and businesses. The company’s primary sector is fintech, with a special emphasis on banking and financial inclusion.
Tyme reached unicorn status with a valuation of over $1 billion in a relatively short period. This achievement was largely driven by its ability to offer seamless digital banking solutions, including savings accounts, loans, and payment services, all through its mobile app. The company aims to provide affordable and accessible financial services to underserved populations in Nigeria.
Fawry is a leading fintech company in Egypt, not Nigeria, but it is often recognized as one of the top tech unicorns in Africa. Founded in 2008 and based in Cairo, Fawry operates in the fintech sector, offering digital payment solutions to individuals and businesses across Egypt and the wider region. It provides a variety of services such as bill payments, mobile top-ups, and online transactions.
Fawry achieved unicorn status in 2021, reaching a valuation of over $1 billion. This milestone was a result of its rapid growth and wide adoption of its payment platform in Egypt, a country with a large, underserved population for digital financial services. The company went public in 2019, and its stock performance has played a significant role in boosting its valuation.
To date, Fawry has raised over $200 million in funding. Its investors include global venture capital firms such as Helios Investment Partners and the European Bank for Reconstruction and Development (EBRD). Fawry’s latest funding round was completed in 2021, during which it raised significant capital to continue expanding its services and reach.
Wave is a fintech company that was founded in 2018, with its headquarters located in Dakar, Senegal. The company focuses on providing mobile money services to make financial services accessible to millions of unbanked people across Africa.
Wave achieved unicorn status in September 2021, just three years after its founding. The company’s valuation reached $1.7 billion following a successful $200 million Series A funding round. This made Wave one of the fastest-growing fintech companies in Africa.
As of now, Wave has raised a total of $200 million in funding, with the latest round being its Series A in 2021. This funding has helped the company expand its services to several African countries, including Nigeria, and accelerate its mission to drive financial inclusion across the continent.
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Fintech is still the most profitable sector for startups in Nigeria. The highest number of tech unicorn startups in Nigeria belong to this category. With more than 40% of the population without access to banking, top fintech companies like Flutterwave, Opay, and Interswitch have come up with creative ways to offer financial services to communities that were previously underserved.
Startups like Jumia have tapped into Nigeria’s growing middle class and wider internet access to create strong online marketplaces. The rise of delivery platforms like Kobo360 also shows how important e-commerce infrastructure is.
Companies like Andela have used Nigeria’s large number of young, tech-savvy people to connect African talent with top global tech companies.
See also: Nigeria’s Top 10 Tech Brands in 2025
Unicorn is the term used in the venture capital industry to describe a startup company valued at over $1 billion. The term was first coined by venture capitalist Aileen Lee in 2013.
Moniepoint is the latest Nigerian tech unicorn startup. They achieved this in October 2024.
Yes, OPay joined the Unicorn Club on Aug 23, 2021.
In 2016, Jumia became the continent’s first unicorn being valued at over 1 billion USD.
Flutterwave is the biggest tech company in Nigeria by market valuation.
Nigeria’s startup scene is growing rapidly, with many startups reaching billion-dollar valuations. In short, there are now more tech unicorn startups in Nigeria as revealed above.
While fintech leads the way, other industries such as e-commerce, agritech, edtech, proptech, and talent outsourcing are also becoming more popular. With increasing investments flowing into the ecosystem, Nigeria is set to stay at the forefront of innovation in Africa.
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