The best startups in Nigeria are making waves locally and globally and are becoming major players in the country’s growing economy. Our experts have reviewed and identified some of the most innovative and successful startups in Nigeria, across various industries, including logistics, fintech, hospitality, investment, and automobiles.
With a population of over 208 million people, Nigeria presents a vast market for these startups to grow and expand. Thanks to recent developments in the country’s business environment, the startup scene in Nigeria is flourishing, and these companies are driving innovation by providing new solutions to people’s needs.
In this article, we will highlight the 10 top startups in Nigeria that are gaining recognition both locally and globally for their excellent services and contributions to the country’s economy.
Flutterwave
Founded: 2016
Founder: Iyinoluwa Aboyeji, Olugbenga Agboola
Worth: $250 Million
Location: Lagos, Nigeria
Sector: Fintech
Flutterwave is a company in Nigeria that helps people and businesses make and receive payments using the internet. It is a fintech company that provides a platform for businesses and individuals to make and receive payments in Africa. In 2016 the company was founded and is headquartered in San Francisco, with offices in Lagos, Nairobi, Accra, Johannesburg, and other cities.
Flutterwave’s platform allows businesses and individuals to accept customer payments using various payment methods, including credit/debit cards, bank transfers, mobile money, and more. The company also offers multiple services, such as fraud management, currency conversion, and reconciliation.
Flutterwave has partnered with various financial institutions and payment providers to make it easy for businesses and individuals to receive payments from customers across Africa and beyond. The company has processed billions of dollars in transactions and has been recognized as one of the leading fintech companies in Africa.
In February last year, Flutterwave raised money, which was their biggest fundraising yet, making them even more valuable. They use this money to buy other companies and get more customers to use their payment system. This means that Flutterwave is doing really well and is likely to keep growing in the future.
Bamboo
Founded: 2019
Founder: Yanmo Omorogbe and Richmond Bassey
Worth: $ 15 Million
Location: Lagos, Nigeria
Sector: Wealth tech
Bamboo is a company that helps people in Nigeria and other parts of Africa invest their money worldwide. They also have helpful lessons inside their app that teach beginners how to invest. Bamboo was founded in 2020 by Yanmo Omorogbe and Richmond Bassey, and they currently make about $7.4 million a year from their business.
The platform was made to provide access to global investment opportunities to people living in Nigeria and other African countries. Bamboo Fintech also offers educational resources and tutorials within its app to help beginner investors understand the investment process.
Bamboo did really well in early 2022 because it raised much money from investors. They got $15 million in January and then $17.4 million in March. This success allowed them to hire many more employees, and their team grew by 68%. This means that Bamboo is multiplying and doing very well financially.
Umba
Founded: 2018
Founder: Barry O’Mahony, and Tiernan Kennedy
Worth: $ 15 Million
Location: Lagos, Nigeria
Sector: Fintech
Umba Fintech is a financial technology company that provides digital banking services in Africa. It was founded in 2018 and is based in Kenya, with operations in Kenya, Nigeria, and Uganda.
Umba offers various financial services, including savings and investment accounts, loans, and insurance products, all accessible through its mobile app. It uses computer programs that learn by themselves to study customer information and give them individualized financial services.
Umba aims to make banking more accessible and affordable for people lacking access to formal banking services. It aims to provide affordable and accessible credit to underserved individuals in Nigeria who may not have access to traditional banking services or may be excluded due to their credit history. The company also offers financial education and other value-added services to its customers.
They recently raised $15 million in a big funding event, which means they got a lot of money from investors who believe in their business. In total, Umba has raised $17.5 million so far.
Opay
Founded: 2019
Founder: Yahui Zhou
Worth: $ 170 Million
Location: Lagos, Nigeria
Sector: Fintech
Opay is a company in Africa that focuses on creating financial products to help people with payments, transportation, grocery shopping, food delivery, and more. Many people use OPay every day to send and receive money, pay bills, and get things delivered. Nigeria has become a popular place for venture capitalists and financial technology companies to grow, and Opay is one of those companies.
They also have meagre fees for their services. This means that people who use Opay can save money compared to other similar services. Recently, Opay raised $120 million from investors who believe in their mission to make financial services more accessible to everyone. Before that, they had already raised $50 million.
Opay has a team of passionate employees working hard to make their services better and more widely available. They are overgrowing, and more and more people use Opay daily. By making payments and other financial services more accessible, Opay is helping African people have more control over their money and their lives.
Vendease
Founded: 2020
Founder: Tunde Kara, Olumide Fayankin, Gatumi Aliyu and Wale Oyepeju.
Worth: $ 30 Million
Location: Lagos, Nigeria
Sector: E-Commerce
Vendease is an online marketplace that helps food service businesses in Africa buy their supplies at lower prices. This makes it easier for restaurants in Nigeria and Ghana to get the things they need to make their food. Vendease is backed by a company called Y Combinator, which helps startups grow and become successful. The founders of Vendease are four friends who started the company in January 2020. They are Tunde Kara (the CEO), Olumide Fayankin (the COO), Gatumi Aliyu (the CPO), and Wale Oyepeju (the CTO). Together, they have built a company that is helping to make the food industry in Africa more efficient.
Recently, Vendease raised $30 million in funding. This means that investors believe in the company and want to help it grow. Vendease now has an estimated annual revenue of $19.2 million and employs 188 people.
One of the things that makes Vendease unique is that they are helping to move food more efficiently across Africa. They make it easier for food to go from where it is made to where it is consumed. This helps food service businesses save money and makes it very easy for people to get the food they need. By doing this, Vendease is helping to make the food industry in Africa more successful and sustainable.
Thrive Agric
Founded: 2016
Founder: Uka Eje
Worth: $ 56 Million
Location: Abuja, Nigeria
Sector: Agrictech
ThriveAgric is a company that uses technology to help farmers grow their crops. They recently got a lot of money to help them do this. They got $56.4 million from banks and other big investors who believe in their company.
Thrive Agric platform allows farmers to access finance from investors who fund agricultural projects and receive a return on investment from the harvest. The platform also provides farmers access to quality inputs such as seeds, fertilizers, and pesticides and training and support on best agricultural practices.
In addition, Thrive Agric helps farmers access markets for their produce by connecting them to buyers and ensuring they receive fair prices for their products.
On top of that, ThriveAgric got a $1.75 million grant from West Africa Trade & Investment. This organization is funded by the United States government, specifically by USAID. This money will help ThriveAgric do even more to help African farmers grow their crops.
By getting all this money, ThriveAgric can invest in new technology and equipment to make it easier for farmers to grow more food. This will help feed more people in Africa and create more jobs for farmers. ThriveAgric is a company making a massive difference in the lives of Africans.
Konga
Founded:2012
Founder: Prince Nnamdi Ekeh and Sim Shagaya
Worth: $ 200 Million
Location: Lagos, Nigeria
Sector: E-commerce
Konga is a popular online store in Nigeria that provides customers with a broad range of products, such as books, groceries, phones, and more.
Since its launch in 2012, Konga has grown significantly, and its primary goal is to become the largest e-commerce platform in Nigeria. The online marketplace allows sellers and buyers to purchase goods in bulk, making it easier for businesses to stock up on inventory.
Konga’s platform enables customers to browse and purchase products online and offers various payment options, such as cash on delivery, online payment with debit/credit cards, and bank transfers. The company also provides delivery services to customers across Nigeria.
In 2018, Konga was acquired by Zinox Technologies, which further bolstered its capabilities and expanded its reach. Konga offers various products, including books, healthcare items, baby products, phones, computers, and clothes. The company has been dedicated to providing excellent service to customers in Nigeria, which has helped establish Konga as one of the leading startups in the country.
Cowrywise
Founded: 2017
Founder: Edward Popoola, Razaq Ahmed
Worth: $ 17 Million
Location: Lagos, Nigeria
Sector: Banking and personal finance
Cowrywise is a Nigerian financial startup established in 2017 by Razaq Ahmed and Edward Popoola. The company offers a mutual fund investment and savings platform for individuals and businesses all over Nigeria.
It started as a platform similar to PiggyVest, a savings platform. Still, it later shifted its focus to addressing the problem of limited investment opportunities for millions of Nigerians due to the concentration of such opportunities for top earners. Currently, the platform claims to have over 220,000 registered users and aims to increase the number to 10 million registered users by 2025.
The company’s investment options are attractive because they offer affordable interest rates that make it more accessible for average Nigerians looking for the best interest rates on any investment they make.
Cowrywise is helping to bridge the gap between traditional banks and underserved Nigerians, who may be unable to access high-interest rates on their investments due to the high charges imposed by traditional banks.
Currently, the platform employs 45 full-time workers, with the majority of them working in sales, engineering, the arts, and design. Cowrywise is working hard to offer the best investment options to its growing customer base and is committed to ensuring that people from all walks of life in Nigeria can access credible investment opportunities.
TeamApt
Founded: 2015
Founder:Tosin Eniolorunda
Worth:$50 million
Location: Lagos
Sector: Fintech
TeamApt is a Nigerian fintech company that provides financial services solutions to businesses, banks, and individuals in Nigeria and other African countries. The company was founded in 2015 by Tosin Eniolorunda, a young Nigerian entrepreneur and software engineer.
TeamApt’s flagship product is called “Monnify”, which is a payment gateway that makes it possible for businesses to accept and process online payments seamlessly. Monnify is designed to help businesses reduce transaction failures, increase efficiency, and simplify the payment process.
In addition to Monnify, TeamApt offers other financial services solutions such as AptPay, a peer-to-peer payment platform, and AptSecure, a fraud prevention system that helps financial institutions detect and prevent fraudulent activities.
Since its founding, TeamApt has received several awards and recognitions for its innovative products and services. The company has also raised major funding from local and international investors, including Japanese fintech investor SoftBank.
TeamApt has offices and operations in several other Nigerian cities, including Abuja and Port Harcourt. The company has also broadened its operations to other African countries, including Ghana, South Africa, and Kenya.
Reliance Health
Founded: 2018
Founder : Femi kuti, Adebowale Banjo and Ogochukwu Obi
Worth: $40 million
Location: Lagos
Sector: Health tech
Reliance Health is a Nigerian health-tech company that provides innovative health insurance solutions to individuals and businesses in Nigeria. The company was founded in 2018 by Femi Kuti, Adebowale Banjo, and Ogochukwu Obi to make healthcare more accessible and affordable for Nigerians.
Reliance Health offers a range of health insurance products tailored to meet the needs of different individuals and businesses. These include individual health plans, family health plans, corporate health plans, and international health plans. The company’s health plans provide coverage for a wide range of healthcare services, including consultations, tests, medications, surgeries, and hospitalization.
In addition to health insurance, Reliance Health also offers a telemedicine platform that allows individuals to consult with doctors and healthcare professionals remotely using their mobile devices or computers. The telemedicine platform is designed to provide convenient and affordable access to healthcare services, especially for individuals living in remote or underserved areas.
Reliance Health has received several awards and recognition for its innovative health insurance solutions and impact on the Nigerian healthcare sector. The company has also raised major funding from local and international investors, including Partech Africa and Social Capital.
Omnibiz
Founded : 2019
Founder : Deepankar Rustagi and Chinedu Azodoh
Worth:$85 million
Location: Lagos
Sector: Business management
Omnibiz is a Nigerian technology company that provides business management and marketing solutions to small and medium-sized enterprises (SMEs) in Africa. The company was founded in 2019 by Deepankar Rustagi and Chinedu Azodoh, two experienced entrepreneurs with a background in technology and business.
Omnibiz’s flagship product is a business management platform that helps SMEs to manage their operations more efficiently, including inventory management, sales tracking, and customer relationship management. The platform is designed to be user-friendly and easily accessible, even for businesses with limited technical expertise.
In addition to the business management platform, Omnibiz offers a range of marketing solutions to help SMEs reach new customers and grow their businesses. These include digital marketing, social media advertising, and SMS marketing.
Some of the services offered by Omnibiz include digital marketing, inventory management, sales tracking, and customer engagement. The platform also provides access to financing options and business advisory services to help SMEs manage their finances and make better decisions.
Interswitch
Founded: 2002
Founder :Mitchell Elegbe
Worth:$1 billion
Location ; Lagos
Sector: Digital Payment
Interswitch is a Nigerian-based digital payment processing company that provides online payment solutions and transaction processing services to African banks, businesses, and individuals. The company was founded in 2002 by Mitchell Elegbe and has grown to become a leading provider of digital payment services in Africa, with operations in Nigeria, Kenya, Uganda, Tanzania, Ghana, and the Gambia.
Interswitch’s product offerings include payment processing services, digital banking solutions, e-commerce platforms, and mobile payment solutions. The company’s flagship product is its payment processing platform, which enables businesses to accept electronic payments from multiple sources, including debit cards, credit cards, and bank transfers.
Interswitch has received several awards and recognition for its contributions to developing digital payments in Africa. In 2019, the company was valued at $1 billion after Visa acquired a minority stake in the company, making it one of the most valuable fintech companies in Africa.
Interswitch is headquartered in Lagos, Nigeria, and operates in several other African countries, including Kenya, Uganda, Tanzania, Ghana, and the Gambia. The company has also established strategic partnerships with several leading global payment providers, such as Visa, Mastercard, and American Express, to expand its reach and offer customers more innovative digital payment solutions.
Bundle Africa
Founded: 2019
Founder: Yele Bademosi
Worth: $85 million
Location: Abuja
Sector: Crypto Platform
Bundle Africa is a startup specializing in social payment technology for cryptocurrency and cash transactions, aiming to make it more inclusive, fun, and user-friendly for Africans. Founded in 2019 by Yele Bademosi, the founder of Microtraction and former director at Binance Labs, and led by Emmanuel Babalola as CEO, the company is headquartered in Lagos. It employs 60 people, primarily in engineering, customer care, and support roles.
The company offers a mobile wallet app that enables users to easily send and receive money, buy and sell cryptocurrencies, and pay bills and other expenses through their smartphones. Although currently available only in Nigeria, the company plans to expand to other African countries.
In addition to its core services, Bundle Africa provides educational resources and tools designed to help users learn about personal finance and investing, further promoting financial inclusion and empowering Africans to take control of their finances through digital technologies.
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Utiva
Founded: 2017
Founder: Eyitayo Ogunmola
Worth: $85 million
Location ; Abuja
Sector: Crypto Platform
Utiva is an educational technology startup established in 2017 by Eyitayo Ogunmola. Its main objective is to empower people with technological knowledge by offering online training services to significant startups and businesses. The platform primarily focuses on upskilling African talent in various tech-related fields, including product management, data analysis, digital marketing, artificial intelligence, and UI/UX design.
Utiva provides its students with expert instructors who teach through live virtual classes, interactive exercises, and online videos. The company also offers mentorship and career support to help students secure jobs in the tech industry after training.
Based in Lagos, Nigeria, Utiva has trained thousands of students from Nigeria and other African countries. The platform has also partnered with various corporate organizations to offer customized training programs to their employees, which has helped to bridge the skills gap in the African tech industry. Overall, Utiva is playing a significant role in advancing technology education and upskilling the workforce in Africa.
Giga Layer
Founder: Ahmad Mukoshy
Founding Year: 2012
Worth: $ 30 Million
Category: Web Hosting
Location: Lagos
GigaLayer is a web hosting service provider that offers a variety of facilities, including domain names (.ng), website security certificates, virtual servers, and shared hosting, among others, for companies that want to host their websites in Nigeria. This startup has a large client base of satisfied business owners.
Founded in 2007 by Opeyemi Awoyemi, who is also a co-founder of Jobberman, one of Nigeria’s leading job websites, GigaLayer offers shared hosting, virtual private servers (VPS), and dedicated servers. The company’s hosting plans include free SSL certificates, automated backups, and 24/7 customer support.
In addition to web hosting services, GigaLayer offers domain registration and website design services. The company has a team of experienced designers who work with clients to create professional and responsive websites.
GigaLayer aims to assist businesses and individuals in establishing a robust online presence by providing dependable and affordable hosting services. The company’s servers are located in secure data centres in the United States, Europe, and Nigeria, ensuring quick and reliable website performance.
The company is contributing to developing the African digital economy by offering dependable and affordable hosting services to businesses and individuals in the region.
How We Reviewed The Best Startups in Nigeria
Reviewing the best startups in Nigeria typically involves a thorough evaluation of a variety of factors, including but not limited to:
- Market potential: A startup with a significant market potential and a clear value proposition has a higher chance of success. We looked at the size of the target market, the problem the startup is solving, and the potential demand for the product or service.
- Founders and team: The experience and expertise of the founders and team are critical factors for a startup’s success. We looked into the founders’ backgrounds, education, and previous work experience to determine whether they have the necessary skills and expertise.
- Product or service: We also evaluated the startup’s product or service, including its features, functionality, and competitive advantage. The startup’s ability to innovate and adapt to changing market conditions was also considered.
- Business model: We also assessed their business model, including its revenue streams, cost structure, profitability, customer acquisition strategy, and growth potential.
- Funding and traction: The amount and source of funding and the startup’s traction in the market were reviewed. We evaluated the startup’s fundraising history, current financial position, and growth trajectory.
Frequently Asked Questions
Which startup is the most valuable in Nigeria?
After our group of experts researched the best startup in Nigeria, it was discovered that Flutter Waves and Bamboo are the most valuable in Nigeria.
What are the startups in Nigeria?
The startups in Nigeria are Bamboo, Omnibiz, Moove Africa, Reliance Health, Flutterwave, Umba, Vendease, TeamApt, and Interswitch, the most popular startups in Nigeria.
Which market is best for startups?
No single market is universally considered “best” for startups, as the ideal market for a startup will depend on several factors, including the industry, target audience, competition, and regulatory environment. But here are some markets considered the best for startups
- Healthcare
- Sales and retails
- Education
- Automotive industry
- Food and beverages
What is Africa’s most valuable startup?
Flutterwave, Opay, Omnibiz, Interswitch, Reliance Health, TeamApt, Jumia, Konga, Bamboo and many more are the most valuable startups in Africa.