Funding rounds often signal that an idea is gaining validation, and give us a glimpse of which young companies are starting to break out.
Every Saturday, we bring you five startups making waves in the African startup world.
In this edition, we spotlight companies that have recently raised fresh capital to grow, whether that’s building payment rails, launching super-apps, or even turning plastic waste into homes.
1. Enza (Egypt)
Enza builds the payment solutions that let banks and fintechs run wallets, cards, and real-time payments. Based in Egypt and founded in 2022, the startup recently raised US$6.75 million in seed funding to expand across key African markets.
The founders, Hany Fekry and Hamish Houston, both former executives at Network International, who previously oversaw global acceptance, processing, and consumer finance at Network International, noticed a critical gap. While Network was strengthening payment acceptance across the Middle East and Africa, comprehensive solutions for banks and fintechs—especially in Africa—were still missing.
Why it matters: Most fintech apps rely on outdated or fragmented systems in the background. Enza is modernizing that plumbing.
2. ORA (Morocco)
Launched in 2023, ORA is aiming to tackle Morocco’s digital and financial inclusion challenges, driving its vision of an e-Morocco for everyone. It offers multiple features, including P2P transactions, an e-commerce platform, on-demand services, chat functionality, social networking, and a digital wallet. The startup secured $1.9 million pre-Series A funding in March to expand its offering.
Founded by Omar Alami, the startup is scaling its food delivery platform, Kooul, and ORA Cash, its free money transfer solution.
Why it matters: Africa hasn’t cracked the super-app model yet. ORA is betting that Moroccon users don’t want ten different apps—they want one hub for money, food, and social connection.
3. Raenest (Nigeria)
Raenest helps freelancers and SMEs handle global payments with multi-currency wallets, cards, and payout tools.
Since launching in 2022, it has already processed over $1 billion in transactions, and this year raised $11 million in Series A funding.
The startup founded by Victor Alade and Richard Oyome, currently operating in Kenya, Ghana, Tanzania, and Uganda, is further looking to expand into North Africa and the U.S.
Why it matters: Getting paid from abroad is still a headache for African freelancers. Raenest makes it seamless, opening doors for African talent to compete globally without money getting stuck at borders.
4. Affinity Africa (Ghana)
Affinity Africa is focused on financial inclusion, offering mobile-first savings, wallets, and credit for people who traditional banks often overlook.
The Ghana-based startup raised $8 million earlier this year to scale its reach.
Ghana’s banking sector struggles with high fees, costly operations, heavy paperwork, and slow onboarding, leaving millions underserved. Affinity is tackling this gap, having already onboarded over 50,000 customers since its launch last October, according to founder and CEO Tarek Mouganie.
Why it matters: While Nigeria continues to dominate the fintech space thanks to its favorable licensing frameworks, Ghana has traditionally been slower to catch up. The approval of Affinity and the growing traction for Ghanaian fintech now signal a new wave of growth for the sector in Ghana.
5. Kubik (Ethiopia)
Kubik transforms hard-to-recycle plastic waste into low-cost building materials. Its innovative solution brings down the construction cost per square meter by at least 40%.
The Ethiopia-based climate-tech startup raised $1.9 million in 2024 to expand its operations across the continent.
The startup founded by Kidus Asfaw is turning plastic waste into low-carbon and durable interlocking building materials like bricks and columns. It already has launched a factory in Addis Ababa and has set the goal to expand rapidly in other countries on the continent.
Why it matters: Africa faces a double challenge: a housing shortage and mounting plastic waste. Kubik addresses both by turning trash into affordable, durable materials, helping cities grow more sustainably.