5 African fintech firms listed among the world’s Top 100 cross-border payments companies
The 2022 Cross-Border Payments 100 list recognises the leading companies in cross-border payments worldwide, including publicly traded companies, startups and private companies.
It covers companies operating across consumer money transfers and remittances, B2B payments, eCommerce companies, payment processors, crypto providers, etc.
Here are the 5 African fintech companies listed among the world’s Top 100 Cross-Border Payments Companies in 2022
Chipper Cash
Founded: 2018
Customer focus: Consumers, B2B Payments
Based in San Francisco, US, Chipper Cash builds software to enable free and instant peer-to-peer cross-border payments in Africa and Europe, as well as solutions for businesses and merchants to process online and in-store payments.
In November 2021, the company raised $150m in a Series C extension round and was given a $2bn valuation, taking it into unicorn territory.
Flutterwave
Founded: 2016
Customer focus: SMEs, Large Enterprises, Fintechs
Flutterwave is a Nigerian fintech providing payment infrastructure for global merchants and payment service providers in Africa.
In February, it saw its valuation grow to $3bn in a Series D funding round – more than triple its valuation twelve months earlier.
MFS Africa
Founded: 2009
Customer focus: Merchants, SMEs, Financial Services
MFS Africa is a pan-African company operating the largest digital payments gateway on the continent. In November 2021, the business raised $100m through its equity and debt financing round. It connects more than 250 merchant customers across 35+ African countries and 700 corridors.
Mukuru
Founded: 2004
Customer focus: Remittances
Mukuru offers cash collections and bank and mobile wallet top-up services, allowing people to send money to Africa from the rest of the world. It recently partnered with WorldRemit to become its remittances payout partner in territories where it has an established network.
MPesa
Founded: 2020
Customer focus: Remittances
Founded by Vodafone and Safaricom (a leading telecoms provider in Kenya), M-PESA is a mobile phone-based money transfer service.
It enables cross-border payments for more than 51 million customers across seven countries in Africa with secure international transfers via their mobile phones. More than $314bn in transactions is sent annually, with Kenya and Tanzania its two biggest markets.
