Kenya is Africa’s second most popular investment destination – start-up report

The 308 start-ups tracked here employ between them just short of 11,500 people.

Gabriella Mulligan, co-founder of Disrupt Africa, said, “Kenya has a well-established reputation as a pioneer in Africa’s tech space, as the home of the likes of M-Pesa, Ushahidi and the iHub, but its journey has been far from smooth. This report tells the story of the country’s start-up ecosystem and its development since 2015, with record levels of funding now flooding into Kenyan tech companies.

Akshay Grover, Group CEO at Cellulant, one of several partners who collaborated with Disrupt Africa to release the report, said, “Kenya’s growing economy is home to the most resilient and innovative start-ups in Africa. These start-ups, solving problems common to Africa as they are in Kenya, cannot scale if making and receiving payments is an arduous task. Here at Cellulant, our payment rails enable global and local businesses to accept and make payments easily paving the way for their growth.

The research firm states that as the fastest-growing start-up industry in Africa, African Fintech raised over US$1,3 billion in 2021 alone, the success of Fintech companies is being fuelled by several trends, including increasing smartphone ownership, declining internet costs,expanded network coverage, and a young, fast-growing, and rapidly urbanising population.

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