Startups ranked by AI-estimated valuation
Nigeria’s 15 most valuable startups
A quarterly ranking of non-listed Nigerian startups that have already raised funds, established by artificial intelligence from public information. The market sets the value; our AI estimates it.
The market at a glance
15companies ranked
13companies on the radar
USD 343Mraised in 2025
86rounds in 2025
86 startups raised at least USD 100k in 2025; funding fell 17%, the only decline among Africa’s big four markets. First half of 2026: USD 254M, the best half-year since 2022 and first in Africa for equity. Sources: Africa: The Big Deal (2025), Africa: The Big Deal (H1 2026). Intention counters will be shown above a threshold of amount and number of Backers.
Listed benchmarks
MTN Nigeria · Telecoms and mobile money · NGX · no tech startup has listed on the NGX technology board yetAirtel Africa · Telecoms and mobile money · London and NGX · Nigeria is its second market
Not ranked: no intention is possible on a listed company.
National ranking · all sectors
Snapshot1 Oct 2026A snapshot taken on 1 Oct 2026
This ranking shows the startups as they stood on 1 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 8 Jan 2027.
Spotted a more recent round? Tell us →First edition: no movements yet.
This ranking shows the startups as they stood on 1 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 8 Jan 2027.
Spotted a more recent round? Tell us →First edition: no movements yet.
| # | Company | Sub-sector | Known funding | Estimated valuation (AI) · range | Pool of InterestsInterest: a free, non-binding declaration on a company, or on a sector within an area, made during the free phase of a pool. Pool: all the Interests declared on the same target. This column shows the number of Backers and the combined amount of their tickets. Terms for Backers → | BackBacking a startup on Uback (pronounced “you back”) can be done in two ways: Interest · free: a non-binding declaration that signals your demand for a company or a sector. You can move or withdraw it at any time, with up to 5 at once. Intention · coming soon: a paid, confirmed declaration, still non-binding. Once its pool reaches critical mass, it is presented to a company by a local partner. Neither is an order nor a commitment to invest. Terms for Backers → |
|---|---|---|---|---|---|---|
| 1 | FlutterwaveLagos · founded 2016HQ San Francisco (US); main operations in Lagos Valuation reported at USD 3.2–3.3bn. Acquired Mono in Jan 2026 (all-stock). |
Fintech › payment gateway and cross-border payments | USD >500M raised Series E · undisclosed · Jun 2026 (Ripple); last disclosed: Series D · USD 250M · Feb 2022 |
Last known equity round: Series D · USD 250M · Feb 2022 Published valuation: USD 3.2bn (Jun 2026)Method |
Be the first | Back |
| 2 | OPayLagos · founded 2018Operations in Lagos; offshore holding not verified Valued at USD 2bn in 2021. A US listing at about USD 4bn was reported in preparation (May 2026). 2025 revenue of USD 536M, 88% from Nigeria. |
Fintech › mobile money and wallet | USD ~570M raised Series C · USD 400M · Aug 2021 (SoftBank Vision Fund 2) |
Last known equity round: Series C · USD 400M · Aug 2021 (SoftBank Vision Fund 2) Published valuation: USD 2bn (Aug 2021)Method |
Be the first | Back |
| 3 | MoniepointLagos · founded 2015HQ Lagos; offices in the UK, the US and Kenya Unicorn since Oct 2024. Visa took a stake in Jan 2025 (amount undisclosed). Formerly TeamApt. |
Fintech › SME and agent banking | USD >250M raised Series C extension · USD 90M · Oct 2025 (LeapFrog Investments) |
Last known equity round: Series C extension · USD 90M · Oct 2025 (LeapFrog Investments) Published valuation: USD 1bn (Oct 2024)Method |
Be the first | Back |
| 4 | InterswitchLagos · founded 2002HQ LagosControlled by Helios Investment Partners (majority) Backed by private equity (Helios) and Visa rather than venture capital. Valued at USD 1bn in 2022, before the naira devaluation. Profitable in 2025. |
Fintech › payment switching and cards | Undisclosed amount raised Strategic equity · USD 110M · May 2022 (LeapFrog Investments, Tana Africa Capital) |
Last known equity round: Strategic equity · USD 110M · May 2022 (LeapFrog Investments, Tana Africa Capital) Published valuation: USD 1bn (May 2022)Method |
Be the first | Back |
| 5 | PalmPayLagos · founded 2019UK holding; operations in Lagos Reported in Aug 2026 to be raising about USD 200M at over USD 1bn and weighing a Hong Kong listing; not confirmed as closed. |
Fintech › mobile money and wallet | USD ~140M raised Series A · USD 100M · Aug 2021 (Chuangshi Capital, AfricInvest) |
Last known equity round: Series A · USD 100M · Aug 2021 (Chuangshi Capital, AfricInvest)Method | Be the first | Back |
| 6 | KudaLagos · founded 2019HQ London (UK); Kuda Microfinance Bank in Nigeria Valued at USD 500M in 2021. Restructuring with layoffs in Mar 2026; still loss-making. |
Fintech › consumer neobank | USD >92M raised Undisclosed round · 2024; last disclosed: Series B · USD 55M · Aug 2021 (Valar Ventures) |
Last known equity round: Series B · USD 55M · Aug 2021 (Valar Ventures) Published valuation: USD 500M (Aug 2021)Method |
Be the first | Back |
| 7 | Terra IndustriesAbuja · founded 2024HQ Nigeria; US offices planned Largest non-fintech raise in Nigeria in 2026. |
Defence tech › drones and autonomous surveillance | USD 52M raised Seed (three tranches) · USD 52M · closed Aug 2026 (8VC, Silent Ventures and others) |
Last known equity round: Seed · USD 52M · Aug 2026 (8VC, Silent Ventures and others)Method | Be the first | Back |
| 8 | TradeDepotLagos · founded 2016Operations in Nigeria; US entity Debt not counted. No round since 2021. |
Commerce › B2B consumer-goods distribution | USD ~84M equity raised Series B · USD 42M equity (+ USD 68M debt) · Dec 2021 (IFC) |
Last known equity round: Series B · USD 42M · Dec 2021 (IFC)Method | Be the first | Back |
| 9 | FairMoneyLagos · founded 2017Founded by French entrepreneurs; HQ Lagos Profitable (2024 profit after tax of NGN 7.9bn), mostly deposit-funded. |
Fintech › credit-led neobank | USD ~54M raised Series B · USD 42M · Jul 2021 (Tiger Global) |
Last known equity round: Series B · USD 42M · Jul 2021 (Tiger Global)Method | Be the first | Back |
| 10 | Reliance HealthLagos · founded 2016HQ Lagos; US entity in Texas No round since 2022. |
Healthtech › health insurance and clinics | USD 48M raised Series B · USD 40M · Feb 2022 (General Atlantic) |
Last known equity round: Series B · USD 40M · Feb 2022 (General Atlantic)Method | Be the first | Back |
| 11 | Helium HealthLagos · founded 2014HQ Lagos | Healthtech › hospital software and provider financing | USD ~42M raised Series B · USD 30M · Jun 2023 (AXA IM Alts) |
Last known equity round: Series B · USD 30M · Jun 2023 (AXA IM Alts)Method | Be the first | Back |
| 12 | NombaLagos · founded 2016HQ Lagos Formerly Kudi. Debt facility (Sep 2026) not counted. |
Fintech › merchant payments and business banking | USD ~35M raised Pre-Series B · USD 30M · May 2023 (Base10 Partners) |
Last known equity round: Pre-Series B · USD 30M · May 2023 (Base10 Partners)Method | Be the first | Back |
| 13 | KredeteLagos · founded 2023 | Fintech › diaspora remittances and credit building | USD ~25M raised Series A · USD 22M · Sep 2025 (AfricInvest; Partech) |
Last known equity round: Series A · USD 22M · Sep 2025 (AfricInvest; Partech)Method | Be the first | Back |
| 14 | OmniRetailLagos · founded 2019HQ Lagos Formerly Omnibiz. Revenue of USD 54M in 2024. |
Commerce › B2B retail distribution | USD ≥28M equity raised Series A · USD 20M · Apr 2025 (Norfund, Timon Capital) |
Last known equity round: Series A · USD 20M · Apr 2025 (Norfund, Timon Capital)Method | Be the first | Back |
| 15 | SabiLagos · founded 2020HQ Lagos Valued at USD 300M in 2023. Laid off 20% of staff and pivoted to minerals traceability in Jun 2025. |
Commerce › commodity traceability (formerly B2B distribution) | USD ~60M raised Series B · USD 38M · May 2023 |
Last known equity round: Series B · USD 38M · May 2023 Published valuation: USD 300M (May 2023)Method |
Be the first | Back |
Back · Backing on Uback (pronounced “you back”) means declaring an Interest (free) or an Intention (coming soon). Backing does not mean that this company is raising funds or that a shareholder is selling shares, and it is not a commitment to invest. Any deal, through a funding round or a sale by an existing shareholder, is handled by a local partner. · Terms
Ranking in descending order of AI-estimated valuation, based on public information, with no human intervention on the order. The valuations, ranges and brackets shown are editorial estimates produced by AI, purely indicative and imperfect by nature: neither a financial valuation, nor an offer, nor investment advice. Only the market sets a company’s value, through a funding round or a sale. Ranking established by Claude (Anthropic) from public information, following the published rules. A consensus of several AIs will apply from 1 December 2026. Eligibility: at least $1M raised in equity, non-listed company, main operations in Nigeria. Request a correction
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How to read this ranking
Rank
Companies are ranked by AI-estimated valuation, highest first. The market sets the value; our AI estimates it.
Estimate
An AI-estimated valuation, its uncertainty range and its order of magnitude. Indicative, and imperfect by nature.
- Hundreds of k$
- Millions $
- Tens of M$
- Hundreds of M$
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Rankings by sector
Four verticals at launch, more when the feasibility test allows.Coming soon · Top 10
Fintech & payments
Payments, mobile money, neobanks and lending.
Coming soon · Top 10
Commerce & distribution
B2B distribution for retailers and traceability.
Coming soon · Top 10
Health & education
Health insurance, clinics, hospital software and learning.
Coming soon · Top 10
Energy & deeptech
Solar, storage and defence technology.
LogisticsAgritechHR softwareMobilityMedia
The Uback partner in Nigeria
Introductions made by a local partner, currently being selected
M&A boutique or capital raising adviser registered with the SEC Nigeria (Securities and Exchange Commission), the only party entitled to contact companies and structure deals. Uback remains a media: it ranks and aggregates intentions, it takes part in no transaction.
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Radar · known eligible companies, not ranked
Sorted by date of last round, with no judgement and no AI call. Undisclosed amount: the round is confirmed by the press, not its amount.
- Bumpa · Commerce › social-commerce software for SMEsUndisclosed · Mar 2026 (Jobtech Alliance); last disclosed: seed USD 4M, Oct 2022Back
- Koolboks · Climate tech › solar-powered refrigerationSeries A · USD 11M (equity, debt and grants) · Sep 2025 (KawiSafi, Aruwa, All On)Back
- Arnergy · Climate tech › solar and storage for businesses and homesSeries B · USD 15M · Apr 2025 (CardinalStone)Back
- Raenest · Fintech › cross-border accounts for freelancersSeries A · USD 11M · Feb 2025 (QED Investors)Back
- Seamless Technologies · HR tech › HR and payroll softwareSeries A extension · USD 9M · Jan 2025 (Gates Foundation, Helios Digital Ventures)Back
- Termii · Business software › messaging APIsSeries A · USD 3.65M · Jun 2023 (Ventures Platform)Back
- Shuttlers · Mobility › shared commuter busesEquity · USD 4M · Apr 2023 (Verod-Kepple Africa Ventures)Back
- Releaf · Agritech › oil-palm processingPre-Series A · USD 3.3M · Jan 2023 (Samurai Incubate Africa)Back
- Duplo · Fintech › B2B payments softwareSeed · USD 4.3M · Aug 2022 (Liquid2, Soma)Back
- Bamboo · Fintech › online brokerageSeries A · USD 15M · Jan 2022 (Tiger Global, Greycroft)Back
- uLesson · Edtech › K-12 video learningSeries B · USD 15M · Dec 2021 (Tencent, Nielsen Ventures)Back
- Cowrywise · Fintech › savings and mutual fundsPre-Series A · USD 3M · Jan 2021 (Quona Capital)Back
- Paga · Fintech › mobile money and agent networkSeries B2 · USD 10M · Sep 2018 (Global Innovation Fund)Back
Born in Nigeria, based elsewhere
Companies of Nigerian origin whose main operations are now abroad: not ranked, shown with the law governing their shares.
- Moove · Mobility › vehicle financing and fleets
Founded in Lagos; HQ United Arab Emirates, operations in 14 countriesSeries C · USD 250M · Aug 2026 (Mubadala) · USD 2.1bn valuationBack - Andela · Future of work › tech-talent marketplace
Founded in Lagos; now fully remote, present in 80+ countriesSeries E · USD 200M · Sep 2021 (SoftBank Vision Fund 2) · USD 1.5bn valuationBack - LemFi · Fintech › diaspora remittances
Nigerian founders; HQ abroad, customers mainly in the UK, US and CanadaSeries B · USD 53M · Jan 2025 (Highland Europe)Back
Not ranked
- Paystack · Owned by Stripe since 2020
- Mono · Acquired by Flutterwave (Jan 2026)
- Daystar Power · Acquired by Shell (Sep 2022)
- Kobo360 · Bought back by its co-founder after investors wrote down their shares (2024)
- Okra · Shut down (Jul 2025)
- Bento Africa · Operations halted (Feb 2025)
- 54gene · Shut down (Sep 2023)
The method in Nigeria
Calendar. Quarterly ranking, published on the 8th of January, April, July and October. Next edition: January 8, 2027.
Eligibility: at least $1M raised in equity, non-listed company, main operations in Nigeria.
Partner sought. M&A boutique or capital raising adviser registered with the SEC Nigeria (Securities and Exchange Commission).
Sources. Nigerian and international technology and business press (TechCabal, Techpoint Africa, Disrupt Africa, Nairametrics, BusinessDay, TechCrunch, Bloomberg, Semafor), Africa: The Big Deal and Partech Africa reports, company and investor announcements.