Funded startups, ranked by AI

Nigeria’s top 15 funded startups

Edition 0 – beta·Published Oct 2026·Next scheduled update 8 Oct 2026

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.

Quarterly Claude · multi-AI consensus in a future edition· Published method· Order never changed by a human

Declare an interest in Nigerian startups

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 yet · sourceAirtel Africa · Telecoms and mobile money · London and NGX · Nigeria is its second market · source Not ranked: no intention is possible on a listed company.

National ranking · all sectors

Top 15 Radar Born here, based elsewhere Challengers

First edition: no movements yet.

#	Company	Sub-sector	Known funding	Estimated valuation (AI, order of magnitude)	Confidence
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). Is this your company? Report an error	Fintech › payment gateway and cross-border payments	USD >500M raised Series E · undisclosed · Jun 2026 (Ripple); last disclosed: Series D · USD 250M · Feb 2022 · source	Last known equity round: Series D · USD 250M · Feb 2022 Published valuation: USD 3.2bn (Jun 2026) Confidence index: HighMethod	Solid sources
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. Is this your company? Report an error	Fintech › mobile money and wallet	USD ~570M raised Series C · USD 400M · Aug 2021 (SoftBank Vision Fund 2) · source	Last known equity round: Series C · USD 400M · Aug 2021 (SoftBank Vision Fund 2) Published valuation: USD 2bn (Aug 2021) Confidence index: MediumMethod	Solid sources
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. Is this your company? Report an error	Fintech › SME and agent banking	USD >250M raised Series C extension · USD 90M · Oct 2025 (LeapFrog Investments) · source	Last known equity round: Series C extension · USD 90M · Oct 2025 (LeapFrog Investments) Published valuation: USD 1bn (Oct 2024) Confidence index: HighMethod	Solid sources
4	InterswitchLagos · founded 2002HQ Lagos Backed by private equity (Helios) and Visa rather than venture capital. Valued at USD 1bn in 2022, before the naira devaluation. Profitable in 2025. Is this your company? Report an error	Fintech › payment switching and cards	Undisclosed amount raised Strategic equity · USD 110M · May 2022 (LeapFrog Investments, Tana Africa Capital) · source	Last known equity round: Strategic equity · USD 110M · May 2022 (LeapFrog Investments, Tana Africa Capital) Published valuation: USD 1bn (May 2022) Confidence index: MediumMethod	Solid sources
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. Is this your company? Report an error	Fintech › mobile money and wallet	USD ~140M raised Series A · USD 100M · Aug 2021 (Chuangshi Capital, AfricInvest) · source	Last known equity round: Series A · USD 100M · Aug 2021 (Chuangshi Capital, AfricInvest) Confidence index: MediumMethod	Solid sources
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. Is this your company? Report an error	Fintech › consumer neobank	USD >92M raised Undisclosed round · 2024; last disclosed: Series B · USD 55M · Aug 2021 (Valar Ventures) · source	Last known equity round: Series B · USD 55M · Aug 2021 (Valar Ventures) Published valuation: USD 500M (Aug 2021) Confidence index: MediumMethod	Solid sources
7	Terra IndustriesAbuja · founded 2024HQ Nigeria; US offices planned Largest non-fintech raise in Nigeria in 2026. Is this your company? Report an error	Defence tech › drones and autonomous surveillance	USD 52M raised Seed (three tranches) · USD 52M · closed Aug 2026 (8VC, Silent Ventures and others) · source	Last known equity round: Seed · USD 52M · Aug 2026 (8VC, Silent Ventures and others) Confidence index: HighMethod	Solid sources
8	TradeDepotLagos · founded 2016Operations in Nigeria; US entity Debt not counted. No round since 2021. Is this your company? Report an error	Commerce › B2B consumer-goods distribution	USD ~84M equity raised Series B · USD 42M equity (+ USD 68M debt) · Dec 2021 (IFC) · source	Last known equity round: Series B · USD 42M · Dec 2021 (IFC) Confidence index: MediumMethod	Solid sources
9	FairMoneyLagos · founded 2017Founded by French entrepreneurs; HQ Lagos Profitable (2024 profit after tax of NGN 7.9bn), mostly deposit-funded. Is this your company? Report an error	Fintech › credit-led neobank	USD ~54M raised Series B · USD 42M · Jul 2021 (Tiger Global) · source	Last known equity round: Series B · USD 42M · Jul 2021 (Tiger Global) Confidence index: MediumMethod	Solid sources
10	Reliance HealthLagos · founded 2016HQ Lagos; US entity in Texas No round since 2022. Is this your company? Report an error	Healthtech › health insurance and clinics	USD 48M raised Series B · USD 40M · Feb 2022 (General Atlantic) · source	Last known equity round: Series B · USD 40M · Feb 2022 (General Atlantic) Confidence index: MediumMethod	Solid sources
11	Helium HealthLagos · founded 2014HQ LagosIs this your company? Report an error	Healthtech › hospital software and provider financing	USD ~42M raised Series B · USD 30M · Jun 2023 (AXA IM Alts) · source	Last known equity round: Series B · USD 30M · Jun 2023 (AXA IM Alts) Confidence index: MediumMethod	Solid sources
12	NombaLagos · founded 2016HQ Lagos Formerly Kudi. Debt facility (Sep 2026) not counted. Is this your company? Report an error	Fintech › merchant payments and business banking	USD ~35M raised Pre-Series B · USD 30M · May 2023 (Base10 Partners) · source	Last known equity round: Pre-Series B · USD 30M · May 2023 (Base10 Partners) Confidence index: MediumMethod	Solid sources
13	SabiLagos · founded 2020HQ Lagos Valued at USD 300M in 2023. Laid off 20% of staff and pivoted to minerals traceability in Jun 2025. Is this your company? Report an error	Commerce › commodity traceability (formerly B2B distribution)	USD ~60M raised Series B · USD 38M · May 2023 · source	Last known equity round: Series B · USD 38M · May 2023 Published valuation: USD 300M (May 2023) Confidence index: MediumMethod	Solid sources
14	KredeteLagos · founded 2023Is this your company? Report an error	Fintech › diaspora remittances and credit building	USD ~25M raised Series A · USD 22M · Sep 2025 (AfricInvest; Partech) · source	Last known equity round: Series A · USD 22M · Sep 2025 (AfricInvest; Partech) Confidence index: HighMethod	Solid sources
15	OmniRetailLagos · founded 2019HQ Lagos Formerly Omnibiz. Revenue of USD 54M in 2024. Is this your company? Report an error	Commerce › B2B retail distribution	USD ≥28M equity raised Series A · USD 20M · Apr 2025 (Norfund, Timon Capital) · source	Last known equity round: Series A · USD 20M · Apr 2025 (Norfund, Timon Capital) Confidence index: HighMethod	Solid sources

Ranking in descending order of AI-estimated valuation, based on public information, following a published method, with no human intervention on the order. Valuation ranges are indicative editorial estimates: 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. Edition 0: produced by Claude (Anthropic); a consensus of several AI models will apply in a future edition. Eligibility: at least $1M raised including one equity round, 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.

Range

An order of magnitude, never a figure.

Hundreds of k$
Millions $
Tens of M$
Hundreds of M$
Unicorn
Decacorn

Confidence

High: recent published valuation or round (under 24 months).
Medium: older data.
Low: single or unconfirmed source.

Full method →

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

Invest in Nigeria, together, from London, Houston or Dubai

Uback aggregates investment intentions from business angels, family offices, corporates and diaspora investors. You invest alongside professional investors already on the cap table, who have negotiated a shareholders’ agreement: you don’t start from a blank page.

Strength in numbers

Alone, a small ticket opens no doors. Together, Backers carry weight.

Declare an interest

In the country or one of its sectors, with a ticket range, and if you wish a preferred company. Paid, to show you are serious; valid for life, and movable to another pool until its pool is passed to the partner.

Critical mass is reached

When the pool’s combined amount reaches its critical mass, a floor amount estimated by the AI, the pool is passed to the local partner, who presents this demand to the company.

The local partner structures

If the company’s expectations and the Backers’ converge, the partner builds a transaction and presents it directly to the Backers concerned.

Closing

Capital raise or sale of existing shares: small tickets are pooled in a common vehicle set up by the local partner. Each Backer decides whether to take part.

Uback does not advise, does not negotiate, collects nothing. Each transaction is run by the local partner, under the law shown on the company’s profile.

Get notified when intentions open What happens after my declaration? Intention declarations open once the local partner signs · price per ticket band · valid for life · movable until the pool is passed on

The Uback partner in Nigeria

Introductions made by a local partner, currently being selected

Issuing house or broker-dealer registered with the SEC Nigeria (Securities and Exchange Commission), or investment bank, 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.

—deals worked on

—deals closed

—average response time

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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 2022 · source
Koolboks · Climate tech › solar-powered refrigerationSeries A · USD 11M (equity, debt and grants) · Sep 2025 (KawiSafi, Aruwa, All On) · source
Arnergy · Climate tech › solar and storage for businesses and homesSeries B · USD 15M · Apr 2025 (CardinalStone) · source
Raenest · Fintech › cross-border accounts for freelancersSeries A · USD 11M · Feb 2025 (QED Investors) · source
Seamless Technologies · HR tech › HR and payroll softwareSeries A extension · USD 9M · Jan 2025 (Gates Foundation, Helios Digital Ventures) · source
Termii · Business software › messaging APIsSeries A · USD 3.65M · Jun 2023 (Ventures Platform) · source
Shuttlers · Mobility › shared commuter busesEquity · USD 4M · Apr 2023 (Verod-Kepple Africa Ventures) · source
Releaf · Agritech › oil-palm processingPre-Series A · USD 3.3M · Jan 2023 (Samurai Incubate Africa) · source
Duplo · Fintech › B2B payments softwareSeed · USD 4.3M · Aug 2022 (Liquid2, Soma) · source
Bamboo · Fintech › online brokerageSeries A · USD 15M · Jan 2022 (Tiger Global, Greycroft) · source
uLesson · Edtech › K-12 video learningSeries B · USD 15M · Dec 2021 (Tencent, Nielsen Ventures) · source
Cowrywise · Fintech › savings and mutual fundsPre-Series A · USD 3M · Jan 2021 (Quona Capital) · source
Paga · Fintech › mobile money and agent networkSeries B2 · USD 10M · Sep 2018 (Global Innovation Fund) · source

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 valuation · source
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 valuation · source
LemFi · Fintech › diaspora remittances
Nigerian founders; HQ abroad, customers mainly in the UK, US and CanadaSeries B · USD 53M · Jan 2025 (Highland Europe) · source

Not ranked

Paystack · Owned by Stripe since 2020source
Mono · Acquired by Flutterwave (Jan 2026)source
Daystar Power · Acquired by Shell (Sep 2022)source
Kobo360 · Bought back by its co-founder after investors wrote down their shares (2024)source
Okra · Shut down (Jul 2025)source
Bento Africa · Operations halted (Feb 2025)source
54gene · Shut down (Sep 2023)source

The method in Nigeria

Calendar. Quarterly ranking, published on the 15th of January, April, July and October. Next edition: October 8, 2026.

Eligibility: at least $1M raised including one equity round, non-listed company, main operations in Nigeria.

Partner sought. Issuing house or broker-dealer registered with the SEC Nigeria (Securities and Exchange Commission), or investment bank.

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.

Method and rules, common to all countries →