There are 1,315 FinTech startups in South Africa. This is according to Tracxn, a company that does research, in-depth coverage across various geographies, industries and sectors where startups exist.

Here is SA’s top 5 Fintech startups and their funding:

  1. TymeBank

Provider of the digital bank for individuals. Founded in 2012. It provides users with a platform where users can open an account online and get a debit card linked to the account. Users earn reward points on making payments via cards. It offers a savings tool GoalSave, that enables users to set up various savings goals. TymeBank is $271M funded.

2. Yoco

Payment processing solutions for businesses and merchants. Founded in 2015. Its product includes NFC-enabled and hardware-based card machines, payment gateways, link-based payments, and more. It provides Yoco App, an app-based platform for managing sales and tracking performance. Application is made available on iOS and Android devices. Yoco is $107M funded.

3. Ozow

Ozow offers payment processing solutions for businesses & merchants. Founded in 2005. It offers solutions such as payment gateways, QR-based payments, invoice payments, link-based payments, and more. It enables users to make online payments via credit/debit cards, bank transfers, and wallets. It features OzowPIN for payment confirmation in order for doing banking transactions. Ozow is $51.7M funded.

4. VALR

App-based platform for cryptocurrency trading. Founded in 2018. It uses AI and machine learning technology to validate the identity of the trader. It allows users to securely buy, store and sell cryptocurrencies. VALR is $55M funded.

5. Adumo

Payment processing solution for businesses. Founded in 2019. It provides a variety of payment options, including credit card readers, payment links, and Internet payment systems. Adumo is $25.9M funded.

Source: Tracxn

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