African start-ups attracted a record $5.2 billion in venture capital last year, bouncing back from a pandemic-induced dip in 2020 with a nearly five-fold increase in investments, according to data released by an industry group on Tuesday.
The success of companies like Nigeria's Paystack, acquired in 2020 by US payments firm Stripe, and fellow fintech Flutterwave, valued at over $3 billion, has fueled international interest in up-and-coming businesses on the continent.
