African Fintech Firms Making Waves with Global Acquisitions
African fintech firms are no longer just seeking global investment; they’re acquiring international players, reshaping payments, and putting the continent at the centre of global financial innovation.
Three years ago, Africa offered the world bold innovations and tech talent but lacked the financial muscle to scale its startups, making it largely dependent on foreign capital for growth.
Today, the continent is flipping the script as more African startups show they are no longer content with being acquired to access global markets.
Instead, several of them are now the acquirers, using their growing financial strength and deep understanding of their markets to expand beyond the continent and stake a claim in global tech hubs across Europe and the United States.
LemFi, a Nigerian-founded fintech company, recently made headlines by acquiring Pillar, a UK-based card issuer. This move is among the latest, unimaginable just a few years ago.
LemFi Chief Executive Officer Ridwan Olalere expressed excitement about the acquisition, stating that the company is leveraging the opportunity to design a global infrastructure that will remove financial borders for migrants.
“We are starting with credit cards in the UK designed specifically for immigrants. With over 2 million customers globally, Lemfi is reimagining the future of international payments for immigrants,” said Olalere.
Olalere’s experience with Fintech Unicorns, Opay, and Flutterwave has undoubtedly prepared him for this strategic move. The acquisition gives LemFi a Financial Conduct Authority (FCA) license and critical infrastructure to expand its remittance services between the UK, the US, and Africa, spanning over 20 markets.
In a similar vein, MFS Africa, a leading pan-African fintech firm, acquired a U.S.-based company, Global Technology Partners (GTP), in a deal estimated at over US$30 million. This strategic move strengthened MFS Africa’s global payments capabilities, making it the first pan-African fintech with an established presence in the United States.
Meanwhile, Kenya-founded Aza Finance, formerly BitPesa, has been a pioneer in cross-border payments and recently announced plans to be acquired by DLocal, a Uruguayan-based fintech company. This acquisition will further solidify Aza Finance’s position as a trusted link between African markets and global payments ecosystems.
Flutterwave, another Nigerian fintech giant, may not have announced significant acquisitions in the U.S. or Europe yet, but the company is aggressively pursuing global expansion by obtaining licenses in international markets. Flutterwave’s global presence has increased significantly, with a growing number of businesses on its platform receiving payments from new geographic locations.
As African fintech firms continue to make waves with global acquisitions and strategic partnerships, the continent is poised to become a major player in the global financial innovation landscape.
Credit: Conrad Onyango, Bird Story Agency
