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 U.S. payments firm Stripe, and fellow fintech Flutterwave, valued at over $3 billion, has fuelled international interest in up-and-coming businesses on the continent.
Founded in 2016 in Nigeria, the San Francisco-headquartered, specializes in individual and consumer transfers, one of several fintech firms aiming to facilitate and capitalize on Africa's booming payments market…
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