Top 10 African Tech Startup M&A Deals in 2024
2024 has been a year of ups and downs for African tech startups, with funding facing challenges due to a global capital shortage. However, there are signs of a return to the ecosystem, and success stories like mergers and acquisitions can attract more investors to the continent’s tech space.
Let’s take a look at the top 10 M&A deals of 2024:
In May, South African fintech company Adumo was acquired by Lesaka in a deal valued at ZAR1.59 billion (US$85.9 million). Adumo is known for being the largest independent payments processor in South Africa and has been on an acquisition spree in recent years. The acquisition will see Adumo merging with Lesaka to offer superior financial services in Southern Africa.
In March, American payroll company Deel acquired South African payroll and HR software company PaySpace. This deal marked Deel’s largest acquisition yet and helps strengthen its presence in Africa.
Additionally, Kenyan mobility startup BuuPass acquired QuickBus in May to expand into Nigeria and South Africa. BuuPass is a B2B2C mobility marketplace that allows users to book travel tickets easily. With this acquisition, BuuPass will offer more routes and onboard additional bus operators.
In another deal in May, Johannesburg-based home services marketplace Kandua was acquired by Santam, South Africa’s largest short-term insurer. Kandua will now merge with Santam’s Home+ offering to provide enhanced home services to customers.
Algeria’s Yassir acquired Tunisian startup KooL in June, solidifying its position as Africa’s leader in mobility and delivery services. The deal will help Yassir expand its meal delivery services in Tunis.
South African fintech startup Peach Payments acquired custom software development firm Operativa in July. Peach Payments offers digital payments solutions and is now looking to grow its product offering through this acquisition.
In November, Ghanaian retail-tech startup Tendo acquired counterpart Shopa to revolutionize supply chain infrastructure in Africa. Tendo’s platform allows individuals to start online businesses without initial capital, and this acquisition will enhance their supply chain capabilities.
These M&A deals showcase the vibrant and evolving landscape of African tech startups in 2024. Stay tuned for more exciting developments in the tech space on the continent.
