Innovation Wrapped: 2024, the year of Tech ballers

Can you handle this? 🤤🥵

Howdy, Innovator🍿

Well, well, well…

88% of you guys, from our last newsletter, asked to be updated on the 2024 doings of other African Tech Innovators. If only you could dedicate as much time to building your own product (no offense 😬).

It’s great that you wanna know what others have been up to this year, but when is it going to be your turn? When are we going to clap 👏 and cheer as you ball across the continent and beyond?

You do know that you can do it if you want to, right?

Anyhoo, we asked for your feedback, so we’re happy to oblige!

Now, who are the ballers behind our 2024 Innovation Wrapped door??

Partnerships and acquisitions that made waves 🌊

2024 has been the year of alliances that redefined what's possible in the African tech ecosystem. Here’s the scoop:

In February, MTN Group partnered with Mastercard to launch a prepaid virtual card. This initiative was to allow users to access over 100 million acceptance points worldwide, enhancing digital payment accessibility for underserved populations.

In May this year, Paystack and others threw Brass a lifeline. Even after their liquidity issues and unhappy customers, Brass got a second chance as part of Paystack’s SME playbook 🛠️

In August, Wasoko and MaxAB shook things up with a massive merger, creating a retail and logistics giant that now serves 450,000 merchants across East and North Africa. Talk about a power move! 😍

Meanwhile, Nigeria’s Risevest made waves in September by snapping up Kenya’s Hisa. The deal gave Risevest a seat at East Africa’s investment table.

And just when you thought the year couldn’t get bigger, Ticketmaster hit the African stage by acquiring South Africa’s Quicket.

For sure, 2025 isn’t ready for these guys. What about you? 👀

Innovators who did it solo 💪

Not all heroes wear capes; some go solo and still make a massive impact 💪

Founded in 2002, Vembu Technologies has remained bootstrapped for over two decades, growing from a small startup to a leader by helping their users keep their important data safe. This year, they continued to solidify their position as a key player in the data backup/recovery market.

Also, Syft grew from a tiny Johannesburg office to serving 80+ countries. This year, Xero acquired them for $70M, proving that maybe initial funding isn’t the biggest problem that African tech innovators have.

What’s that your favourite excuse again?

2024 made us say "Wow!" a lot. Here's why

The 2024 edition of the Latitude59 Pitch Competition drew 382 applicants from 37 countries, with ten startups reaching the final stage at the A.S.K Dome in Nairobi. The competition is part of Latitude59’s broader effort to lend a hand to global collaboration and while expanding its presence in Africa.

VunaPay, the innovative solution for enhancing financial access for farmers, impressed the jury at this competition, earning them the top prize . It’s no wonder that they (VunaPay) now have their sights set on Europe🥳

Africa's leading payment tech company, Flutterwave, also earned a spot on the prestigious CNBC Disruptor 50 list alongside companies like OpenAI, Stripe and Monzo. The CNBC Disruptor 50 list is renowned for spotlighting private companies that shake up traditional industries.

Finally, being a first for Africa, Maliyo Games partnered with Disney Games this year to launch a mobile game based on the Disney+ animated series “Iwájú.” 😍😍

African tech innovators are always doing it big! 💪

What about when the wheels didn't quite turn right 🚫

Not every innovation hit the ground running. Some techies stumbled, and some others just couldn't make it 🥺🥺

The wealthtech startup, Cova, ceased operations in 2024 due to several difficulties that they faced.

Thepeer also announced its closure this year, returning its remaining capital to investors after facing insurmountable challenges in scaling its operations

While these are sad eventualities, other Innovators can avoid the same pitfalls by learning a thing or two about their journey.

Top Innovations nobody saw coming in 2024 🔮

As honourable mentions, here are some really dope things that have happened this year which nobody could have predicted:

• Afriex upped the game by introducing Global Accounts—a feature that lets users receive, hold, and transact in multiple currencies, including USD, GBP, and EUR. Their latest innovation cements Afriex’s mission to simplify financial transactions for Africans worldwide.

• An AI chatbot, Ulangizi, has been developed to assist Malawian farmers with agricultural advice. They’ve been chatting with it in Chichewa, their local language.

• The electric vehicle company, Spiro, has some significant expansion plans across multiple African countries.

***

2024 has truly been a year of breakthroughs, bumps, and big wins!

From unexpected collaborations to solo success stories, Africa's tech scene has continued to prove that the future is bright. Will you be part of the crowd that’ll shape 2025? 🌍✨

Enjoy your weekend and…