African Fintech Funding 2025–2026: Debt, Megadeals, Fewer Deals

African fintech funding came back in 2025 after two difficult years, but it did not return to the 2021–2022 boom. More money is now flowing as debt, a handful of large companies capture most of the capital, and fintech is losing its share to energy, mobility and health. For Tunisian founders, who compete for the same investors, the shift changes what a fundable fintech looks like.

Three trackers, three totals

There is no single official figure for African startup funding. The main trackers use different methods, so their totals differ:

• Partech Africa counted US$4.1 billion of tech funding in 2025, up 25% from 2024 and the strongest year since 2022. That includes US$2.4 billion of equity across 462 deals and a record US$1.6 billion of debt.
• Africa: The Big Deal recorded US$3.2 billion in 2025 for deals of at least US$100,000, a 40% rise after falls of 35% in 2023 and 25% in 2024.
• AVCA, the African private capital association, put the total at US$2.9 billion, up 4%.

The gaps come from what each counts: whether debt and grants are included, the minimum deal size and how undisclosed rounds are treated. When you read a headline number, check which tracker it comes from before comparing it with another.

Fintech still leads, but its share is falling

Fintech remains Africa's largest startup sector. According to Partech's 2025 report, fintechs raised US$769 million in equity in 2025, about a quarter of the equity total. Partech described that share as declining. Other sectors grew much faster:

• cleantech: US$550 million in equity, up 186%;
• enterprise software: US$238 million, up 55%;
• healthtech: US$215 million, up 232%.

The largest fintech rounds of 2025 went to established players. Africa: The Big Deal listed Wave, MNT-Halan and Moniepoint among the companies that raised nine-figure sums. Several of these were partly or wholly debt: Wave's US$137 million in June 2025, for example, was a debt facility. The profiles behind these deals are covered in our piece on Africa's fintech unicorns.

Debt is now a core part of the market

The clearest trend is the rise of debt. Partech found that debt reached 41% of all tech capital in 2025, against 31% in 2024 and 17% in 2019. The number of debt deals rose from 77 to 107.

Debt suits fintechs that lend, because they need capital to fund loan books rather than to cover operating losses. It also suits companies that finance assets such as solar kits or electric motorbikes. But it is only available to companies with predictable cash flows and audited numbers. For an early-stage startup, venture debt is rarely an option.

H1 2026: money holds up, deal counts fall

The first half of 2026 showed a market split in two. Analyst Max Cuvellier Giacomelli, who co-founded Africa: The Big Deal, estimated in a July 2026 analysis for NTU's Centre for African Studies that African startups raised about US$1.36 billion in H1 2026, down about 6% from H1 2025. Key points:

• fintech raised about US$556 million, or 41% of the total, with Flutterwave, MNT-Halan and ValU among the main contributors;
• only 190 ventures raised US$100,000 or more, the lowest half-year count since he began tracking in 2021;
• Egypt led with about US$327 million, ahead of Nigeria (US$254 million), Kenya (US$126 million) and South Africa (US$83 million);
• Morocco passed US$25 million, with at least ten startups raising US$100,000 or more.

Launch Base Africa, using its own tally, counted at least US$1.21 billion across 151 deals, a 17% fall in value. It found that the median deal fell from US$4.65 million to US$2.65 million and that debt rose to 36.7% of disclosed capital. Both sources agree on the main point: money is concentrated in fewer, larger deals, while the typical founder is raising less.

Where North Africa stands

Egypt is now one of Africa's top funding destinations, helped by fintechs such as MNT-Halan and ValU (see our piece on Egypt's fintech boom). Morocco is smaller but growing. Tunisia trails well behind. AVCA data reported by African Manager ranked Tunisia 7th in Africa in 2025 by deal count, with US$39 million raised across 17 deals, against US$604 million for Egypt and US$114 million for Morocco.

The first half of 2026 was weaker for Tunisia. Launch Base Africa reported that it could find almost no disclosed equity rounds in the country, and pointed to the 2025 labour law restricting subcontracting, foreign exchange rules and the wider economic slowdown. Our analysis of Tunisian startup funding trends looks at these figures in detail.

What it means for Tunisian fintech founders

The continental data points to a few practical lessons:

• Investors want revenue, not just users. With fewer deals and smaller medians, early rounds go to startups that show unit economics.
• Lending models need debt partners. A Tunisian lending or BNPL startup should plan early for credit lines from banks or development finance institutions, not only equity.
• Licences are part of the pitch. Many of the largest African fintech rounds went to licensed companies. In Tunisia that means engaging early with the Central Bank's framework for payment institutions.
• Regional ambition matters. Pan-African and Gulf investors look for markets larger than Tunisia alone. A credible plan for Morocco, francophone West Africa or Europe can widen the investor pool.

Local funds backed by ANAVA remain the main source of first cheques. Our guide to venture capital in Tunisia covers the local options in more detail.