Mergers and Aquisition in the African tech world on the rise

In 2022 , almost 5bn USD of funding was available to the Africa tech startup ecosystem , which meant with increased cash in hand and a more mature ecosystem, more of these companies went shopping .

According to techcabal by Q3 of 2022 startup aquisitions had gone up by almost 41% and the trend looks like it will continue into 2023  with Flutterwave , Africa’s fintech giant valued at over 3bn USD is rumoured to be  bidding to aquire british fintech railsr.

Railsr is a platform  which  provider of banking-as-a-service and embedded finance software.

see below a sample list of the megers and aquisitions of 2022 , source : briter bridges . read full break down of the report here 

2022 Aquisitions




Ghanaian cash flow and spend management platform, Float, has completed a full acquisition of Accounteer, a Nigerian subscription-based cloud-based accounting service that combines bookkeeping, tax prep, and financial advisory services all in one platform for African businesses.


Ad Dynamo


Aleph Holding, global partner to the world’s biggest digital media players, has announced its acquisition of Ad Dynamo. The acquisition sees Aleph Holding entering the African market as it continues its drive to expand globally and increase its presence in new territories.


Axa Credit


Morroco-based B2B e-commerce startup Chari, has acquired Axa Credit, the credit line of Axa Assurance, in a deal worth $22 million.

This marks the company’s second acquisition after it acquired fintech startup Karni back in mid-2021.

Since its founding in 2018, Chari has raised a couple of funding rounds, valuing the company at over $100 million.

The company is currently in the process of closing its Series A round.

$22 million

Bluewave Insurance


Kenyan insurtech startup Lami Technologies has acquired Bluewave Insurance Agency for an undisclosed amount as it seeks to make insurance covers accessible to more people across Africa.

Bluewave insurance, also a Kenyan startup, was founded by Adelaide Odhiambo, who now joins Lami as the head of commercial partnerships.


Cape AI


South African startup Cape AI has been acquired by AI solutions provider, Spatialedge in order to scale its offering that makes such solutions available to large enterprises across Africa.




Egypt-based community management software Milango has acquired proptech startup Circle. The acquisition will help Milango to add more than 100,000 residential units to its client base.




Automotive e-commerce company Autochek has expanded to new markets in Africa after acquiring CoinAfrique, a classified ad marketplace, nearly two months after the Nigerian startup acquired Moroccan auto marketplace KIFAL Auto, marking its foray into North Africa.

The classified ad marketplace is said to attract 60,000 new ads and 1.5 million visits every month, with the car category accounting for 50% of the business transactions happening on the site.


Daystar Power


Global oil giant, Royal Dutch Shell, has acquired Nigerian solar energy provider, Daystar Power, as part of efforts to cut its greenhouse gas emission and focus on renewables.

Shell’s acquisition will help Daystar increase its installed solar capacity to 400mw by 2025 from 32mw and also expand services beyond Nigeria to East and Southern Africa where it is seeing increasing demand from South Africa.




Chari acquires 100% stake in Diago, an Ivorian app that connects neighborhood shops to FMCG producers/importers. The deal was handled by AF Legal, RBB International firms and Houda Law firm.




Egypt-based healthtech platform CheckMe has acquired a majority stake in DoctorOnline, a doctor appointment booking app.

The deal was facilitated through acquisitions and mergers (M&A) advisory firm Exists.Me and brings CheckMe’s valuation to $20 million

$20 million

EAC Directory

Host Africa

Host Africa (Pty) Ltd trading as HOSTAFRICA has acquired EAC directory, effective 1 December 2022.

With the acquisition, the impact within Kenya is expected to drive the hosting market forward and take HOSTAFRICA one step closer to assuming its role as a global hosting giant.


EDAM Healthcare Services

PTST Investments Holdings

PTS Investments Holdings acquired EDAM Healthcare Services to directly invest into the Egyptian and MEA region.



Flo by Saada


Kenya’s Elloe, a conversational e-commerce startup, has acquired counterpart Flo by Saada for an undisclosed sum to help it scale operations and move into new markets.




Bloc’s 100% acquisition of Getwallets is combined cash and equities deal with the revamped newcomer to the Bloc family remaining a standalone entity still led by CEO & founder, Jerry Enebeli.


Green Lion

Trade Depot

Founded in 2016, TradeDepot connects consumer goods brands in Africa directly to a target market of several million retail outlets across the continent.


The company, which raised a US$110 million Series B funding round in December, is already active in South Africa and Ghana, and will now be expanding further across the latter after acquiring Green Lion.




Santam, South Africa’s leading short-term insurer, is enhancing its digital offering, with the announcement that it is increasing its interest in insurance technology (insurtech) company JaSure by acquiring the remaining 49% shareholding.


In 2020 Santam acquired 51% shareholding in JaSure. The company said the buyout is a significant growth enabler, that will realise digital offerings for clients across the Santam Group, particularly in its Commercial and Personal (C&P) insurance business.




Cairo based Appetito is acquiring Tunisia’s Lamma to expand operations in Morocco, Tunisia and West Africa and to become the largest e-Grocery & Q-commerce player in Africa.

Between $10-$15 million






Eden Life

Eden Life, Africa’s first home concierge services scheduling platform, has acquired Lynk, the former technology company connecting informal workers to job opportunities across Kenya.

The strategic acquisition, brokered by Enza Capital, sees Eden Life expand into Kenya and leverages Lynk’s successful platform that connected informal workers with end users through automated job matching and standardised processes.


Maritime Microfinance Bank


A Y Combinator S21 batch cohort participant, the startup has so far disbursed over 25,000 loans to SMEs in Nigeria, and recently opened an office in London. It banked a US$3 million round of funding late last year, and has now acquired MFB, a financial institution specialising in saving products, demand deposits, and investments as well as micro and SME loans.


Nona Digital


African payments and software company, Yoco, has acquired the leading fintech and Web3 software development agency in Africa, Nona Digital. The acquisition significantly accelerates Yoco’s roadmap by bringing a team of highly specialised fintech product and technology professionals to join Yoco’s team.




South African startup ParkUpp, a marketplace that connects owners of parking spaces with companies and individuals who need parking, has been acquired by real estate investment company Docklands Ventures.


ParkUpp has now sold its parking business, website, brand and data to South African real estate firm Docklands Ventures, owned by ex-JLL chairman for Sub-Saharan Africa Mark Bradford.




South African HR and payroll startup Radar has been acquired by mobile payments provider SnapScan as founders Kobus Ehlers and Gerrit Greeff exit their second startup to their first one.

The acquisition will see the Radar founders exit the business, while the rest of the team will join Firepay. There will be no immediate changes for existing Radar customers or the products on offer.


Retail Capital


This acquisition will enable TymeBank to expand its offering to entrepreneurs to include working capital finance. Retail Capital has acquired significant risk management experience over the past decade and through different economic cycles.


Sky Garden

Lipa Later

Lipa Later, a Kenyan consumer credit platform that allows retailers to sell goods and services to consumers with repayments made in monthly installments has acquired an E-commerce platform Sky.Garden.





The UAE-based tech services and logistics company X-ERA has now acquired SPEED for an undisclosed amount, and plans to revamp the platform with its partners to make it more user-friendly, as well as further inclusion of features and benefits to FMCG merchants and retailers.


Tactful AI


Aimed to reach the next level in customer engagement, Brussels-based business communications platform Dstny has acquired Tactful AI, a technology startup based in the U.K. and Egypt.


The new deal extends Dstny’s products portfolio and helps companies enhance customer engagement operations across modern digital and traditional voice channels.




Egypt’s leading fintech player, announced today the acquisition of Talabeyah, a B2B e-commerce platform that offers FMCG supplies directly to small merchants, retailers, and soon, consumers, meeting all their requirements with next-day delivery. As a result of this transaction, MNT-Halan will be disrupting the current multi-layered and fragmented FMCG supply chain model and empowering small merchants.




The Nigerian-based venture Jiji has announced its full acquisition of Ghanaian-based classifieds heavyweight Tonaton. The company is the enterprise behind the Jiji app, the #1 application by downloads in the Shopping category on the Google Play Store in Nigeria – and currently the highest-rated e-commerce app in the country.




Having previously received investment from Silvertree Holdings, the startup has now been acquired outright in a deal that sees co-founders David Torr, Christopher Verster-Cohen and Katherine Barry exit the business and hand the executive reins to Silvertree’s Peter Allerstorfer and his team.

$12.3 million


Fintech Galaxy

FinTech Galaxy, the first central bank-regulated open finance platform in the Middle East, has acquired Egypt-based open banking platform Underlie.


The deal will help to set FTG’s Open Finance and Open Banking wheels in full motion across the region, develop and launch new digital solutions and push financial inclusion forward.




Nigeria’s e-hailing and shared-mobility company, Transtura, has acquired WazoMoney, a fintech startup, which provides simplified payment solutions, to launch its marketplace and payment solutions designed to cater to general transportation needs of Nigerians.


Zoona Transactions

Chipper Cash

This acquisition will allow Chipper Cash, which has a self-reported user count of 5 million, to add new online services and a new agent network to its offerings. This move is also an expansion strategy by the company into Zambia.