SovTech HEARTBEAT

Top 100 Fintech Platforms in Africa

Welcome to The SovTech Top 100 Fintech Platforms in Africa. This is the first edition of our ranking of Africa’s leading Fintech Platforms.

Top 100 Fintech Platforms in Africa
Top 100 Fintech Platforms in Africa

The Fintech Software Industry in Africa

With an ever-changing and constantly developing economic climate, financial technology platforms are racing to keep in tune with an increasingly digital financial world. With SovTech decades of expertise in scaling these fintech platforms, we’ve seen the companies that are currently dominating the local fintech space. So, we proudly welcome you to The Top 100 Fintech Platforms in Africa.
OVER
40%
of all Fintech revenue in Africa is from South Africa¹
US$1,3
BILLION
was raised in 2021 alone by the Fintech start-up industry in Africa²
$230
BILLION
what is the African Fintech market is likely to reach by 2025³
SovTech HEARTBEAT

The top 100 fintech platforms in Africa

At SovTech, we are committed to promoting innovation and growth in the African Fintech industry. As the leading software development company in Africa, we understand the potential of technology to transform the financial landscape and improve lives. That is why we are proud to introduce the SovTech Heartbeat, our comprehensive guide to the top 100 Fintech platforms in Africa.

Think the Forbes Top 100 list, but for fintech companies in Africa. That’s what gets our heart beating. For over a decade, SovTech have helped tech businesses scale with world-class software to grow within the African Fintech space. And we do it with a fiery unrelenting passion. That’s why; as a leading software development company in Africa, we know that the power technology holds can better lives and advance the financial sector.

Through painstaking research and extensive analysis of the fintech industry, our teams of experts are proud to release a carefully curated, maiden guide to the top 100 Fintech Platforms in Africa. These platforms are rated on numerous factors that we believe are helping push development and growth in the African Fintech industry. So, the list serves as a nod to these companies for their ingenuity and efforts in making waves in the industry. We want the SovTech Heartbeat to be a platform to give due recognition to these companies and share their stories with the world.

Moreover, we will showcase in-depth information on each platform, including the platforms’ key features, a star-scale rating, and why we believe it deserves its place on the list. We believe this will make the African Fintech industry more accessible – making it easier for budding tech entrepreneurs in Africa to comprehend, and participate in the African Fintech Industry. The list won’t stop at encouraging innovation though but serve as motivation for current fintech companies - pushing them to strive for a spot on this prestigious list.

Dually, the list will serve the people – increasing awareness, accessibility & financial inclusion by sharing these companies’ remarkable efforts. Knowledge is power, and we hope to empower the African Fintech industry by encouraging growth, investment and innovation. This will spur on greater access, democratisation & participation in the financial system - ensuring better futures for individuals and their families.

With that, we are proud to carry the torch for the African Fintech industry with SovTech Heartbeat - showcasing the players pulsating ripples of excellence, innovation and inclusion into the industry, while encouraging others to do so themselves.

1. https://www.bdo.co.za/en-za/insights/2022/financial-services/
2. https://furtherafrica.com/2022/12/12/african-fintech-revenues-could-grow-8-times-by-2025/
3. https://qz.com/africa-is-still-scratching-the-surface-on-fintech-penet-1849472698x

FINTECH PLATFORMS

How do we pick platforms worthy of the SovTech Heartbeat list?

Our Product Design team looked different elements for each platform to determine the top 100 fintech platforms in Africa for 2023
Fintech platforms

Expert UI/UX

These fintech software platforms combine the latest UX and UI trends, strategy, technology, data, and design to solve the most complex business challenges.
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We looked at some UI (user interface) and UX (user experience) factors such as, the overall visual appeal, layout and design of the app.
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We also looked at the availability of help sections or customer support
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As well as load time, speed and general responsiveness
Top 100 Fintech Platforms in Africa
Top 100 Fintech Platforms in Africa
Fintech platforms

Platform Functionality

World-class platforms need to perform optimally on web and mobile to ensure the best user experience.
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SovTech breaks down and analyses the ease of use as well as the efficiency of the platform. We analyse each of them according to benefits of the platform, user experience, functionality and integrations.
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Some of the other factors that were looked at is: the ease of navigation within the platform, as well as being clean, simple and having clear instructions on how to use it.
Top 100 Fintech Platforms in Africa
Fintech Platform

SovTech Ratings

As the leading software development company in Africa, we have reviewed and rated each platform against our rigorous and exceptional standards.
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We considered both the company's & the platform's functionality. If a fintech platform excelled in all the above criteria, it’s likely you’ll find them on our list!
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We aim to highlight the strengths of each respective platform; show what each does well, so that consumers can make informed financial decisions.
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SovTech Stars™: We rated each platform on a scale of 1 to 5 SovTech Stars™ to present on the top 100 fintech platforms in Africa for 2022.

The top 100 fintech platforms in Africa

See the top 100 fintech platforms in Africa below
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The top 100 fintech platforms in Africa

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Testimonials

What people have to say

Don't just take our word for it
Naspers
Project Lead
Naspers
“Really excited- I can’t wait to see the platform being used. The pressure is now on the engineering team to deliver! I’m delighted, I think SovTech is fantastic! ”
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Product Manager
BankServ
"The SovTech project and development teams are extremely professional and a pleasure to work with. Open communication channels and commitment to deliver against deadlines ensures successful delivery against requirements."
Fincheck
CEO
Fincheck
“The Fincheck team has worked closely with SovTech over the last two years. We chose to work with SovTech based on their initial build with speed and quality. ”
Project UBU
Project Lead
Project UBU
“SovTech has provided a number of core solutions to Project UBU, under tight deadlines and complex shifting briefs in cutting edge technologies like blockchain. Their work has been professional, creative, on budget and on time.”
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Managing Director
Votex Systems
“My project planning was straight forward, and all deliverables were discussed and planned out properly. I will be moving forward to engage SovTech for projects.”
Baootree
COO
Baotree
“One word to sum it all up: Determination. It's been such a pleasure moving through teams who have the same determination to get us up and running, tested and deployed as us.”
Versofy
Co-Founder
Versofy
"SovTech has led an efficient yet flexible collaboration. Constant communication, clear expertise, and sprint methodology have further smoothed the workflow."
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Project Lead
Anora Technologies
“SovTech's capabilities are unquestionable and the company operates in a well structured manner.”
Votex system
Managing Director
Votex Systems
“My project planning was straight forward, and all deliverables were discussed and planned out properly. I will be moving forward to engage SovTech for projects.”
Baootree
COO
Baotree
“One word to sum it all up: Determination. It's been such a pleasure moving through teams who have the same determination to get us up and running, tested and deployed as us.”
Versofy
Co-Founder
Versofy
"SovTech has led an efficient yet flexible collaboration. Constant communication, clear expertise, and sprint methodology have further smoothed the workflow."
Anora Logo
Project Lead
Anora Technologies
“SovTech's capabilities are unquestionable and the company operates in a well structured manner.”
Faq

The African fintch industry

World-class custom software that allows you to start, run and grow your business.

We’ve talked a lot about “fintech.” But what is fintech? It is an abbreviation for ‘financial technology’ and simply put, is the use of technology to automate various financial systems. Think of your cellphone, and the apps on it. Nowadays, banking, investing, online payments and many other services can be carried out with the tap of a button, thanks to fintech platforms.

The rise of fintech platforms has been unprecedentedly swift and efficient, disrupting the traditional financial service sector. Think about it; you can tap your phone to pay for certain items now, where not long ago cards, cheques or even cash were the norm. This has lead to many opportunities for both businesses and consumers, simplifying life for all.

There has been a particularly rapid rise in the fintech industry in developing areas like South Africa and across Africa. Fintech companies have revolutionised the world, providing innovative solutions to previously marginalised or neglected markets. This can be seen locally in South Africa - with digital platforms providing entrepreneurs financial services like the small business loans they need to make their SMME’s thrive. Without these fintech platforms, these individuals would otherwise have not had access to these financial services.

So, we can confidently say that fintech provides a platform to even the traditionally largely uneven financial playing field, and promote greater financial inclusion to not only the country or continent, but to millions all over the world.

More about SovTech and why we did the SovTech Heartbeat
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Being the leading software development company in Africa, we’ve scaled countless businesses within the financial technology sector. We know success, because we’ve built it, and have the ranking and expertise to back our claims. But above all, is our undulating passion for technology, software, and the ingenious innovation that is revolutionising the financial sector into one that is not only more efficient for all, but also more equitable and accessible for all. Having expertise in a wide range of fields, we’re everything software. From AI to mobile app development, our world-class offerings are comprehensive yet customised. That’s why we launched the SovTech Heartbeat, to recognise greatness and motivate others to share our same passion and drive to make leaps and bounds in the software development and financial technology industry. Whether a company is making moves in the digital payments sector, or in the cryptocurrency space – if they have that flame that burns brightly enough to spearhead innovation, ingenuity and make lives better, they deserve to be noticed and have their stories shared.

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