In 2024, Copia, a B2C e-commerce startup, and iProcure, a B2B agritech startup, entered administration after failing to secure new funding. Despite Copia’s co-founder, Tracey Turner, announcing plans to launch a new entity, no progress has been reported on this front.
Meanwhile, M-KOPA successfully navigated a complex tax dispute in Kenya, expanded its investments, and launched new facilities, including an e-bike assembly plant and a phone assembly facility in Nairobi. “We are now profitable as an organisation and have been profitable for several quarters,” said Mayur Patel, M-KOPA Fintech MD, in November 2024.
Kenya also witnessed its first two startup acquisitions in 2024, with Kopo Kopo and Hisa transitioning to new ownership. In addition, Craydel, a Kenyan ed-tech startup, expanded its operations to Zimbabwe, marking its fourth market on the continent.
M-KOPA
In September 2024, M-KOPA achieved a significant milestone, reaching five million customers across five African markets. This made it the first Kenyan financial services startup to achieve such numbers.
Founded in 2010 by Nick Hughes, Chad Larson, and Jesse Moore, M-KOPA’s PAYGO fintech model provides affordable smartphones, solar panels, and electric motorcycles to low-income earners. With its tax challenges resolved, the company plans to scale its locally assembled smartphones and electric motorcycles further.
“We measure success by the scale we achieve, financing progress in the lives of everyday earners,” said Mayur Patel, emphasizing their focus on empowering self-employed individuals in the informal economy.
Kopo Kopo
In August 2023, Nigeria’s unicorn Moniepoint acquired Kopo Kopo, a payments and credit startup, marking its entry into East Africa’s largest economy. Founded in 2012 by Ben Lyon and Dylan Higgins, Kopo Kopo offers payment solutions and credit facilities for small and mid-sized businesses.
The acquisition positions Moniepoint to compete in Kenya’s heavily regulated fintech landscape, where banks and mobile money dominate. Regulatory scrutiny on this expansion is expected to intensify.
Craydel
November 2024 saw Craydel extend its presence to Zimbabwe, making it the fourth African market it operates in, alongside Kenya, Uganda, and Nigeria. Founded in 2021, Craydel simplifies university applications for African students through a unified platform that connects learners with over 600 universities across 45 countries.
“The study abroad market in Africa is a rapidly growing, multi-billion dollar opportunity currently served by fragmented and analogue agents,” said Manish Sardana, Craydel’s founder and CEO.
Hisa
Kenyan investment platform Hisa was acquired by Nigerian fintech Rise in 2024. The acquisition has spurred rapid growth, allowing Hisa to retain its brand while scaling its customer base and introducing new products.
Founded in 2020 by Eric Asuma and Eric Jackson, Hisa enables users to invest in Kenyan and global assets, including stocks, bonds, and ETFs. The platform achieved record-breaking trading volumes in late November 2024, fueled by market interest surrounding the US elections.
Shukhiba
Against a backdrop of downsizing in the social commerce sector, Shukhiba raised $1.5 million in 2024. Founded in 2020 by Ananth Raj and Abhinav Reddy, Shukhiba offers a B2B conversational e-commerce platform that allows customers to order products via WhatsApp.
The platform’s unique approach builds trust by enabling direct conversations with sellers, setting it apart from conventional e-commerce websites.
These startups represent the resilience and innovation driving Kenya’s entrepreneurial landscape. With acquisitions, expansions, and funding rounds, 2025 promises to be another transformative year for the ecosystem.
Leave a Reply