Episode Details

African fintech is now financed by lenders almost as much as by venture capital — and that changes what companies must prove.

African startups raised $4.1B in 2025. Almost half was debt.

Partech's 2025 Africa Tech VC report shows a quiet revolution: → Debt = 41% of capital raised (31% in 2024, 17% in 2019) → Record $1.64B in debt → Kenya, South Africa, Egypt and Nigeria = 72% of all capital → Fintech still #1, with ~$769M in equity

Two Ivorian examples: • Wave: €117M debt round (2025), led by RMB • Djamo: $14M Series A (2022, Partech, Enza, Oikocredit, with Janngo), then $17M led by Janngo

Equity is a partner. Debt is a promise. More promises means more pressure on revenue — and that will shape the apps we use.

🇫🇷 En bref : la fintech africaine se finance de plus en plus par la dette. Moins de dilution pour les fondateurs, plus de pression sur la rentabilité.