Discover the 3 African Unicorns Featured in TIME’s 100 Influential Companies

Each year, TIME magazine curates a prestigious list that shines a spotlight on 100 companies from diverse industries around the globe, acknowledging those that are making extraordinarily impactful contributions to their fields. Now in its fifth iteration, this list celebrates not just innovation, but the spirit of resilience and adaptability that defines contemporary business.

Moniepoint Inc

Among this year’s honorees is Nigeria’s own Moniepoint Inc., which earned its place in the Leaders category alongside giants like Hyundai, GoFundMe, and LinkedIn. It’s interesting to note that approximately 90% of Nigeria’s 40 million small and medium-sized enterprises still operate within the informal sector. This staggering statistic brings to light the uphill battle many entrepreneurs face in legitimizing their businesses. Moniepoint has stepped in to facilitate this transition, providing invaluable support in helping these enterprises move toward compliance with formal regulations.

The pivotal role Moniepoint plays is rooted in its innovative banking solutions, designed specifically for informal enterprises. Imagine a bustling market where cash transactions reign supreme—Moniepoint aims to change that reality. By offering tools that simplify the complexities of financial management, they empower businesses to secure loans, manage finances more effectively, and achieve sustainable growth.

“For us, ‘financial inclusion’ isn’t just a buzzword; it’s the difference between survival and growth,” asserts CEO and co-founder Tosin Eniolorunda. It is this belief that drives Moniepoint to craft accessible financial services tailored to the needs of entrepreneurs who might otherwise have limited options.

Moniepoint solidified its standing as one of Africa’s most valuable fintech companies when, in October 2024, it received a remarkable $110 million in equity funding, pushing it firmly into unicorn territory. This is not merely a financial milestone; it embodies the hard work and aspirations of countless entrepreneurs who relied on Moniepoint to elevate their businesses.

Flutterwave

Another success story emerging from Nigeria is **Flutterwave**, recognized in the Titans category alongside industry behemoths such as Meta, Amazon, and OpenAI. Since its inception, Flutterwave has transformed Africa’s digital payment landscape, establishing a robust infrastructure that enables businesses to send and receive money with ease across borders—a feat often fraught with complexity.

In 2024, Flutterwave expanded its services to facilitate money transfers across all U.S. states except Texas via its Send App. Astonishingly, this application achieves 98% of transactions in just three minutes. Isn’t it fascinating how technology can shrink the globe and enhance human interactions?

Flutterwave didn’t stop there; it also introduced digital payment solutions for businesses in Saudi Arabia and Turkey. “I wish it was boring; we’re here for the long game,” stated Agboola, the company’s CEO, encapsulating the relentless ambition that propels Flutterwave forward in an ever-changing market.

Tyme

Hailing from South Africa, Tyme has made its mark in the Pioneers category, joining the ranks of innovators like SpaceX and Equinor. December 2024 marked a significant achievement for Tyme when it raised a stunning $250 million in its Series D funding round, officially conferring upon it the status of one of Africa’s newest unicorns.

The essence of Tyme’s mission is poignant: it centers around meeting underbanked communities where they are. This philosophy has shaped Tyme Group’s trajectory across multiple countries, making a meaningful impact that resonates with the needs of locals.

Operating under the banner of a Singapore-based digital bank, Tyme currently serves approximately 17.5 million retail customers across South Africa and the Philippines. That’s not just a number; it’s a testament to the trust they have cultivated among diverse communities.

“You can walk into a grocery store in South Africa and open a bank account with us in under three minutes,” shares Chief Growth Officer Rachel Freeman, highlighting Tyme’s commitment to accessibility. This initiative reflects a broader commitment to dismantling barriers that have historically kept many away from the benefits of financial services.

As we navigate an ever-evolving economic landscape, the stories of Moniepoint, Flutterwave, and Tyme serve as a reminder of the potential for transformation that lies in financial innovation. Each company is a beacon of hope, showcasing that with the right support and vision, businesses—no matter how small—can indeed make significant strides in improving the lives of many.

At the end of the day, reflection is key. What role do we play in supporting these emerging businesses? How can we leverage technology and resources to ensure that financial services not only evolve but become inclusive?

The achievements highlighted in TIME’s list are not just markers of success; they represent a community—one that thrives on perseverance, collaboration, and the possibility of change. There’s more to the narrative than numbers; it’s about lives impacted and dreams nurtured.

Edited By Ali Musa
Axadle Times International – Monitoring.