African Fintechs Signal A Market Comeback With Optasia And Cash Plus Completing Continent’s First IPOs Since The Pandemic – AfroTech
Multiple financial developments have occurred across Africa’s tech ecosystem as 2025 comes to a close.
Two African fintech startups, Optasia in South Africa and Cash Plus in Morocco, completed initial public offerings (IPOs) in November 2025, according to Max Cuvellier Giacomelli, co-founder of Africa: The Big Deal. In a Substack post, he further noted that these were the first major technology listings on the continent since 2019, before the COVID-19 pandemic.
According to Business Insider Africa, Optasia was listed on the Johannesburg Stock Exchange on Nov. 4, raising $345 million and reaching a $1.4 billion valuation. The company, as its website states, offers AI-driven financial services delivered through mobile networks and digital channels across several markets: Africa, the Middle East, Asia, Europe, and Latin America.
Three weeks later, on Nov. 25, Morocco’s Cash Plus went public on the Casablanca Stock Exchange. The company, as Giacomelli noted, raised $82.5 million in its IPO, resulting in a $550 million market valuation. According to its website, Cash Plus operates a digital payments and financial services platform serving individuals and small businesses in Morocco.
These listings took place during a period of increased investment activity across the region. By the end of 2025, African startups had raised $2.8 billion, nearly 50% more than the same period in 2024, Giacomelli noted. He added that the number of companies securing rounds of $1 million or more also increased.
In November 2025, startups across the continent announced $162 million in funding, with equity representing 79% of the total, according to his Substack post. The month ranked as the fifth highest in funding activity for the year and was similar to November 2024’s total of $181 million, though lower than November 2023’s $267 million.
Giacomelli further reported that 32 ventures raised $100,000 or more during November, including 16 that secured $1 million or more. Of those, six companies — SolarSaver, nextProtein, SolarX, Omnisient, Lula, and SwiftVEE — raised $10 million or more. Funding activity spanned sectors such as fintech, energy, and agritech.
