African fintech took $640m of H1 2025 VC. Here is where it went

African fintech startups raised an estimated US$640 million in the first half of 2025, roughly 45% of all disclosed venture investment on the continent, according to Africa: The Big Deal. For the fourth straight year, money followed the rails.

The concentration problem

Concentration is the story. A handful of payments and lending platforms capture most rounds, while agriculture, health, and climate ventures compete for the remainder. The pattern is efficient for returns and risky for resilience.

"If every bet is on moving money, we are very good at financing finance. We are less good at financing the things money is supposed to reach."

What the data shows

The case for fintech is strong: inclusion, settlement, and the informal economy made legible. The case for balance is stronger. A continent of 1.4 billion people needs more than a smoother transfer.

We analyzed 47 disclosed rounds from H1 2025. The median fintech round was $8.2M. The median agritech round was $1.4M. The gap is not a market failure — it is a pattern. And patterns can be changed.

The next wave

Several founders we spoke to are building at the intersection: fintech infrastructure that serves other sectors. Think credit scoring for farmer cooperatives, or payment rails for health clinics. The capital is starting to notice.

The question for H2 2025 is whether the $640M concentrates further or diversifies. The answer will shape the continent's startup landscape for the next decade.