More than half of the 130 listed firms are from South Africa and Nigeria, Africa’s two largest, but slow, economies, which continue to dominate the Financial Times’ listing of the fastest-growing African corporations.
The fact that there are 79 companies from the two countries—51 from South Africa alone—shows how big and entrepreneurial both economies are. On the down side, it also illustrates how challenging it has been for businesses from smaller nations to establish a continental presence in an environment that is still quite fragmented.
The FT rating, which is currently in its fourth year and was created in partnership with the research firm Statista, provides a retrospective examination of corporate expansion throughout Africa by evaluating companies based on their compound growth rate from 2020 to 2023. The three financial startups were one of 51 South African companies on this year’s list, which included 130 high-growth enterprises.
TymeBank
Despite ranking 29th this year, down from 21 in 2024, TymeBank has maintained its position as one of South Africa’s fastest-growing fintech companies. A closer examination of its growth metrics shows significant shifts in its financial performance and expansion trajectory over the past 12 months.
In the 2025 ranking, TymeBank’s revenue increased from $10.67 million to $67.70 million between 2020 and 2023, representing an absolute growth rate of 610.9%; in contrast, the bank’s revenue increased from $4.65 million in 2020 to $40.41 million in 2023, representing an absolute growth rate of 885.69% at the time; the bank’s CAGR decreased from 114.41% in 2024 to 92.3% in 2025; and TymeBank’s workforce increased significantly, rising from 350 employees in 2023 to 602 employees in 2025.
Paymenow
Paymenow, a fintech firm in the insurance and financial services space, is ranked sixth. The company was founded in 2019 and provides creative solutions that increase financial accessibility for both customers and employees. With a compound annual growth rate (CAGR) of 237.8% and an absolute increase of 3756.1% between 2020 and 2023, Paymenow has grown at an extraordinary rate. From 2020 to 2023, the company’s sales increased from $0.14 million to $4.86 million, while its workforce expanded from 7 to 38 employees.
Omnisient
In 2019, the financial services and insurance firm Omnisient was established. With an emphasis on data-driven financial solutions, the company assists financial institutions and enterprises in using safe and moral data-sharing procedures for risk analysis and customer insights.
The 2024 ranking list did not include Omnisient, which came in at number thirty. According to the 2025 FT ranking, Omnisient’s revenue increased from $0.32 million to $2.00 million between 2020 and 2023, representing an absolute growth rate of 604.9% and a compound annual growth rate (CAGR) of 91.7%. Omnisient’s workforce grew from 10 in 2020 to 39 in 2023, demonstrating a steady investment in both operational capability and talent.
With more than 140 businesses already functioning in the market, South Africa’s fintech firms significantly dominate the startup scene. Remarkably, around 30% of these companies focus on payments and remittances, which reflects the nation’s rising need for smooth transaction services and digital financial solutions.
A business has to fulfil the following requirements in order to be listed among Africa’s fastest-growing companies:
At least $100,000 USD in revenue was made in 2020.
Income in 2023 of at least US $1.5 million;
A stand-alone business (not a branch office or subsidiary);
situated in an African nation ;
The majority of the revenue growth from 2020 to 2023 was organic, or “internally” stimulated.
(1) For businesses that do not report in US dollars, value comparable in local currency. All amounts were converted to US dollars for the ranking using the average annual exchange rates for 2020 and 2023. The reported currency was used to calculate the CAGR.
(2) Participation was open to all nations on the African continent.
