Y Combinator, one of the most active investors in Africa, has invested in over 80 African startups, which include notable names like Flutterwave, Paystack, Kobo360, and Cowrywise.
Recently, Y Combinator released a list of the top revenue-generating companies in 2022, featuring 50 companies. Among them, the only African startup to make the cut was Wave, a fintech startup from Senegal. The list includes renowned companies such as Stripe, Coinbase, Monzo Bank, Zapier, and Webflow.
Combined, these 50 companies employ more than 70,000 individuals, with only 22% having offices outside the United States. In terms of funding, the represented companies have collectively raised an impressive $40 billion and generated over $50 billion in revenue during 2022.
Although Y Combinator does not disclose specific revenue figures for each startup, it confirms that all the companies on the list have met a certain revenue threshold.
Wave specializes in providing mobile money services and achieved the status of the first unicorn from Francophone Africa in 2021 by securing a $200 million Series A funding round. Currently, Wave operates offices in Senegal, Uganda, Burkina Faso, Cote d’Ivoire, and The Gambia.
By Elijah Christopher
