Nigeria’s startup funding landscape in 2025 was marked by heavy capital concentration, as a small group of well-established companies attracted the overwhelming share of investor funding.
According to compiled deal data, the top 11 most funded startups raised a combined $367.2 million, accounting for 82.93% of the total $442.8 million raised by 98 startups during the year.
This sharp concentration highlights investor preference for scale-ready business models amid tighter global funding conditions.
It is also noteworthy that 12 out of the 98 startups did not disclose the amounts raised, reinforcing long-standing transparency challenges within Africa’s private capital ecosystem.
- Payaza – $10 million
Payaza Africa, a Nigerian payments and infrastructure provider, has fully repaid its N14,971,880,511.74 (equivalent $10 million) commercial paper (CP) issuance—ahead of its June 2025 maturity date.
The $10 million debt raise reflects a growing preference for non-dilutive financing among fintech with predictable cash flows. Debt funding also signals increasing maturity in Nigeria’s startup financing landscape.
- Deal date: June 2025
- Sector: Fintech
- Number of deals: 1
- Deal type: Debt
- Investors: Not disclosed
Mansa – $10 million
Mansa completed two funding rounds during the year, combining seed and debt financing to support its liquidity and payment infrastructure operations.
The startup has raised $10 million in seed funding, including both equity and debt. Stablecoin provider Tether led the $3 million equity investment. For its seed round, Mansa secured $7 million in liquidity from some of these institutions.
- Deal dates: February 2025 (2 deals)
- Sector: Fintech
- Number of deals: 2
- Deal type: Debt and seed
- Investors: Tether, Faculty Group, Octerra Capital, Polymorphic Capital, Trive Digital
