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MAFH Fintech Start-ups 2019

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Mauritius Fintech Startups


At PwC, our purpose is to build trust in society and solve important problems. We're a network of firms in 158 countries with over 250,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at This is the first version of this map, published in October 2019. If you would like to be added or removed from this infographic in future versions please email MAFH and PWC would like to thank the following individuals and organisations who have contributed to this research: Abler Consulting, ADHOC, Afriasia Bank, Afreeca Invest, Afridom, Apple Tree, Arrowheads Consultants, Be Mobile, Bolt Talent Solutions, BoticX Labs, Center 3D, Ceridian, Cirrus Solutions, Cognisys, Compass Ventures, Computer National Board, Deloitte, Demars, Ducorp, Entersekt, FinClub, FundKiss Technologies, Harel Mallac, Horizon Africa, Institutional Expert Services, International Payments Tech, Interpaytech, Kamix, Mashlab, Mastemode Ventures, Middlesex University, Mobius Consulting, MyCart, Nebulous, P-Cube, Peach Payments, Piri Blockchain, Qubitica, Quppy, Rogers Capital Technology Services, Safyr Utilis, SME Equity Fund, Talenteum, Thazin Capital, TrustInvo, UTALGB, Voyya and Yoco. The Mauritius Africa FinTech Hub is a fast-growing ecosystem where entrepreneurs, corporations, governments, tech experts, investors, financial service providers, universities and research institutions can collaborate to build cutting-edge solutions for the emerging African market. MAFH exists to pave the way for international FinTech companies and financial service providers to access the African market and for African FinTech ventures to do business across borders. MAURITIUS FINTECH START-UPS fintechs are driving financial inclusion in SSA* 260 80% of active firms are locally founded in SSA* 24% no. of active fintech companies in Sub- Saharan Africa (SSA)* AFRICAN FINTECH STATISTICS 20 190 best business environment Sub- Saharan Africa* *EY Fintechs in Sub-Saharan Africa Report, 2019, Ernst & Young Global Ease of Doing Business Ranking* annual growth rate of industry over the last 10 years* BENEFITS OF BEING BASED IN MAURITIUS FINTECH START-UPS MUR 0-6 M ($0 - 170 K USD) MUR 6-50 M ($170 K - 1,4 M USD) MUR 50 - 250 M ($1,4 - 6,9 USD) MUR 250+ M ($6,9+ M USD) 0 20 40 60 ANNUAL TURNOVER 60% 22% 9% 9% Idea / Concept Stage Seed Stage Start-up Stage Growth Stage Expansion Stage STAGE OF BUSINESS 19% 19% 29% 14% 19% FUNDRAISING 57% $500K have raised funds average raised in total (USD)* EMPLOYMENT 55 12 average no of employees in idea, seed & start-up phase average no of employees in growth & expansion phase "No exchange control restrictions" and "ability to register for a sandbox license"** Market access Ease of doing business Optimal offshore location Favourable IP & Tax laws 0 25 50 PRIMARY REASONS FOR INCORPORATING IN MAURITIUS * Ease of Doing Business Report, 2019, World Bank Group; ** Key reason's sited by entrepreneurs, especially those operating in more restrictive jurisdictions. PAYMENTS & PROCESSING REMITTANCE LENDING DIGITAL BANK FINTECH TOOLS BLOCKCHAIN & CRYPTO CURRENCIES SECURITY *Excludes Yoco and Entersekt who have raised significantly more funding in multiple rounds. FINTECH START-UPS SURVEYED ECOSYSTEM CHALLENGES 1 no. of mobile phone connections in SSA by 2025* population of SSA by 2025* 1.3 Billion Billion regulatory hurdles are the top challenge for start-ups finding skills & talent is also a major challenge lack of market data and limited funding options are also constraints to growth

MAFH Fintech Start-ups 2019

MAFH Fintech Start-ups 2019