Ten of Africa’s fastest growing companies are in Kenya

The Financial Times and data company Statista have published their inaugural ranking of Africa’s fastest-growing companies, with ten Kenyan firms included on the list.

25 February 2020, Kenya, Nairobi: IT specialists sit at computers in the iHub, an innovation centre for technology companies. Photo: Bernd von Jutrczenka/dpa (Photo by Bernd von Jutrczenka/picture alliance via Getty Images)

The Financial Times and data company Statista have published their inaugural ranking of Africa’s fastest-growing companies, with ten Kenyan firms included on the list.

According to the list, two of the fastest-growing companies in Africa are in Kenya; Wasoko (formerly Sokowatch, Inc.) as well as Flocash Ltd.

The companies were ranked based on their compound annual growth rate (CAGR) in revenue, between 2017 and 2020. It is between this period that Wasoko secured $125 million (Sh14billion) in Series B funding.

Wasoko achieved the highest compound annual growth rate in revenues at 346.2% while Flocash ranked second with a CAGR of 274.7%.

In 2015, founder and CEO Daniel Yu launched Sokowatch in Kenya as an asset-light platform and a marketplace for distributing fast-moving consumer goods from suppliers to retailers.

The company achieved an absolute growth rate of 8782.6% with revenue in 2020 amounting to $27.4million (Sh3.1billion) from about $300,000 (Sh34million) in 2017.

Flocash on the other hand is a fintech company that enables global and cross-border businesses to accept over 200 payment methods across 60 countries through a single integration.

Flocash achieved an absolute growth rate of 5160.6% with revenue in 2020 amounting to $6.4million (Sh740million) from about $100,000 (Sh11million) in 2017.

  • Lori Systems with an absolute growth of 762.3%
  • Quick Mart with an absolute growth of 311.0%
  • Africa’s Talking with an absolute growth of 296.2%
  • Copia Kenya with an absolute growth of 243.0%
  • ASA Kenya with an absolute growth of 127.4%
  • East African Business Company with an absolute growth of 87.0%
  • M-KOPA with an absolute growth of 63.8%
  • Impax with an absolute growth of 41.5%

The survey required a chief executive or similar senior figure to certify revenue numbers. Companies with less than $100,000 in revenue in 2017, and less than $1.5 million by 2020, were excluded, as were subsidiaries and branches of other companies.

Every company had to have its headquarters in an African country, and its revenue growth had to be organic.

Although the search was extensive, the list is not exhaustive as some companies did not want to make their figures public.

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