African startups raised $228 million in May 2026, but $175 million came from Paymentology. Excluding that deal, startups raised just $53 million, making May the slowest funding month of the year. Three stablecoin infrastructure companies accounted for roughly 70% of all disclosed venture activity.
Ten years after Paystack joined Y Combinator, the accelerator’s African portfolio reveals a story of fintech dominance, concentrated funding, and an ecosystem gradually building alternatives to Silicon Valley validation.
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