Celebrating Our Portfolio Companies in Financial Times Africa’s Fastest Growing Companies

We are thrilled to share some exciting news with you! Two of our esteemed portfolio companies, OmniRetail and Fairmoney (MyCredit) have achieved remarkable recognition in the prestigious Africa’s Fastest Growing Companies 2024 ranking, a collaboration between the Financial Times and Statista.

In a landscape marred by macro-economic challenges and currency volatility including the COVID-19 pandemic, these companies have emerged as beacons of resilience and growth since their inception, defying the odds to secure prominent positions on the coveted list.

OmniRetail, which is digitising FMCG informal trade across Africa whilst providing critical digital infrastructure, is number 1 on the list with its extraordinary absolute growth rate of 66,295% since 2019, growing by an impressive 772% year on year.

Fairmoney, a digital lender and bank on a mission to rewrite Africa’s money story showcased its impressive performance by securing the12th position with an absolute growth rate of 1,719% and a CAGR of 190% from 2019 to 2022.

This achievement is particularly significant against the backdrop of Africa’s economic struggles, with overall growth in 2023 lagging behind other regions, according to the IMF. Nigeria, one of Africa’s largest economies, has grappled with its own economic crises, soaring prices and food inflation, and currency depreciation, yet Nigeria has boasted the second-highest number of companies in the ranking, a testament to the resilience and ingenuity of its businesses.

The rigorous selection process for Africa’s Fastest Growing Companies 2024 involved meticulous research and evaluation, with thousands of companies considered based on their compound annual growth in revenues (CAGR) between 2019 and 2022. Only the most exceptional performers made the final cut, underscoring the exceptional achievements of OmniRetail and Fairmoney.

At Aruwa Capital Management, we are not only proud investors but also champions of resilience and innovation within the African business ecosystem. This recognition of two of our portfolio companies from Aruwa Fund I, reinforces our commitment to identifying and supporting companies that demonstrate the ability to thrive amidst adversity. By focusing on essential goods and services such as FMCG and fintech, our portfolio companies remain defensible amidst macro-economic challenges.

In addition, by focusing on investing in early stage proven business models, we position ourselves to spot and nurture winners, empowering them to navigate challenges and realise their full potential.

We extend our congratulations to the Omniretail and Fairmoney teams and also appreciate our partners, stakeholders, and the entire Aruwa community for their steadfast support.

Together, we will continue to navigate challenges, demonstrate resilience, seize opportunities and drive positive change and growth across Africa.