Individuals
Businesses
Company
Intelligence
News
African Capital Markets
EnglishEnglish
share on twittershare on linkedinshare on facebookshare to whatsapp
share on mail
share on instagram

Silverbacks Nets 29x Return on LemFi Exit as Fintech Proves Resilient

Daba Finance/Silverbacks Nets 29x Return on LemFi Exit as Fintech Proves Resilient
BREAKING NEWSMay 5, 2025 at 10:13 AM UTC

TLDR

  • Silverbacks Holdings has exited its investment in LemFi, the Nigerian remittance startup, during its $53 million Series B round in January 2025
  • The Africa-focused private equity firm, an early backer of Flutterwave and Moove, followed its strategy of partial exits to return capital to investors
  • Private capital exits in Africa have slowed since 2022. AVCA said exits fell to 43 in 2023, down 48% from the previous year

Silverbacks Holdings has exited its investment in LemFi, the Nigerian remittance startup, during its $53 million Series B round in January 2025, TechCabal reported. The exit delivered a 29x return on capital, marking Silverbacks’ eighth profitable exit and its fourth from a Nigerian fintech company.

The Africa-focused private equity firm, an early backer of Flutterwave and Moove, followed its strategy of partial exits to return capital to investors. Six of its eight exits have come from Nigerian tech-enabled companies. “This 8th profitable exit, which delivered 29x cash invested, is another testament to the quality of our portfolio’s founders,” said Ibrahim Sagna, executive chairman of Silverbacks Holdings.

Private capital exits in Africa have slowed since 2022. AVCA said exits fell to 43 in 2023, down 48% from the previous year. By Q3 2024, only 31 had been recorded. Silverbacks’ portfolio spans sports, media, and tech. It holds stakes in Reliance, Gozem, Shuttlers, Carry1st, and the Cape Town Tigers. The firm also recently invested in African Warriors Fighting Championship and added Sanford Climan, CEO of Entertainment Media Ventures, to its advisory board.

Daba is Africa's leading investment platform for private and public markets. Download here

Key Takeaways

Nigeria’s fintech sector has become the most consistent source of investor returns in Africa’s startup space. While broader exits in African private equity have declined since their 2022 peak of 82, the Nigerian fintech ecosystem has remained an outlier. Notable exits like Oui Capital from Moniepoint, Alitheia from Baobab, and now Silverbacks from LemFi, show a clear pattern: financial technology continues to offer liquidity opportunities, even in a tighter capital environment. The country’s large unbanked population, cross-border payment needs, and mobile penetration have attracted both local and international capital. LemFi, which provides remittance services to the diaspora, is part of a growing class of infrastructure-focused startups solving real payment and access gaps. These exits are vital to recycling capital in African ventures and provide track records for fund managers seeking to raise new funds. As IPOs remain rare, trade sales and strategic acquisitions—especially in fintech—are now critical for the continent’s venture maturity.

Venture Capital
Silverback Holdings
Fintech
Exit
Startups
LemFi
Remittances

Think someone else should see this?

share on twittershare on linkedinshare on facebookshare to whatsapp
share on mail
share on instagram
Stay informed with our newsletters read by 25,000+ professionals worldwide
Newsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companies

Next Frontier

Stay up to date on major news and events in African markets. Delivered weekly.

Pulse54

UDeep-dives into what’s old and new in Africa’s investment landscape. Delivered twice monthly.

Events

Sign up to stay informed about our regular webinars, product launches, and exhibitions.

+25k investors have already subscribed

To invest in this opportunity and other opportunities across Africa

Download the daba finance app on your mobile through
appstore iconappstore icon
Phone Image

Take action.

Download app

Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.

Partner with us

Unlock exciting business opportunities and growth potential.

Join Daba

Become a part of our vibrant community and enjoy exclusive benefits.

Contact us

Reach out to us for inquiries, support, or collaboration.
For Investor
StrategiesPortfolio ManagementAfrican Capital MarketsNews
Daba Pro Intelligence
For Capital Seekers
For StartupsFor Fund ManagersFor Private CompaniesFor Lenders
For Partners
Commercial BanksBroker DealersAsset ManagersInvestment BanksInvestment Advisors and ConsultantsLenders and Microfinance
Company
About UsMarket UpdatesEventsBlog and PodcastNewsletterCase StudiesAffiliate ProgramInvesting GlossaryOfficial ContactsTrust, Compliance and SecurityFrequently Asked Questions

Terms & ConditionsPrivacy Policy
EnglishEnglish

Owned by Daba Markets Inc. By using this site, you accept our Terms and Conditions and Privacy Policy. © 2024 All rights reserved. 2025 All rights reserved