Why SPACs aren’t targeting African startups

One. That’s the number of African tech companies that have gone public on the NYSE in the last 10 years. Two, if you’re counting local exchanges. The former is African-focused e-commerce company Jumia and the latter is Egyptian fintech company Fawry.

As a tech company, Fawry’s listing on the Egyptian Stock Exchange is a rarity. Typically, most exchanges in emerging markets like Africa, India, and Latin America are filled with traditional companies in age-old sectors like banking, telecoms, manufacturing, and energy.

Unlike Fawry, what you see these days are new-age tech companies from these markets going public abroad, especially in the U.S. Due to the friendly nature of U.S.

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