Africa-focused private equity firm Silverbacks Holdings has exited its stake in Nigerian remittance startup LemFi, earning a remarkable 29x return during LemFi’s $53M Series B round. This marks Silverbacks’ eighth profitable exit—its sixth from a Nigerian tech company and fourth from fintech—highlighting the firm’s strategic approach to partially exiting high-growth investments. The move reinforces Nigeria’s fintech sector as a top performer in Africa’s investment landscape, even as private capital exits decline continent-wide. Silverbacks continues to back ventures across tech, sports, and culture, with recent moves into entertainment and traditional African sports like Dambe.
Full story on TechCabal: Silverbacks Holdings cashes out of LemFi with 29x return