Roam, M-Kopa top Kenyan firms on FT Africa’s fastest-growing companies list

Three Kenyan startups—Roam Electric AB, M-KOPA Holdings Ltd, and Victory Farms Ltd—have been named among Africa’s fastest-growing companies in the latest ranking by the Financial Times and Statista, a list dominated by South African and Nigerian firms.

The three startups were among 11 Kenyan companies featured in the 2025 FT Africa Fastest Growing Companies list, which evaluated revenue growth between 2020 and 2023 across 130 private and public businesses on the continent.

Roam Electric, which designs and assembles electric motorcycles and buses for the African market, was the highest-ranked Kenyan startup at 36th. The company has seen surging demand as Nairobi and other East African cities seek climate-friendly transport alternatives.

At 68th place, M-KOPA, a digital asset financing platform that allows low-income customers to acquire smartphones and solar kits through pay-as-you-go models, continued its position as one of East Africa’s standout fintechs. The company, which has expanded to Nigeria, Uganda, South Africa, and Ghana, has onboarded over 5 million as of December 2024.

Victory Farms, a sustainable aquaculture company based in Western Kenya, ranked 91st. The vertically integrated fish farm has capitalised on the rising demand for affordable protein across East Africa and recently began scaling operations into Rwanda and the Democratic Republic of Congo.

While tech startups have previously dominated the FT ranking, this year’s edition saw a notable rise in traditional brick-and-mortar businesses from Kenya. From banks and supermarkets to hospitality and data centres, the 2025 ranking points to growth beyond the tech sector, showing how long-established companies are adjusting in a difficult economy.

Kenya’s TPS Eastern Africa, the operator of Serena Hotels, was ranked 41st, signaling a post-pandemic rebound in regional tourism. Quickmart, one of the country’s fastest-growing supermarket chains, came in at 79th, marking the only major retail player on the list.

In the financial sector, KCB Group and Co-operative Bank were ranked 112th and 127th, respectively — a sign that even well-established companies can deliver rapid growth for investors.

Other Kenyan firms featured included Pan African IX Data Centres Ltd (101), East African Business Company Ltd (100), Kofisi Hospitality Group Ltd (110) — a flexible workspace operator — and Impax Business Solutions Ltd (82), which provides enterprise software systems.

The FT ranking listed 130 companies, up from 125 last year, ordered by the highest compound annual growth rate (CAGR) in revenues between 2020 and 2023. To qualify, companies had at least $100,000 in revenue in 2020 and $1.5 million by 2023.