Quickmart, M-kopa and lori systems amongst Africa's fastest growing companies

Nine Kenyan firms have been ranked among 75 fastest growing companies on the continent by the Financial Times.

The inaugural annual ranking by FT provides a snapshot of the corporate landscape altered by technology, fintech and support-service businesses.

Wasoko, an e-commerce platform formerly known as Soko Watch, heads the ranking with a compounded annual growth rate of 346.2 per cent

The Kenyan technology company founded in 2016 had revenues of Ksh.3.2 billion ($27.4 million) in 2020 and a staff base of 372.

Payment services provider Flocash takes second spot in the 75 places ranking with a 274.7 per cent annualized rate of growth and revenues of Ksh.678.4 million ($6.4 million) as of 2020.

Electronic logistics platform Lori System is meanwhile ranked seventh on the FT list with revenues of Ksh.2.9 billion ($25 million) in 2020 and a 105.1 per cent annualized rate of growth.

Retailer Quickmart, a household name, is meanwhile ranked 11th with 2020 revenues posted at Ksh.18.8 billion ($162.1 million) with an annualized rate of growth at 60.2 per cent.

With an annualized rate of growth at 50.8 per cent and revenues at Ksh.2.4 billion ($20.4 million), e-commerce platform Copia is ranked 20th.

Other Kenyan firms in the ranking include financial services provider ASA Kenya (32), agricultural commodities company East African Business Company (41), fintech M-Kopa (51) and technology firm Impax (67).

Kenya is the third most represented country in the ranking with nine companies behind South Africa (24) and Nigeria (20).

According to the Financial Times (FT) the three markets, alongside Egypt with six representatives on the ranking, have attracted the most funding by venture capital (VC) firms and have the most potential and proliferation of unicorns (companies valued at more than Ksh.116 billion ($1 billion).