It is indeed a good one for the Nigerian fintech industry as 3 Nigerian startups have been included among the #Fintech250 fastest growing fintech startups in the World. The 3 Nigerian startups are; Payments company, Paystack; Remittance company, Paga and Branch, a lending startup. The list which comprises 250 companies was compiled by Global Machine Intelligence platform, CB Insights.
We're excited to reveal the #Fintech250: the top #fintech startups of 2018. Collectively, they've raised $53B in funding and 44% of them are based outside of the U.S. Get details on the entire cohort right here: https://t.co/Zpmv89O49e
— CB Insights (@CBinsights) October 22, 2018
The 3 Nigerian startups were featured alongside their fellow African counterparts from Kenya and South Africa like Bitpesa and Cellulant (Kenya), and Yoco and Jumo (South Africa). They all join other global payments companies such as Stripe, WorldRemit, GoFundMe, Coinbase, Transferwise and several others on the #Fintech250 list.
The Fintech 250 list is a compilation of the world’s most promising private companies applying a mix of software and technology to transform the financial services industry. The list consists of startups at different investment stages of development, ranging from early-stage (seed/Series A) companies to well-funded unicorns. They are all categorised into 19 sectors – from payments processing and insurance to digital banking and wealth management.
According to CB Insights, the companies were selected by CB Insights’ Intelligence Unit.
“They were selected from a pool of nearly 4,000 applicants and nominees based on several factors, including data submitted by the companies, business model and momentum in the market, and the company’s Mosaic Score, CB Insights’ proprietary algorithm that measures the overall health and growth potential of private companies.”
— Paga (@paga) October 22, 2018
Speaking on the list, CB Insights CEO, Anand Sanwal, said,
“After we named the inaugural Fintech 250 in 2017, they went on to raise $23B including 30 rounds of over $100 million. 22 of the Fintech 250 have already exited with half via IPO. This year, we’ve added 113 new companies to the Fintech 250 using the CB Insights Mosaic algorithm, and the group is broad, covering everything from insurance tech to consumer banking to capital markets tech. We look forward to the success of this year’s group.”
The report further reveals that about 44% of these 250 startups come from outside the US, and that since 2017, these 250 private companies have raised $31.85B across 373 deals in funding of which 83 have mega rounds (raising $100m+).