A tech market intelligence platform, CB Insights has released its second annual Fintech 250 — a list of 250 of the most promising private companies applying a mix of software and technology to transform the financial services industry.
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
CB Insights stated that the fintech companies were selected by Intelligence Unit from a pool of nearly 4,000 applicants and nominees based on several factors which include: data submitted by the companies, business model and momentum in the market. It also bases its judgement on the company’s Mosaic Score, CB Insights’ proprietary algorithm that measures the overall health and growth potential of private companies.
Seven African fintech start-ups were featured in the list alongside international payment companies like Stripe, TransferWise, CoinBase, GoFundMe and WorldRemit.
Among seven African fintech start-ups that made the list include: BitPesa (Kenya), Branch (Nigeria), Cellulant (Kenya), Jumo (South Africa), Paga (Nigeria), Paystack (Nigeria) and Yoco (South Africa).
According to CB Insights, the 2018 Fintech 250 have raised approximately $53B in aggregate funding across 947 deals since 2013, and includes start-ups at different investment stages of development, from early-stage (seed/Series A) companies to well-funded unicorns.
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