Twelve Indian companies have made it to market intelligence firm CB Insights fourth annual Fintech 250, a list of 250 of the top private fintech companies using technology to transform financial services.
The US-based CB Insights has a business analytics platform and global database, and provides market intelligence on private companies and investor activities.
BharatPe, Capital Float, CashFree, Clear, CoinDCX, CRED, Digit Insurance, Freo, Groww, Khatabook, Pine Labs and Razor Pay are the 12 Indian companies who are part of the list.
"From capital markets to insurance and digital banking to wealth management, the Fintech 250 are among the most promising of these companies globally," CB Insights said in its report.
The companies were selected from a pool of over 17,000 companies, including applicants and nominees. They were chosen based on several factors, including data submitted by the companies, company business models and momentum in the market, and Mosaic scores, CB Insights' proprietary algorithm that measures the overall health and growth potential of private companies.
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The 250 companies have raised approximately $73.8 billion in aggregate funding across nearly 1,200 deals since 2016, while they have raised $40.3 billion in 2021 till September 14. 118 of the 250 companies are unicorns with a valuation of over $1 billion.
Sixty-four per cent of the companies in the list are based out of US, followed by UK which is home to 25 such companies. India is at the third position with 12 companies.
Investment firm Ribbit Capital is the most active investor in this year's Fintech 250 companies, having invested in 62 deals since 2016, CB Insights said. "Since 2019, Ribbit has participated in 41 deals to this cohort of companies, including to Nubank, Uala, Brex, Vouch, Razorpay, and BharatPe."
Ribbit was followed by Tiger Global Management and Accel with 57 and 55 deals, respectively.
Swedish fintech company Klarna is the most well-funded in the list, having raised approximately $3.5 billion across 26 rounds since 2010, the report said. The firm also raised $1 billion in a funding round in the first quarter of 2021 from undisclosed investors, which was the top deal of 2021, it added.
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