New York, NY, October 22, 2018 — CB Insights today named Paga to the second annual Fintech 250 list, a prestigious group of emerging private companies working on groundbreaking financial technology.
“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,” said CB Insights CEO Anand Sanwal.
“We are proud to be on the Fintech 250 list 2 years in a row,” said Founder & CEO, Tayo Oviosu. “Paga was founded on the belief that everyone deserves the ability to easily access and use money, and it is very exciting what we have been able to achieve in 6 years of commercial operations. Nigeria is our first market and we are nearing 10 million unique users and have built the largest distribution network for financial services with over 17,500 agents. Innovation and collaboration are at the core of our company, and we are looking to take our solutions beyond Nigeria, to other markets where they are needed”
The CB Insights research team selected the Fintech 250 companies based on several factors including data submitted by each company and their Mosaic Score. The Mosaic Score, based on CB Insights’ algorithm, measures the overall health and growth potential of private companies. Through this evidence-based, statistically-driven approach, the Mosaic Score can help predict a company’s momentum, market health and financial viability.
Starting today, CB Insights customers can view the Fintech 250 on Stories, the newest product feature allowing teams to easily create beautiful presentations powered by real-time data visualizations.
Paga is a mobile payment company that was founded in 2009 by Tayo Oviosu. They have gone on to become the largest and most successful mobile money company in Nigeria, by building an ecosystem to enable people to digitally send and receive money, and creating simple financial access for everyone. The company is at the forefront of financial inclusion in Nigeria as it has processed over 62 million transactions worth approximately over $4 billion, and is profitable; growing at 110% compounded annual growth rate (2016–2018). They recently announced plans for expansion outside of Nigeria into international markets.
Quick facts on the 2018 Fintech 250:
● 30 of the Fintech 250 companies have reached a unicorn valuation of $1B or more.
● Since 2017, these 250 private companies have raised $31.8B across 373 deals.
● There were 82 $100M+ mega-rounds to the Fintech 250 since 2013, with 33 of them in 2018 year-to-date (YTD).
● 113 new companies were introduced to the 2018 Fintech 250 list.
● 44% of the 2018 Fintech 250 list are based outside the United States, representing 31 countries.
● Ant Financial is the most well-funded company on the Fintech 250 list, having raised approximately $19.1B across 4 investments.
A big thank you to CB Insights, we are very proud to be named amongst some of the most notable Fintech startups today!!
See the full list HERE