It was another joyous moment for the Fintech industry in Africa, Yesterday, when Disrupt-Africa reported that two Nigerian startups, Flutterwave, a payments company and Riby, a financial management app as well as Kenyan GrassRoots Bima, an insurance startup, made the list of the annual Fintech 100 report compiled by KPMG and H2 Ventures.
Great to see #startups in #Africa amongst the best emerging #fintech companies in the world @Ribyfinance @GR_Bima @theflutterwave => https://t.co/IUktftxO9x pic.twitter.com/u0u4B78YaE
— Sam Ajadi (@sam_ajadi) December 4, 2017
The Fintech 100 is a list of the most innovative Fintech companies across the globe. These are noted to be creating products and services at the juncture of technology and financial services and seeking to disrupt the existing processes and products that dominate the marketplace. The list was further categorized into 8 different sectors:
This year’s list featured Fintech companies from 29 countries.This consist of 41 companies from the UK and EMEA, 29 companies from the Americas (North and South America) and 30 companies from Asia (including Australia and New Zealand).
The Fintech 100 is divided into two sub-lists. The first is the ‘Leading 50’. This is a list of established Fintech firms around the globe. These have been ranked based on their size, capacity for innovation, capital raising activity and country.
The second list is the ‘Emerging 50’ Fintechs. This list is comprised of the newer companies that are at the forefront of innovative technologies and practices. They are also seen to be pursuing new business models.
According to the publishers, this year’s list was reached following an extensive global research and analysis based on data relating to ten dimensions. These include the core five factors noted below:
- Total capital raised
- Rate of capital raising
- Geographic diversity
- Sectorial diversity
- X-factor: degree of product, service and business model innovation
This list clearly indicates that China continues to dominate the Fintech landscape. It has produced 5 of the Top 10 Fintech companies on the list.
The companies on the 2017 list have raised over US$28 billion in venture capital (including from strategic investors) and more than US$5.5 billion of capital in the last 12 months.
The report is a collaborative effort between H2 Ventures and KPMG. You can download the report here.
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!