Market intelligence platform, CB Insights has unveiled the winners of the fifth annual Fintech 250 — a list of the 250 most promising private fintech companies worldwide. Among the 2022 picks are six companies headquartered in African countries and three in Nigeria.
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The Fintech 250 is CB Insights’ annual list of the 250 most promising private fintech companies in the world. This year’s winners are shaping the future of B2B and B2C financial services, from payments and banking to investing and insurance.
According to CB Insights, this year’s winners were chosen based on factors including proprietary Mosaic scores, funding, market potential, business relationships, investor profile, news sentiment analysis, competitive landscape, team strength, and tech novelty.
The report also noted that factors such as rising inflation, interest rate hikes, and struggling public tech stocks have made it more difficult for new entrants to make a splash in the already maturing fintech market.
Tiger Global is the top investor in this year’s Fintech 250 by a significant margin, having backed equity deals to 45 of the winners, including Stripe, Checkout.com, Revolut, and FTX, since 2017. Accel is second with 29 companies in its portfolio, followed by Ribbit Capital with 27.
Here are the 6 most promising African fintech companies of 2022, according to CB Insights Fintech 250 list.
- JUMO (South Africa) : Total funding: $267 million
Disclosed Investors: Google for Startups Accelerator, Finnish Fund for Industrial Cooperation, GEMCORP, Mastercard Foundation, Proparco, Goldman Sachs, LeapFrog Investments, VEF, Odey Asset Management, Ash Park, Fidelity Investments, Visa Ventures.
- KuCoin (Seychelles): Total funding: $180 million.
Disclosed Investors: IDG Capital, Matrix Partners China, NGC Ventures, Circle Ventures, Jump Crypto, Susquehanna International Group.
- MFS Africa (South Africa): Total funding: $281million.
Disclosed Investors: Goodwell Investments, LUN Partners Capital, Equator Capital Partners, FSD Africa, UK Department for International Development, Lendable, Norsad Finance, AfricInvest, Allan Gray, British International Investment, CommerzVentures, Endeavor, Endeavor, AXA Investment Managers, Admaius Capital Partners, Vitruvian Partners.
- Opay (Nigeria) : Total funding: $570 million.
Disclosed Investors: GSR Ventures, IDG Capital, Meituan Dianping, Opera, Sequoia Capital China, Source Code Capital, Bertelsmann Asia Investments, Gaorong Capital, Longzhu Capital, Redpoint Ventures China, Softbank Ventures Asia, 3W Partners, SoftBank Group.
- Paga (Nigeria): Total funding: $38 million.
Disclosed Investors: Acumen, Adlevo Capital, Capricorn Investment Group, Flourish Ventures, Goodwell Investments, Jeremy Stoppelman, Jim O’Neill, Tim Draper, Global Innovation Fund, Unreasonable Capital, Ping An Cloud Accelerator, Gaingels.
- TeamApt (Nigeria): Total funding: $58 million
Disclosed Investors: Quantum Capital Partners, British International Investment, Endeavor, FMO, Global Ventures, Kepple Africa Ventures, Novastar Ventures, Oui Capital, Soma Capital, Lightrock, QED Investors.