These African fintech companies, OPay, PalmPay, Flutterwave, and Yoco are listed on the third annual Fintech 250: Top Fintech Companies of 2020. The Fintech 250 is CB Insights’ list of the top 250 private fintech companies that leverage technology to disrupt the financial service sector.
It includes startups at different stages of development – from early-stage companies to well-funded unicorns. In the last five years, the 2020 cohort raised about $49.2 billion in aggregate funding across nearly 900 deals. Grab, a Singapore-based fintech tops the list of most funds raised with $9.7 billion amassed over five years.
These companies out of about 16,000 either applied or were nominated. The 250 were selected based on the data each company submitted, business models, market dominance, and Mosaic scores – CB Insight’s proprietary algorithm that measures the health and growth potential of private companies.
OPay is the most funded company in Africa and 79th in CB Insights’ Fintech 250 list of Top 100 Most Well-funded Fintechs. It has secured $170 million investment from its parent company, Sequoia Capital, IDG Capital, Source Code Capital, Meituan Dianping, and GSR Ventures. The $170 million raised by OPay is only 1.75% of the $7.8 billion raised by Grab over the same five-year period.
PalmPay ranked 195 on the list and has raised $40 million from investors like NetEase, MediaTek, and Transsion Holdings.
South Africa’s Yoco ranked 230 on CB Insights’ list of companies that secured funds in the last 5 years. Yoco raised $33 million investment capital from its biggest investors, including Partech Partners, Greyhound Capital, Quona Capital, FMO, and Orange Digital Ventures.
Access the full list here.