Financial solutions company Razorpay has been named to the third annual Fintech 250, CB Insights’ list of emerging private companies working on groundbreaking financial technology.
With a growth rate of 35 per cent month-on-month, Razorpay has been seeing an increased demand for digital payments, particularly in the last six months. It currently provides payment and banking solutions for over 1 million businesses. With some of its recent launches like the neo-banking platform RazorpayX (current accounts and corporate credit cards), support for freelancers and homepreneurs, and the acquisition of Opfin, a payroll management software company, Razorpay plans to increase the count of its partner businesses to 15 lakh by the end of this year, while also expecting a 4X growth in its revenue, said a company statement.
“I believe that the fintech sector is at its exciting best right now, and to be named in the Fintech 250 List of Fastest-Growing Fintech Startups by CB Insights is truly humbling, encouraging and reassuring that our efforts towards changing how business finance works are in the right direction,” said Harshil Mathur, CEO and co-founder of Razorpay. “We were a group of less than 10 people when we started Razorpay in a small room with the sole purpose to make online payments easier, particularly for the underserved segments, SMEs. Fast forward to five years later, we are a 900 strong team today with a 500 per cent growth, making this a tremendous journey for our partner businesses, their consumers and ourselves.”
CEO of CB Insights, Anand Sanwal, said: “This year's Fintech 250 represents 25 countries and spans 19 categories — reimagining everything from retail banking and crypto, to insurance and asset management. The previous Fintech 250 class raised more than $22 billion in investor financing and saw more than 20 exits after being recognised, and we expect this year's class will have similar success as they continue to transform how people and businesses spend, save, borrow, and invest their money.”
The statement said that through an evidence-based approach, the CB Insights Intelligence Unit selected the Fintech 250 from a pool of 16,000 companies, including applicants and nominees, based on several factors — patent activity, investor quality, news sentiment analysis, proprietary Mosaic scores, market potential, partnerships, competitive landscape, team strength, and tech novelty. The Mosaic Score, based on CB Insights’ algorithm, measures the overall health and growth potential of private companies to help predict a company’s momentum.
2020 Fintech 250 Highlights
Unicorns: 32 of the 250 companies are valued at or above $1 billion as of their latest funding round
Funding trends: Year to date, these 250 private companies have raised $10.3 billion in equity funding across 120 deals (as of August 26, 2020
Mega-rounds: Since 2019, there have been 87 mega-round ($100 million+) equity investments to this year’s Fintech 250, with 35 of them in 2020 (as of August 25)
Global representation: 46% of the 2020 Fintech 250 are based outside the US. After the US, the UK is home to the most Fintech 250 companies (38), followed by India (20)