CB Insights Names Razorpay to the ‘Fintech 250’ List of Fastest-Growing Fintech Startups in the World
Bengaluru (Karnataka) [India]: Razorpay, the leading full-stack financial solutions company, has been named to the third annual Fintech 250 by CB Insights. The Fintech 250 is a prestigious list of emerging private companies working on groundbreaking financial technology.
Razorpay’s growth has been uphill, particularly in the last two years. With a healthy growth rate of 35% month-on-month, Razorpay has been seeing an increased demand for digital payments, particularly in the last six months. The company currently provides payment and banking solutions for over 1Mn businesses. With some of its recent launches like the neo-banking platform, RazorpayX (Current Accounts & 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 15,00,000 by end of this year, while also expecting a 4x growth in its revenue.
Delighted about being recognized as one of the Top 250 Fastest-Growing Fintech companies globally, Harshil, Mathur, CEO and Co-Founder of Razorpay said, “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. We were a group of fewer 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% growth, making this a tremendous journey for our partner businesses, their consumers, and ourselves.”
He added, “From developing new solutions and constantly redefining industry benchmarks in product innovation and payment experience, I’m really proud of the milestones that the Razorpay team has achieved, it has been nothing short of satisfying! Of course, we have a long way to go, but, this recognition is certainly a boost for our team and me to continue to do what we’ve been doing with the same level of passion.”
CEO of CB Insights, Anand Sanwal said, “We’re proud to, once again, recognize the 250 best private fintech companies globally. 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 recognized, 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.”
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. These factors include 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 $1B as of their latest funding round.
- Funding trends: YTD, these 250 private companies have raised $10.3B in equity funding across 120 deals (as of 8/26/20).
- Mega-rounds: Since 2019, there have been 87 mega-rounds ($100M+) equity investments to this year’s Fintech 250, with 35 of them in 2020 YTD (as of 8/25/20).
- 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).
