The continent’s antiquated banking system (serving mainly the affluent) and largely underbanked population have created the perfect breeding ground for fintech growth, speeding up both development and adoption of new technologies.

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Some of this year’s winners are building safer and more efficient ways to send and receive payments. Others are striving to make banking, loans, mobile wallets, and investing products available to historically underserved populations all over the world. 

Using the CB Insights platform, our research team selected these 250 winners from a pool of over 12,500 eligible private companies, including applicants and nominees. They 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 research team also reviewed over 2,000 Analyst Briefings submitted by applicants. 

Clients can access the entire Fintech 250 list and interactive Expert Collection here. (If you don’t have a CB Insights login, create one here.)

Companies are categorized by their primary focus area and client base. Categories in the market map are not mutually exclusive. Please click to enlarge.

Want to be considered for future rankings? Fill out this initial application form (it’ll take no more than a few minutes). If selected, you’ll be asked to complete our Analyst Briefing Survey so that our analysts can better understand your products, customers, and market traction.

FINTECH 250 COHORT HIGHLIGHTS

Below are a few highlights from the Fintech 250 Class of 2022.

New vs. repeat winners: Nearly two-thirds (64%) of this year’s cohort are repeat winners: 144 were on last year’s list and 16 have made their way back onto the list after winning in a prior year. That leaves only 90 new winners (36% of the list), the fewest ever since we started the Fintech 250. 

Why is the new winner cohort so small? In the past, many winners would exit via IPO or M&A and lose eligibility for the list. Today, fintech leaders are staying private longer, especially amid this year’s market turmoil. This has allowed them to retain their eligibility through multiple list rounds. Additionally, 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. 

Some of the biggest names in the industry, like Stripe and Klarna, have certainly faced their fair share of obstacles, including layoffs and valuation cuts. But when analyzing the data — including revenue, number of customers and customer growth, partnerships, and equity funding — most of these better-established fintech leaders remain on top.

Global reach: Globalization is a key theme for this year’s Fintech 250. The winners represent 33 different countries (by headquarters location) across the globe — 7 more than last year. Just over half (53%) of the selected companies are headquartered in the US, which is the fewest we’ve seen in the Fintech 250 since 2017. The UK came in second with 31 winners (12%), followed by India with 14 (6%), Brazil with 9 (4%), and Germany with 7 (3%).

Stemming from the broader theme of globalization comes localization — the practice of serving local markets and regions. This is a strong focus for winners in emerging markets like India, South America (11 winners, 4%), and Africa (6 winners, 2%).

For example, 3 of this year’s first-time winners are building payment networks in Africa: MFS Africa, TeamApt, and Paga.

B2B vs. B2C: About two-thirds (64%) of this year’s Fintech 250 are B2B, and 36% are B2C. The B2B-B2C split represents a broader shift in market sentiment away from consumer-facing fintechs. This has been driven in part by reports released this year citing the lack of neobank profitability as well as the visible struggle of public B2C fintech stocks like Robinhood, Coinbase, Affirm, and NuBank.

The largest B2B fintech winners by valuation are Stripe ($74B internal valuation), Checkout.com ($40B), Plaid ($13.5B), and Brex ($12.3B).

Most-represented categories: The fintech categories comprising the most winners are payments processing & networks with 33 (13%), insurance with 25 (10%), cryptocurrency with 24 (10%), core banking & infrastructure with 19 (8%), and retail investing & wealth management with 17 (7%).

This marks payments processing & networks’ second straight year as the top category by number of winners. This category includes B2B providers of e-commerce and point-of-sale (POS) payments processing, APIs, payouts, cross-border payments, and more. It also tied with cryptocurrency for the most new winners at 11. Notable new Fintech 250 champions in the payments processing & networks space include card reader and POS system provider SumUp, gaming payments platform Coda Payments, and Brazil-based CloudWalk (the developer of POS solution InfinitePay).  

All but one of this year’s insurance winners were also featured in our inaugural Insurtech 50, published in June 2022. The category includes companies selling insurance products and services directly to customers (i.e., individuals or businesses buying an insurance policy), like Digit Insurance in India and SMB-focused Next Insurance. It also includes companies like Cambridge Mobile Telematics and Shift, which sell technology to reinsurers and insurance brokers.

Despite the crypto market downturn this year, startups in the space still account for a significant share of this year’s Fintech 250 list. Data on funding, top investor support, revenue, and business relationships still point to the long-term momentum of these companies. Notable players include crypto exchange Binance as well as Web3 infrastructure providers ConsenSys and Fireblocks.

Overall funding & valuation trends: The Fintech 250 cohort has raised over $115B in equity funding across over 1,100 deals since the start of 2017 (as of 9/20/2022). In 2021 alone, winners raised over $51B across 337 equity deals. That’s an average of more than one funding round per company in a single year.

The top 3 winners by total equity funding raised since 2017 are Ant Group (who’s had to delay an IPO due to Chinese government regulations), Klarna, and Chime.

This year’s list includes 159 unicorns with a $1B+ valuation — almost two-thirds (64%) of the total list. While that stat definitely jumps off the page, it’s a little less shocking when you consider that there were a total of 297 fintech unicorns in the world at the end of Q2’22.

Top investors: 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, and Revolut, since 2017. Accel is second with 29 companies in its portfolio, followed by Ribbit Capital with 27.

Innovation at the earlier stages: Thirty-two (13%) of our winners are seed, Series A, or Series B startups.

To highlight a few, MoonPay provides fiat-to-crypto on- and off-ramps for crypto and NFT businesses, enabling them to accept traditional payment methods. International insurtech bolttech is building a global insurance exchange that connects insurers, distribution partners, and customers, to change the way insurance is bought and sold. Finally, StockGro is an India-based social investing app that allows users to invest virtual money to learn about stocks, play games, and win rewards.

THE FINTECH 250 CLASS OF 2021: WHERE ARE THEY NOW?

Since the start of October 2021, the 2021 Fintech 250 winners have posted a number of accomplishments, including:

• Nearly $20B in equity funding raised across 150+ deals (as of 09/20/2022)
• 68 mega-rounds (deals worth $100M+), including a $1B Series D to payments platform Checkout.com
• 5 exits, including 3 acquisitions and 2 IPOs (AvidXchange and Nubank)
• 20 new entrants to the $1B+ unicorn club, including Alchemy, Cross River Bank, and Qonto

If you want to learn more about the Fintech 250 Class of 2021, check out the full list of previous winners.

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We already have virtual worlds featuring live concerts and online games where players spend hundreds of hours — but metaverse enthusiasts see a future where entire societies thrive in an online realm inhabited by avatars of real people.

While the space is still in early days, the longer-term implications may not be trivial. Some users — especially younger ones — may eventually earn, spend, and invest most of their money in digital worlds. The metaverse could represent a $1T market by the end of the decade, according to CB Insights’ Industry Analyst Consensus.

The metaverse is a vision, not a specific technology. For enterprises, this ambiguity can make it challenging to figure out how to tap into the emerging trends the metaverse represents.

In this report, we provide a framework to navigate this evolving topic by breaking down the metaverse into distinct technological layers and highlighting the key vendors set on making the metaverse a reality.

Download the report to explore each layer in detail:

• Infrastructure (network & computing)
• Access/interface (hardware)
• Virtualization tools
• Virtual worlds
• Economic infrastructure
• Experiences

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HOW’S THE COMPANY PERFORMING?

• California-based Roofstock enables retail and institutional investors to purchase and sell rental homes.
• The platform has processed more than $5B in transaction volume.
• It has a portfolio of 15K+ homes and 100K+ investors.
• Roofstock is available in 70+ markets and backed by a team of 200+ people.

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How’s the company performing?

• Georgia-based OfficeSpace’s cloud-based platform offers space management solutions and workflow tools to empower human resources and facilities management teams.
• The company currently has more than 800 clients worldwide that include Shopify, Dropbox, Live Nation, Harry’s, and Mailchimp.
• OfficeSpace is currently supported by a team of over 100 employees.
• The company has offices in the US, Canada, and Costa Rica.

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How’s the company performing?

• Arkansas-based AcreTrader enables investors to purchase shares of available farmland.
• The company has grown by more than 5x in the last year.
• Since its debut in 2019, the company has distributed more than $100M to over 60 farms across 12 US states.
• AcreTrader has 70 employees at present.

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Amid the massive migration out of major cities, fueled by record-low interest rates, mortgage and refinance applications have jumped. This, in combination with this year’s economic recovery, has caused investors to turn to and place their bets on tech companies focused on digitizing all aspects of the industry.

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How’s the company performing?

• New York-based Better provides mortgage, real estate, title insurance, and homeowners insurance services without charging commissions or lender fees.
• In May, the company announced that it would be going public via a SPAC — the deal has yet to close.
• The company recently laid off 9% (900) of its 10K employees in a single day.
• Better provides services without charging commissions or lender fees.

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The post Digital Mortgage Provider Better Raises $750M, Implying A Trailing Price/Revenue Valuation Multiple Of 8.63x appeared first on CB Insights Research.

HOW’S THE COMPANY PERFORMING?

• New York-based CompStak is a proptech firm that provides CRE data to brokerages, hedge funds, appraisers, asset managers, sovereign wealth funds, and economists.
• CompStak’s major products include crowdsourced lease and sales comps as well as analytics dashboards.
• The company has over 30K clients, including Morgan Stanley, Google, PwC, Wells Fargo, SL Green, Comcast, Starwood Capital, and CPPIB.
• CompStak’s platform reportedly covers 1.5M properties and 35B square feet of leased space.
• It is supported by a team of over 100 employees.

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WHO ARE THE PARTIES TO THE DEAL?

• Building Engines: Boston-based Building Engines’ platform, Prism, brings together the technology and applications required for building management in one place. It provides a variety of services, including work order management, preventive maintenance, HVAC management, insurance, communication, and inspection. Building Engines caters to 1,000 clients and has more than 35,000 properties under management that collectively comprise 3B square feet of real estate.
• Jones Lang LaSalle: Chicago-based JLL specializes in real estate and investment management. The company posted revenue of $16.6B and adjusted EBITDA of $860M in 2020, and it also reported having $68.9B of assets under management (AUM) and a global managed portfolio of 5.4B square feet. JLL maintains operations in over 80 countries and a workforce comprising over 92,000 employees.

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HOW’S THE COMPANY PERFORMING?

• Mexico-based Flat facilitates the buying and selling of real estate across the country.
• The company’s services also include home valuations, property remodeling, property inspection, and legal reviews.
• Flat’s sales have increased by 70% quarter-over-quarter, and its real estate inventory has increased by 10x over the past year.
• The company currently has around 85 employees, up from 35 in mid-2020.

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How’s the company performing?

• UK-based Plentific assists property managers and landlords with launching and managing contractor supply chains for repair and maintenance services.
• The company’s platform manages over 350,000 properties across the US, the UK, and Germany.
• Plentific’s clients include Barnsbury, Housing Plus Group, Hausio, Knight Frank, and Peabody, among others.
• The company has more than 16,000 contractors on its platform and the number of properties under management has grown 17x in the last 3 years.

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How’s the company performing?

• California-based Bungalow provides communal rental options and streamlines rent and utilities payments as well as service requests.
• There are over 3,000 residents living across Bungalow’s 700 properties. The company operates across 16 cities and towns in the US.
• The traffic to the company site increased by 108% in Q2’21 from Q2’20.

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HOW’S THE COMPANY PERFORMING?

• Singapore-based JustCo provides co-working space, private office space, meeting rooms, and event space rentals.
• The company offers a 5-day free trial to potential clients so that they can experience the workspace and its facilities prior to finalizing a booking.
• JustCo has operations in Singapore, Japan, Australia, China, Indonesia, South Korea, Taiwan, and Thailand.
• The company’s clients include Aston Martin, Volvo, Xiaomi Southeast Asia, Ubisoft Singapore, and more.

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How’s the company performing?

• Brazil-based QuintoAndar helps connect tenants to landlords and home-buyers to sellers.
• The company has over $9.26B in assets under management and facilitates 200,000 scheduled apartment/home visits every month.
• QuintoAndar has more than 2,000 employees.

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HOW’S THE COMPANY PERFORMING?

• California-based Sundae is a real estate marketplace that connects homeowners with real estate property dealers and investors to facilitate the trading of distressed or damaged residential properties.
• The company reportedly witnessed a 600% year-on-year increase in revenue from June 2020 to June 2021.
• It currently operates in 14 markets across the states of Florida, Colorado, Georgia, Texas, and Utah, catering to almost 2,600 qualified off-market buyers.
• The company currently employs 180 people.

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How’s the company performing?

• New York-based Lev Capital is a real estate financing software platform provider that helps commercial real estate investors and owners obtain financing for homes and other properties. It uses machine learning technology to assist them in better analyzing their portfolios, choosing the appropriate lender for each transaction, and closing deals.
• Its operational volume increased tenfold in the last year, with approximately $100M in loans closed in 2020. In 2021, the company plans to close deals worth more than $1B.
• It is backed by a team of 40 employees.

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How’s the company performing?

• California-based Side is a a real estate technology firm that helps agents, teams, and independent brokerages build their own brands.
• It garnered between $30M-$50M in revenue in 2020 and expects to double its revenue this year. Side’s current annual production volume stands at more than $15B, representing a 200% year-over-year growth in sales.
• The company supports over 1,800 partner agents that include Trust Real Estate, Unvarnished, and Upside Real Estate.
• Side’s operating markets include California, Texas, and Florida.

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How’s the company performing?

• Colorado-based Accept.inc allows homebuyers to make all-cash offers through its mortgage lending platform at no additional cost.
• The company enables buyers to win homes 6-7 times more frequently on their platform and helps sellers close deals within 72 hours.
• Accept.inc states that it has helped close more than $100M worth of homes for thousands of buyers, agents, and sellers.
• The company saw 14x growth in 2020.

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HOW’S THE COMPANY PERFORMING?

• Ohio-based Lower offers home refinancing, mortgage loan, and home insurance services.
• Lower reported $300M in revenue FY’20 and has funded $3.5B in loans to date.
• The company works with over 35 insurance providers, such as Progressive, Nationwide, Liberty Mutual, and Allstate.
• The company has 1,505 agents nationwide.
• The company recently launched a mobile app, HomeFund, an FDIC-insured deposit fund with a 0.75% annual percentage yield.

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