The Fintech 100 is CB Insights’ annual list of the 100 most promising private fintech companies in the world.
CB Insights has unveiled the seventh annual Fintech 100 (previously the Fintech 250) — a list of the 100 most promising private fintech companies in the world.
For companies interested in the future of fintech, these startups — working on everything from deploying novel AI solutions across the landscape to expanding access to financial services — should be on your radar for partnership and investment opportunities.
The list primarily includes early- and mid-stage startups driving innovation across fintech. Our research team picked winning companies based on CB Insights datasets, including deal activity, industry partnerships, team strength, investor strength, employee headcount, and proprietary Commercial Maturity and Mosaic scores. We also dug into Analyst Briefings submitted directly to us by startups.
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Here is a summary of the 2024 Fintech 100 cohort highlights:
- The 100 winners include 13 wealth management companies, 11 in embedded finance, and 10 in insurance.
- $7.2B in equity funding raised over time, including more than $2B in 2024 so far (as of 10/23/2024).
- Nearly 50% are early-stage companies (primarily seed/angel or Series A).
- 52 companies from outside the United States, across 23 countries on 6 continents. This includes 17 companies from 11 emerging and developing economies.
- 850+ business relationships since 2022, including with industry leaders like Mastercard, State Street, and Flipkart.
Companies are categorized by their primary focus area and client base. Categories in the market map are not mutually exclusive.
CB Insights customers can interact with the entire Fintech 100 list here and view a detailed category breakdown using the Expert Collection.
2024 FINTECH 100 COHORT HIGHLIGHTS
Funding and valuations
The 2024 Fintech 100 winners have raised $7.2B across 370+ disclosed equity deals to date (as of 10/23/2024).
Gaming payments company Coda Payments and rent rewards company Bilt Rewards lead all winners in disclosed equity funding (with $715M and $560M in funding, respectively).
In 2024 so far, this year’s winners have raised just over $2B across 72 disclosed equity deals.
Three winners have raised mega-rounds ($100M+ deals) in 2024 so far:
- Bilt Rewards — $200M Series C, $150M Series C – II
- Akur8 — $120M Series C
- FundGuard — $100M Series C
Just 5 companies on this year’s list have reached unicorn status (a $1B+ valuation). Amid the broader venture slowdown, just one winner has hit unicorn status in 2024 so far: Pennylane, a France-based financial management and accounting platform for businesses.
Stage breakdown and commercial maturity
Nearly half — 48 — of this year’s Fintech 100 winners are early-stage companies (primarily seed/angel or Series A).
More than 60% of the companies on the list (62) have a CB Insights Commercial Maturity score — which measures a private company’s current ability to compete for customers or serve as a partner — of 4, or Scaling. This indicates they are gaining market traction and growing clients, partners, headcount, and revenue.
Twenty-six winners have a score of 3, or Deploying, which means they have validated ideas and are beginning commercial distribution.
Top investors
Plug and Play Ventures leads all venture capital (VC) firms, including CVC firms, in the number of winners backed. The 2024 Fintech 100 companies in its portfolio operate across financial management and accounting (Finally), capital markets (FundGuard), payment acceptance (AiFi, Fintoc), banking (Tuum), wealth management (Boldin), and payroll (WorkPay).
Meanwhile, General Catalyst leads in the total number of investments in the 2024 Fintech 100, as it has invested 13 times across 6 companies. It has invested in Bilt Rewards, financial management & accounting firm Collective, alternative credit scoring company Nova Credit, cross-border payments platform Finom, student loan management platform Summer, and AI agent Powder.
Geographic distribution
Just over half (52) of this year’s Fintech 100 winners are based outside of the United States. The United Kingdom leads all non-US countries with 12 winners, and Canada and Singapore are tied for second with 6 companies each.
Seventeen companies on this year’s list come from 11 emerging and developing economies (Brazil, Chile, Colombia, Egypt, India, Kenya, Pakistan, United Arab Emirates, South Africa, Thailand, and Uruguay). Many of these winners are focused on solutions driving financial inclusion and accessibility for groups like small businesses and consumers building their credit.
Headcount growth
This year’s Fintech 100 winners collectively employ more than 18,000 people. Median year-over-year headcount growth is more than 30%.
Bilt leads all winners with $3.1M in equity funding per employee. Embedded finance company Brim Financial, blockchain company Fnality, and Coda Payments are tied for second with $1.6M per employee.
Company health
Eighty-three of this year’s winning companies have a CB Insights Mosaic score — a proprietary measure of private company health and growth potential — of at least 700 out of 1,000 (as of 10/23/24). Compared to all private companies — fintechs or otherwise — with Mosaic scores, these 83 winners rank in the top 4% by Mosaic score.
Bilt Rewards leads the cohort with a score of 952. Nova Credit and Arta are tied for second with 883.
Winners deploy AI across a variety of use cases
AI’s dominance in the venture market and broader tech conversations is reflected in this year’s Fintech 100 cohort.
Several winners have developed AI solutions to automate financial services operations. For example, Alkymi and Saphyre are among the handful of companies using AI to analyze and extract data from financial documents.
But winners are also deploying AI within specific financial services sectors, including embedded finance, compliance, and insurance.
For instance, Gynger uses AI and data analytics to quickly approve and underwrite financing. The company is backed by PayPal Ventures and Google’s AI-focused venture arm Gradient Ventures.
Meanwhile, Norm Ai offers AI agents for compliance teams, enabling them to assess content or actions against regulatory requirements. The company raised a $27M Series A round in June 2024 from investors including Bain Capital Ventures and Citi Ventures.
Delos Insurance Solutions, on the other hand, issues property insurance and analyzes satellite data using AI to identify areas with greater wildfire risk. Its founders’ backgrounds in the space industry inform their approach to data gathering via satellite.
Fintechs gear solutions toward financial inclusion and accessibility
Many of this year’s winners are focused on making financial services and technology more accessible to growing customer segments.
Small businesses are a focus worldwide. This year’s list includes solutions like Sequoia Capital– and Founders Fund-backed Found, which offers banking for self-employed people and small business owners. Meanwhile, Pakistan-based NayaPay offers financial management for consumers as well as small businesses. Singapore-based YouTrip also has both B2C and B2B platforms for cross-border payments, focusing its B2B services on small businesses in southeast Asia.
Companies in this year’s cohort are also targeting consumers building their financial profiles and wealth. US-based MAJORITY allows individuals to get banked in the US without social security numbers. OTO, meanwhile, offers loans for electric bike and scooter purchases in India. Banks are hesitant to finance the purchases despite strong government support for the vehicles, so the massive consumer market is turning to fintechs.
Meanwhile, companies like Bilt Rewards and CheQ are helping consumers manage their credit and build toward major purchases in different ways. Bilt converts rent payments into points that can be redeemed toward a down payment on a home, and it can also send renters’ on-time payment reports to credit bureaus.
In India, where credit cards have lower penetration but are growing quickly, CheQ helps consumers pay off all of their credit cards and earn rewards on one digital platform. It aims to support users who are new to the credit system and offers free credit reports and tips on managing credit. The company recently announced a partnership with India’s e-commerce giant Flipkart to enable consumers to earn extra points on purchases during Flipkart’s sale event.
