NayaPay, a fintech platform and the first Electronic Money Institution in Pakistan, has been named to the 2024 CB Insights Fintech 100, showcasing the 100 most promising private fintech companies in the world, Business Recorder learnt on Thursday.
CB Insights is a private company with a business analytics platform and global database that provides market intelligence on private companies and investor activities, according to the information available on Wikipedia.
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,” CB Insights said.
NayaPay is the only Pakistani fintech listed in the CB Insights’s list that includes around 50 companies from the United States. From neighbouring India, 3 companies made through the list.
In August 2024, NayaPay was also listed in the Forbes list of Asia 100 To Watch 2024.
NayaPay offers a digital wallet service that allows users to make everyday payments, send and receive money, split bills, and shop worldwide with a Visa debit card.
It also provides financial management tools and universal payment acceptance for small and medium-sized businesses.
NayaPay earned commercial approval to operate as the first Electronic Money Institution in Pakistan in September 2021. It raised $13 million in early-stage funding in February 2022.
Key highlights of 2024 CB Insights Fintech 100
- The 100 winners include 13 wealth management companies, 11 in embedded finance, and 10 in insurance.
- $7.2 billion in equity funding raised over time, including more than $2 billion 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.
Just 5 companies on this year’s list have reached unicorn status (a $1 billion+ 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.
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