Today CB Insights named Onfido to its the third annual Fintech 250, a prestigious list of emerging private companies working on groundbreaking financial technology. This win builds on Onfido’s recent appointment to CB Insights’ AI 100 early this year.
“We're proud, once again, to 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,” said CB Insights CEO Anand Sanwal. “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.”
“For financial service companies to continue to build and expand in today's climate they need to be able to quickly and easily identity their customers in a remote setting,” said Husayn Kassai, CEO and Co-Founder of Onfido. “At Onfido, we’re transforming the accessibility of financial products and services to create a more open, secure and inclusive online world. We’re excited to be recognized by CB Insights as one of the fastest growing fintech companies.”
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.
This recognition comes in the wake of Onfido’s strong quarter-over-quarter growth, representing a 40% increase in global sales over the same quarter last year and $100M investment early this year. The significant growth was propelled by increased demand in the United States--where Onfido grew its year-over-year sales by 264%--as organizations accelerate their digital transformation plans.
With just a photo of an identity document and a selfie video, anyone can access a host of digital services in a matter of seconds from some of the biggest names in financial services, transportation, online marketplaces & communities, gambling and other industries—all fueled by Onfido’s AI-powered identity verification and authentication. To see Onfido’s award-winning product in action, sign up for a live demo here.
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-round ($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)
Companies such as Affirm, ComplyAdvantage, Expensify, GoCardless, Klarna, LendInvest, Stripe, Starling Bank, Robinhood, Revolut, TransferWise and WorldRemit joined Onfido in being recognized for their innovative technology. All but two of these are Onfido clients.