Bengaluru: CB Insights today named leading payments and API banking solutions company, Cashfree Payments to the fourth annual Fintech 250, a prestigious list of emerging private companies working on groundbreaking financial technology. This year’s list was unveiled on stage at CB Insights’ Future of Fintech conference in New York City.
“This is the fourth class of the Fintech 250, and it’s also the most international, representing 26 countries. These 250 fintech startups are attacking an incredibly diverse array of financial services opportunities across 19 sectors, including digital banking, insurance, payroll, retail investing, and more,” said CB Insights CEO Anand Sanwal. “After being named to the CB Insights Fintech 250 last year, the 2020 class saw 17 companies go public and 25 get acquired. They also went on to raise over $25B in additional financing and forged more than 380 new partnerships after being recognized. The Fintech 250 has a history of spotlighting the very best fintech companies, and this year is no different. We’re excited to see how these fintech startups disrupt and transform financial services in the years ahead.”
Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “We are delighted to be recognised by CB Insights and named to the prestigious Fintech 250 list. This honour validates our efforts to constantly build innovative and effective solutions for the financial ecosystem. The groundbreaking solutions that we have developed, such as Payouts, are aimed at creating value at scale for our stakeholders and enhancing their operational abilities. The favourable regulatory environment in India, alongside the country’s healthy competitive ecosystem, have enabled us in this endeavour. We will continue with our vision to develop efficient and effective offerings that will contribute to the country’s financial inclusion imperative.”
Through an evidence-based approach, the CB Insights Intelligence Unit selected the Fintech 250 from a pool of over 17,000 companies, including applicants and nominees.They were chosen based on several factors, including data submitted by the companies, company business models and momentum in the market, and Mosaic scores, CB Insights’ proprietary algorithm that measures the overall health and growth potential of private companies.
With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with Cashfree Payments Payouts. Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay.