Paga, Nigeria’s leading Payments and Digital Financial Services Company has been named by CB Insights to the prestigious Fintech 250, a select group of emerging private companies working on groundbreaking financial technology.
Anand Sanwal, CB Insights CEO and co-founder, revealed the Fintech 250 companies during The Future of Fintech, a gathering of the world's largest financial institutions, best fintech startups, and most active venture investors.
“The financial services industry will see more change in the next 10 years than it has in the last 100. And this transformation is being driven by a group of smart disruptive start-up companies. The Fintech 250 are the most promising of these insurgents. They are bringing emerging technologies and business models to financial services that will permanently change the way we handle money and do business,” said CB Insights CEO Anand Sanwal.
Founded in 2009 and launched to the market fully in 2012, Paga is Nigeria’s leading payments and digital financial services company with a mission to transform lives by delivering innovative and universal access to financial services.
Many Nigerians struggle with two financial problems; ease of payments and access to financial services.
Paga addresses these challenges through two channels: online/mobile which includes a short code payment platform (*242#) accessible on any mobile phone, mypaga.com as well as mobile apps, and through its network of over 12,000 retail agents across 36 states in Nigeria. In just over 4 years, Paga now has 6 million users on its platform.
“We are honoured to be selected for the CB Insights list for 2017. This recognition is for our team and investors and is a great recognition of our progress to date. Paga is well on its way to bank the millions of unbanked in Nigeria and solve the payment challenges of all Nigerians – both banked and unbanked. We are doing this by taking a multi-stakeholder approach as we build out a robust ecosystem. That ecosystem is anchored by our strong network of agents – currently over 12,000 women and men who are entrepreneurs in their local communities that offer safe locations to access financial services.” said Tayo Oviosu, Founder and CEO of Paga.
The CB Insights research team selected the Fintech 250 companies based on several factors including data submitted by the companies and the company’s Mosaic Score.
The Mosaic Score, based on CB Insights’ National Science Foundation-funded algorithm, measures the overall health and growth potential of private companies. Through this evidence-based, statistically-driven approach, the Mosaic Score can help predict a company’s momentum, market health and financial viability.
Companies such as Affirms, Stripe, Robinhood, Acorns, Nav and Blue Vine are also being recognized for their innovative technology in front of an audience of 1000 senior executives from around the world and news outlets including The New York Times, The Wall Street Journal, The Financial Times, Reuters and Bloomberg.
Quick facts on the Fintech 250:
● These 250 emerging private companies have raised $14B across 240 deals in 2016.
● Applications of their technology include breakthroughs in insurance, lending, payments, human resources, real estate, and much more.
● More than 2,000 companies were nominated or applied for the Fintech 250 (only 8% were selected).
● Ribbit Capital has backed 17 of the Fintech 250 companies, while Andreesen Horowitz and Goldman Sachs backed 9.
● Twenty-three Fintech 250 companies have reached a valuation of $1B or more.
● 23 countries are represented among the Fintech 250 companies.
With the vision to be Africa’s leading payments and digital bank, Paga continues to innovate and work closely with banks and other financial institutions to introduce more services that will make it even easier for people to conveniently make payments and get access to financial services.