CB Insights has named TerraPay to its sixth-annual Fintech 100 ranking (previously the Fintech 250) – showcasing the 100 most promising private fintech companies of 2023.
“Representing 24 different countries across the globe, this year’s Fintech 100 is shaping the future of real-time payments, spend management automation, embedded finance, and more” said Chris Bendtsen, Lead Fintech Analyst, CB Insights. “Together, they are not only increasing the pace of innovation, but launching new products and features to revolutionize the industry as a whole. I cannot wait to see what this cohort accomplishes next.”
“It’s an honor to be recognized by CB Insights as part of this year’s Fintech 100 list. Over the past few years, we have been steadily building our cross-border payment network and this pace of growth has accelerated significantly in 2023. We have forged some key alliances that will help us further our vision of building a connected and empowered world of payments. As we expand, we aim to shape a more inclusive and accessible future for cross-border payments.” said Ambar Sur, Founder & CEO, TerraPay
Utilizing the CB Insights platform , the research team selected these 100 winners from a pool of over 19,000 private companies, including applicants and nominees. They were chosen based on factors including – including equity funding, investor profiles, business relationships, R&D activity, news sentiment analysis, competitive landscape, proprietary Mosaic scores, and Yardstiq transcripts – and criteria such as tech novelty and market potential. The research team also reviewed thousands of Analyst Briefings submitted by applicants.
Today, TerraPay has established itself as a global partner to leading banks, money transfer operators, mobile wallet operators, and financial institutions to facilitate digital transactions without borders. Recently, TerraPay successfully closed its Series B equity financing round, raising in excess of $100 million in equity and debt financing. The funding round was led by IFC and supported by Prime Ventures, Partech Africa, Visa, and a consortium of other investors. This funding pushes forward TerraPay’s global expansion plans, especially across the LATAM and MENA regions, aiming to grow their existing pay-out network to 150 countries by 2024. Having acquired two new regulatory approvals this year, TerraPay is now the only payment provider to be regulated and licensed across 29 countries, globally. The company’s key markets include; GCC; North, South, and Central Africa; Europe and SE Asia; Central, North, and South Americas.
Quick facts on the 2023 Fintech 100:
- Equity funding and deals: The Fintech 100 includes a mix of companies at different stages of maturity, product development, and funding. The cohort has raised nearly $22B in equity funding across 381 deals since 2019.
- Unicorns: There are 31 companies with $1B+ valuations on the list.
- Global Reach: This year’s winners represent 24 different countries across the globe. Forty-three percent of the selected companies are headquartered in the US. The UK comes in second with 12 winners, followed by Singapore with 7. Additionally, some emerging markets stand out with multiple winners this year. For example, India has 3 winners, while Indonesia and Egypt each have 2.
