Riby , Flutterwave and Lydia are the only three financial technology (Fintech) firms that got into the KPMG final list of Fintech 100 from Nigeriain 2017. The three who made up the list of start-ups in Africa featured in the emerging list.
Fintech 100 which is a collaborative effort between companies and KPMG, analyse the global fintech space, which comprise of two categories, the ‘Top 50’ and an ‘Emerging 50’. Each category brings companies that are of advantage to technology and are innovative towards driving disruption in financial services. A panel of Judges from senior partner’s ventures, KPMG and others, decided the final companies that made up the fintech 100 list.
The top companies raised $4.8 billion dollars in the year alone and over $27 billion aggregate capital in their lifetimes. Within the emerging 50, over $600 billion dollars has been raised in the last year and just over $1 billion dollar has been raised in total since they were founded.
Africa had one of the least regional representation on the list with only three start-ups including Flutterwave (75), Riby (95) and Kenya-based Grass roots Bima (76).
China maintained its dominance in the fintech landscape accounting for half of the top in companies in 2017. Chinese incumbents have sustained the trend, the report noted, as they continue to scale with a heavy emphasis on payments and insurance.
A new theme which emerged from analysis of the companies in the Fintech 100 is open banking-designed to foster greater empowerment of customers (consumer and small business), transparency and levels of competition.
Open banking is not the future of commerce itself as open ‘banking’ is just the start-as it progressively extends to other segments of the financial services industry and then beyond, including Energy, Telecommunications, etc.; authors of the report stated.
Flutter wave operates in over 36 African countries providing payment technology and infrastructure to the continent’s largest financial institutions. The technology is empowering individuals and businesses to accept online and offline payments and driving growth in communities traditionally cut off from the digital economy.
Riby on the other hand provides cooperatives, company groups, employees, individuals, associations and financial development institutions a platform to manage their financial activities. It enables digitization of collaborative saving, lending and investments with the ultimate aim of increasing financial literacy amongst individual members of the groups. The service operates through a mobile app, and offers features including personal savings, cooperative savings and loan management, peer-to-peer lending, agent management and personal and group investment management.
Culled from Business Day News.