Fairmarkit Named to the 2021 CB Insights Fintech 250 List of Top Fintech Startups
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Fairmarkit honored for achievements in fintech and automated procurement solutions
NEW YORK--(BUSINESS WIRE)-- CB Insights today named Fairmarkit 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."
"Companies rely on easy and efficient access to products and services for smooth day to day operations -- and Fairmarkit transforms the way the Fortune 500 purchase what they need," said Kevin Frechette, Fairmarkit Co-founder & CEO. "We are honored to be recognized by CB Insights’ Fintech 250 list for a second year, and will continue to cushion our customers from supply chain bottlenecks while empowering them to optimize their spending, find new operating efficiencies, and automate work with suppliers.”
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.
Since its founding in 2017, Boston-based Fairmarkit has worked with some of the world’s largest companies to help source and manage their purchases with data and automation. Fairmarkit enables enterprises to modernize their operations with advanced tech, eliminating manual legacy practices for immediate impact on their bottom lines.
Fintech 250 2021: Investment Highlights
- Unicorns: 118 of the 250 companies (47%) are valued at or above $1B as of their latest funding round
- Funding trends: In 2021 year-to-date (YTD), these 250 private companies have raised $40.3B in equity funding across 275 deals (as of 9/14/21)
- Mega-rounds: Since 2020, there have been 178 mega-round ($100M+) equity investments to this year’s Fintech 250, with 138 of them in 2021 YTD
- Global representation: 36% of the 2021 Fintech 250 are based outside the US. After the US, the UK is home to the most Fintech 250 companies (25), followed by India (12). This year’s winners are based in 26 countries, including France, Brazil, Germany, Indonesia, and Nigeria.
- Top VC investor: Ribbit Capital is the most active investor in this year’s Fintech 250 companies, having invested in 62 deals since 2016. Since 2019, Ribbit has participated in 41 deals with this cohort of companies, including to Nubank, Uala, Brex, Vouch, Razorpay, and BharatPe. Tiger Global Management and Accel were close behind with 57 and 55 deals, respectively.
About CB Insights
CB Insights builds software that enables the world's best companies to discover, understand, and make technology decisions with confidence. By marrying data, expert insights, and work management tools, clients manage their end-to-end technology decision-making process on CB Insights. To learn more, please visit www.cbinsights.com.
Fairmarkit is the intelligent sourcing platform that empowers organizations to more efficiently purchase the goods and services they need. By equipping procurement and supply-chain teams with automation and data, Fairmarkit promotes competitive bidding while reducing manual work within existing processes. Leveraged across a number of industries by innovative procurement departments, such as Snowflake, Cabot Corporation, and Refinitiv, Fairmarkit aims to revolutionize the way organizations make purchases. Learn more at www.fairmarkit.com.
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