Fintech startups have created quite a buzz in the region, raising over $100 million in the last five years. Investment in this sector is well warranted, considering the fact that traditional banks have had limited success in the region, where 70% of the population do not even have a bank account.
To rank the fintech firms, we got in touch with various fintech startups and acquired details about their businesses including funds raised, and their business models. To make the list, the startup should have been founded in 2011 or later and should have received external funds. We evaluated the companies on the basis of funds raised, which was given the highest weight. We also looked at the quality of investors and the business models of the startups