Business Wire IndiaCB Insights today named CreditMantri (www.Creditmantri.com) to the prestigious Fintech 250, a select group of emerging private companies working on groundbreaking financial technology. CB Insights CEO and Co-Founder, Anand Sanwal, 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 that transformation is being driven by a group of smart insurgent startup 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.
Ranjit Punja, CEO and Co-Founder of CreditMantri, commented, “We are honored to receive this recognition from CB Insights. At CreditMantri, we have always aspired to become India’s largest and most inclusive credit facilitator and this acknowledgment validates the fact that we are headed in the right direction. India stands at the precipice of immense data infusion given the current digital shift. Digitalization of banking & finance, along with the surge in first-time borrowers is a great enabler for efficient credit decision making for lenders and borrowers.”
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.
CreditMantri is a Chennai-based Fintech startup focused on enabling efficient credit decisions for borrowers and lenders. It was created by a team of 3 ex-bankers with the intent to change the way credit is delivered in India by leveraging the power of technology and the digital medium - Ranjit Punja, R Sudarshan and Gowri Mukherjee. CreditMantri aims to empower consumers to know their Credit potential and benefit from this knowledge. On the CreditMantri site, customers can access their Credit Scores, learn how they can improve their Credit health, resolve past issues, reduce current borrowing costs and in the process discover products best matched to their credit profile. The website provides the borrowers better control over their credit health by educating and hand-holding them to create or improve their credit scores and eventually discover relevant lender products.
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.
