CB Insights Fintech 250 Highlights Cross River Bank and Banking Infrastructure Leaders
On October 16, 2018, CB Insights published its annual Fintech 250 list ranking the most promising fintech startups globally. The list featured notable banking infrastructure players including Cross River Bank, an API-based banking-as-a-service platform, and Upgrade, a personal lending platform built on banking APIs. In aggregate, the 250 companies had raised $53B since 2013, with 30 achieving unicorn status and 33 completing mega-rounds of $100M or more in 2018 year-to-date.
Leading investors in the cohort included Ribbit Capital. The list reflected a global trend, with 44% of selected companies based outside the United States. Kyriba, a treasury and liquidity management platform supporting banking infrastructure, was also named to the list on October 23.
The inclusion of multiple BaaS and banking API companies signals the sector's increasing prominence within the broader fintech landscape.
- Validates banking-as-a-service and API-based banking infrastructure as a core fintech category attracting significant investment
- Cross River Bank's inclusion highlights the growing importance of sponsor banks enabling embedded finance at scale