KARACHI: NayaPay, Pakistan’s pioneering fintech platform and the country’s first Electronic Money Institution, has been recognized on the prestigious 2024 CB Insights Fintech 100 list. The annual list highlights the top 100 most promising private fintech companies globally, focusing on early- and mid-stage innovators driving significant advancements across the sector.
CB Insights, a New York-based analytics firm known for its market intelligence on private companies and investor activities, identified this year’s honorees using a proprietary data-driven methodology. Selection criteria included deal activity, industry partnerships, team strength, investor backing, employee count, and CB Insights’ unique Commercial Maturity and Mosaic scores.
“Our research team picked winning companies based on CB Insights datasets, including deal activity, industry partnerships, team strength, investor strength, employee headcount, and proprietary Commercial Maturity and Mosaic scores,” CB Insights said.

NayaPay stands as the only Pakistani fintech to make the list, joining around 50 companies from the United States and three from neighboring India. The recognition on CB Insights’ Fintech 100 follows NayaPay’s inclusion on the Forbes Asia 100 to Watch list earlier this year, further establishing the platform’s role in transforming Pakistan’s financial landscape.
Launched in 2021 after receiving regulatory approval as the country’s first Electronic Money Institution, NayaPay offers a digital wallet service allowing users to make seamless payments, transfer money, split bills, and shop worldwide via a Visa debit card. NayaPay also provides valuable financial management tools and payment acceptance solutions designed to empower small and medium-sized enterprises.
In early 2022, the company secured $13 million in initial funding to drive growth and innovation.
Key highlights of 2024 CB Insights Fintech 100
- The 100 winners include 13 wealth management companies, 11 in embedded finance, and 10 in insurance.
- $7.2 billion in equity funding raised over time, including more than $2 billion in 2024 so far (as of 10/23/2024).
- Nearly 50% are early-stage companies (primarily seed/angel or Series A).
- 52 companies from outside the United States, across 23 countries on 6 continents. This includes 17 companies from 11 emerging and developing economies.

Just 5 companies on this year’s list have reached unicorn status (a $1 billion+ valuation). Amid the broader venture slowdown, just one winner has hit unicorn status in 2024 so far: Pennylane, a France-based financial management and accounting platform for businesses.