Socotra tapped as one of the top fintech companies transforming the future of financial services
CB Insights today named Socotra to its fifth-annual Fintech 250 ranking, showcasing the 250 most promising private fintech companies of 2022.
“This year’s Fintech 250 winners are shaping the future of financial services, from payments and banking to investing and insurance,” said Brian Lee, SVP of CB Insights’ Intelligence Unit. “Representing more than 30 countries, these companies are creating safer and more efficient payment methods, and transforming how traditional banking, insurance and investing products are delivered. Together, they not only make financial services more convenient for users, but also make them available to more people, especially traditionally underserved populations around the globe.”
“We’re honored to be included in CB Insights’ Fintech 250 list,” said Dan Woods, Founder and CEO of Socotra. The insurance industry is undergoing a fundamental change that has resulted in the need for modern agile technology that enables fast and flexible innovation. Socotra’s policy core along with its newly introduced App MarketPlace offers carriers and MGAs an ecosystem of providers that keep them competitive in such a dynamic market.”
Utilizing the CB Insights platform, the research team selected these 250 winners from a pool of over 12,500 private companies, including applicants and nominees. They were chosen based on factors including R&D activity, proprietary Mosaic scores, market potential, business relationships, investor profile, news sentiment analysis, competitive landscape, team strength, and tech novelty. The research team also reviewed over 2,000 of Analyst Briefings submitted by applicants.
Founded in 2014 and headquartered in San Francisco, Socotra is the leading core platform provider for global insurers. With unparalleled speed and ease, the Socotra platform accelerates product development, reduces maintenance costs, and helps insurers accelerate time to market. In 2021, Socotra launched the first marketplace for insurers called Socotra App Marketplace, which effortlessly integrates new customer solutions and services within minutes. Socotra recently raised $50 million in series C funding and acquired Avolanta, the only unified portal connecting insurers, agents, and customers.
Quick facts on the 2022 Fintech 250:
- Equity funding and deals: The Fintech 250 cohort has raised over $115B in equity funding across over 1,100 deals since the start of 2017 (as of 9/20/2022). In 2021 alone, winners raised over $51B across 337 equity deals.
- Unicorns: There are 159 companies with $1B+ valuations on the list.
- Global Reach: Globalization is a key theme for this year’s Fintech 250. The winners represent 33 different countries across the globe – 7 more than last year. Just over half (53%) of the selected companies are headquartered in the US, which is the fewest we’ve seen in the Fintech 250 since 2017. The UK came in second with 31 winners (12%), followed by India with 14 (6%), Brazil with 9 (4%), and Germany with 7 (3%).
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.
About Socotra
Founded in 2014 and headquartered in San Francisco, Socotra is a technology platform that builds a modern cloud-based platform for technology-driven insurers. Its platform is built from the ground-up using the latest technologies to be transparent, reliable, flexible, and secure. It aims to provide insurers with a modern, enterprise-grade core system that enables them to rapidly develop and distribute products that better serve their customers. To learn more, please visit socotradev.wpengine.com.