GrassRoots Bima, a Kenyan technology company has been named among the top Fintech firms in the world in 2017. The insurtech company was recognized by KPMG and H2 Ventures in the ‘Fintech100’ report which compiles a list of the year’s best fintech innovators from around the world.
The Fintech100 represents the most innovative companies, creating products and services at the juncture of technology and financial services who are seeking to disrupt the existing processes and products that dominate the marketplace.
GrassRoots Bima, narrows the insurance protection gap through their WazInsure solution and was nominated for promoting financial inclusion through innovative, inclusive, insurance.
Founded in 2016, GrassRoots Bima is the only Kenya company featured, being the first time to make it on the list. “It proves that the world is recognizing innovation growths in the financial sector. We are insuring the uninsured and the underinsured – bodaboda riders, mama mbogas, cab drivers – through innovative and necessary technology means,” says Winnie Badiah, GrassRoots Bima CEO.
GrassRoot Bima’s proprietary technology solution, WazInsure, manages the entire insurance value chain and provides a seamless & customer-centric experience to policyholders while optimizing operations for insurers, making insurance easier and more transparent.
Firms categorized as ‘disruptors’ made up 73 of the top 100. Thirty-two firms were focused on lending followed by payments with 21, transactions and capital markets with 15, and 12 in insurtech.
China continues to dominate the fintech landscape, representing 5 of the Top 10 fintech companies in 2017. This follows the trend from previous years, as Chinese incumbents continue to scale with a heavy emphasis on payments and insurance. EMEA, on the other hand, dominates the Emerging 50, with 29 companies on that list. The report also notes that Australia’s place in the global fintech landscape is also on the rise, with 10 companies on the List.
Twenty-nine countries were represented in this years Fintech100, seven more than 2016.