Market analyst CB Insights included Pakistani fintech startup NayaPay in its seventh annual Fintech 100 list, according to a press release issued on Thursday.

The list is comprised of early and mid-stage startups driving innovation across fintech, the release read, adding that CB Insights’ research team picked companies based on metrics including deal activity, industry partnerships, investor strength, and employee headcount among others.

Around 52 companies on the list come from outside the United States, the press release added, including 17 companies from “11 emerging and developing economies”.

“The 2024 Fintech 100 winners are high-momentum companies shaping the future of financial services,” said Laura Kennedy, Principal Analyst at CB Insights.

Kennedy added, “Unsurprisingly, this year’s cohort is deploying AI across a wide variety of solutions. But they’re also diverse in their reach in emerging and developing economies, and focus on everything from fraud prevention to financial inclusion.”

NayaPay CEO Danish Lakhani was quoted as saying: “We are deeply honoured to be recognised by CB Insights as one of the most promising fintech startups of 2024.

“This acknowledgement strengthens our resolve to empower millions of unbanked and underserved Pakistani consumers and businesses — enabling them to manage their finances with ease, security, and trust,” he added. “We will continue to innovate and tailor our offerings to meet the unique needs of Pakistan’s growing digital economy.”

NayaPay has previously been included in the Forbes Asia 100 to Watch list and was awarded Best Fintech at the Pakistan Banking Awards, with the press release adding that the firm is “revolutionising how individuals and businesses in Pakistan manage their finances by offering intuitive solutions for everyday transactions and beyond”.