Fairmatic Selected as Leading Fintech Company in CB Insights' 2023 Fintech 100 List

CB Insights recognizes Fairmatic's meaningful achievements in introducing a first-of-its-kind commercial auto insurance option rewarding safety with savings

NEW YORK, Oct. 3, 2023 /PRNewswire/ -- Insurtech 2.0 leader Fairmatic was named today to CB Insights' sixth-annual Fintech 100 ranking (previously the Fintech 250) – showcasing the 100 most promising private fintech companies of 2023.

"Fairmatic is forging the path for a new type of smarter commercial auto insurance – one that prioritizes safety, savings and profitability," said Jonathan Matus, CEO & Founder at Fairmatic. "Being named to CB Insights' Fintech 100 list only a year after we came out of stealth is a testament to the meaningful strides our team, partners and customers have collectively made. We're excited and grateful for the recognition, and proud to continue building an insurance offering that was not historically possible."

Utilizing the CB Insights platform, the research team selected these 100 winners from a pool of over 19,000 private companies, including applicants and nominees. They were chosen based on factors including - including equity funding, investor profiles, business relationships, R&D activity, news sentiment analysis, competitive landscape, proprietary Mosaic scores, and Yardstiq transcripts - and criteria such as tech novelty and market potential. The research team also reviewed thousands of Analyst Briefings submitted by applicants.

In the last 12 months, Fairmatic has achieved significant milestones underpinned by the introduction of its fleet insurance offering powered by risk and underwriting models that have been trained with nearly 200 billion miles of driving data. The company also raised $88 million in venture capital, onboarded hundreds of thousands of drivers to its platform, and observed an average of 25% safety improvement among its fleet customers.

Quick facts on the 2023 Fintech 100:

• Equity funding and deals: The Fintech 100 includes a mix of companies at different stages of maturity, product development, and funding. The cohort has raised nearly $22B in equity funding across 381 deals since 2019.
• Unicorns: There are 31 companies with $1B+ valuations on the list.
• Global Reach: This year's winners represent 24 different countries across the globe. Forty-three percent of the selected companies are headquartered in the US. The UK comes in second with 12 winners, followed by Singapore with 7. Additionally, some emerging markets stand out with multiple winners this year. For example, India has 3 winners, while Indonesia and Egypt each have 2.

About Fairmatic

Fairmatic is creating a new commercial insurance category by delivering the first data-driven fleet insurance that rewards safety with savings. Fairmatic's new approach leverages AI-powered technology in combination with deep telematics data to drive meaningful cost savings for fleets by valuing responsible driving leading to safer roads. The Fairmatic underwriting model has been trained and tested with over 200 billion miles of driving data to help fleets proactively manage safety issues with actionable insights.

Founded by Jonathan Matus, a serial technologist who helped launch Android and Facebook mobile, Fairmatic is fundamentally reimagining commercial auto insurance from the ground up to make roads safer one fleet at a time. Fairmatic has raised a total of $88M from Battery Ventures, Foundation Capital, Aquiline Technology Growth and insurtech, fintech and technology investors, including Jerry Yang,  Oren Zeev, and Bill Tai.

Fairmatic is expanding its global team. Learn more about Fairmatic at fairmatic.com or join the team of unconventional, adaptable and curious technologists by reaching out to [email protected].

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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.

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SOURCE Fairmatic