Bir, the Caucasus’ first fully integrated e-commerce, banking and payments ecosystem, announces that it has been recognised as one of the world’s top fintechs in the neobanking category by CNBC and Statista. Bir is the first and only business from Azerbaijan and the wider South Caucasus region to receive this accolade.
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Bir brings together four category-leading brands into one convenient ecosystem, including digital bank Birbank, e-commerce platform Birmarket, Milliön payment terminals and the m10 digital wallet, making everyday tasks simpler and more accessible for its more than 5 million users in Azerbaijan. The ecosystem’s recognition in the neobanking category underscores its scale, continued growth and position as a technological leader in the region, as well as the important role it is playing in Azerbaijan’s digital transformation.
The World’s Top Fintech Companies list, compiled by CNBC and Statista, is an important benchmark for the global fintech industry. It is based on an in-depth analysis of key performance indicators (KPIs), such as revenue, profitability and other financial metrics, as well as number of customers, loan and deposit portfolio growth, transaction volume, market share, and staffing data.
Farid Huseynov, CEO of Bir, commented: “At Bir, we are offering a new way for millions of people in Azerbaijan to take care of their daily tasks, from shopping to paying for public transport, transferring money to friends and family and much more, helping people form new habits as we bring them into the digital economy. We are delighted to be recognised among the world’s leading fintech companies, alongside Nubank, Revolut and Monzo, by CNBC and Statista for the progress that we have made since launching the Bir ecosystem. Being the first and only company from Azerbaijan and the South Caucasus region to be included in this prestigious list is a testament not only to Bir’s achievements, but also to the growing competitiveness of Azerbaijan’s fintech sector on the global stage. We will continue to build out the Bir ecosystem, helping fuel the digitization of Azerbaijan.”
Bir continues to expand its reach across Azerbaijan, bringing innovative new products and features to market that break down barriers and drive greater adoption of digital services. In recent months, the ecosystem has partnered with Paysend to introduce international money transfers from Azerbaijan to more than 140 countries and territories worldwide and signed a memorandum of understanding to lead the digitalisation of UNESCO-listed Baku Old City. In a first-of-its-kind move for the country, Bir has also integrated sign language functionality into its Birbank app, expanding financial inclusion for those with hearing or speech impediments.
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