ClickCease

The Unicorn Club – Rise of FinTechs

Prove
March 16, 2021

The global FinTech industry has been expanding through investments, acquisitions, buyouts, and partnerships. In terms of incorporations, hundreds of new FinTech startups form each week. And over the last few years, a few startups have attained the “Unicorn” status by crossing 1-billion-dollar valuations. This shows that the investors trust the innovations of the FinTech startups as well as a demonstration of consolidation of this market.

As per MEDICI’s analysis, there are over 80+ FinTechs that are Unicorns as of today. While a significant chunk of these Unicorns comes from the Payments segment, which has contributed 20.4% to this Unicorn club, segments such as Digital/Neoanks, Lending, InsurTech, B2B FinTech, etc., are also major contributors to the FinTech Unicorn club. We have mapped the FinTech Unicorns with their valuation and employee strength in the image below.

In terms of countries, the USA leads the race with 54.2% of Unicorns, followed by the UK with 12.0%. China (6%), India (6%), and Germany(3.6%) were the rest of the top 5 countries that led the race in terms of the number of Unicorns. In terms of valuation, Stripe leads the race with ~ $34.5 billion in valuation from the USA, followed by One97 communication (parent company of Paytm) with a valuation of over $16 billion, followed by Chinese cryptocurrency hardware company Bitmain Technologies (~$12 billion), US-based cryptocurrency company Ripple ($10 billion), and Brazil-based Digital/Neobank Nubank (~10 billion). In terms of number of employees, we estimate Klarna has the largest workforce (2,900–3,300 employees) followed by One97 Communications, which has the highest number of employees (2,700–3,100 employees), followed by Stripe (2,700-3,100 employees), and Nubank (2,700 -3,100 employees)

The past couple of years have witnessed greatly enhanced activity in the FinTech VC funding space, as can be observed in the increase in the number of Unicorns. In November 2018, there were 50+ Unicorns, and as of March 2020, over 80+ FinTech startups were valued at more than $1 billion. A few Unicorns that have joined the list include Bright Health, Sentinel One, Riskified, High Radius, and Kabbage.

To learn about Prove’s identity solutions and how to accelerate revenue while mitigating fraud, schedule a demo today.


Keep reading

See all blogs
Prove’s Tim Brown Explains How to Reduce Fraud and Improve Onboarding with Identity Verification

Reporters from GreenSheet, a popular publication that highlights trends in the banking, financial services, and fintech markets, recently met with Prove’s Global Identity Officer, Tim Brown to learn how advanced identity verification solutions are driving faster and better digital customer onboarding.

Kaushal Ls
May 21, 2024
Prove CEO Rodger Desai Featured on Fintech Leaders Podcast

Prove CEO and co-founder Rodger Desai was recently the featured guest on the Fintech Leaders podcast with fintech leader and entrepreneur Miguel Armaza. The two discussed the identity verification market, innovations in onboarding and customer enablement, and explained how smartphone data provides the most effective way to verify customers.

Kelley Vallone
May 16, 2024
Marketplace Risk Proudly Names Prove as the Leader in Identity Authentication

Marketplace Risk, a leading authority in risk management for online platforms, has announced the recipients of its annual Solution Provider Excellence Program. This prestigious initiative spotlights industry leaders in risk, trust, and safety solutions, showcasing their expertise in addressing the challenges encountered by digital marketplaces, gig economy, and digital platforms. Among the winners is Prove.

May 15, 2024