arrow icon

The Unicorn Club – Rise of FinTechs

Post by:
March 16, 2021
Post by:
No items found.
March 16, 2021
The Unicorn Club – Rise of FinTechs

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.

Create secure frictionless customer experiences using modern identity solutions

Join over 1,000 businesses that rely on Prove across multiple industries, including banking, FinTech, healthcare, insurance, and e-commerce. Contact us today.

Prove: the world’s most accurate identity verification and authentication platform

Trusted by 1,000+ leading companies to reduce fraud and improve consumer experiences. Contact us today to learn how you can frictionlessly secure your digital consumer journey — from onboarding to ongoing transactions.

Keep Reading...Read our latest white-paper on this subject!

Tap the button below to read our latest white-paper on the subject as industry leaders.

Accelerate your onboarding

Contact us to learn how leading companies are using Prove Pre-Fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.

Create frictionless customer experiences

Get in touch to find out how we can help you identify your customers at every stage of their journey and offer them seamless and secure experiences.

Schedule a demo

Let our expert team guide you through our identity verification and authentication solutions. Select a date and time that works for you.

Schedule a demo

Find out how we can help you deliver seamless and secure customer experiences that comply with PSD2/SCA. Select a date and time that works for you.

Interested in more information about Prove Pre-Fill?

Download the Report

Download Aite-Novarica Group’s full report about Prove Pre-Fill, including a product overview, customer results, and how the product works.

Interested in more information about MFA?

Download the guide now to learn how you can improve security, cut down on fraud, and create the best possible customer experience.