34 Fintech and Insurtech Unicorns

34 Fintech and Insurtech Unicorns

by June 22, 2018
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Fintech has been all the rage in the past years with angel investors and venture capital firms pouring millions, if not billions, into startups in the space. In 2017 alone, fintech ventures raised a whooping $31 billion, according to KPMG.

Some of these startups have become billion-dollar ventures and grown to become massively successful companies.

According to data compiled from CB Insights and Crunchbase, they are currently 34 fintech unicorns, or startups valued at over $1 billion.

 

Fintech Unicorns Worth $1 billion

 

34. Symphony — $1 billion

symphonyValue: $1 billion | Raised: $296 million.

Founded: 2014 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Palo Alto

What it does: Communication platform with bank-grade security.

Why it’s hot: A host of top investment banks including Goldman Sachs, JPMorgan, and Morgan Stanley are both investors and customers, as well as Google.

 

33. TongDun Technology — $1 billion

tongdun technologyValue: $1 billion | Raised: $150 million

Founded: 2013 | 27 fintech unicorns from around the world | HQ: Hangzhou

What it does: Risk control software.

Why it’s hot: Singapore’s sovereign investment vehicle Temasek Holdings led a $72.8 million funding round into the startup last October and the company works with over 7,000 institutions across China.

 

 

32. Funding Circle — $1 billion

funding circleValue: $1 billion | Raised: $413 million

Founded: 2009 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the worldHQ: London

What it does: Peer-to-peer marketplace for business loans.

Why it’s hot: Over £3 billion has been lent across the platform and the company is tipped for a blockbuster European float later this year.

 

 

31. Kabbage — $1 billion

KabbageValue: $1 billion | Raised: $500 million

Founded: 2009 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Atlanta

What it does: Fast online small business loans.

Why it’s hot: The company has written over $4 billion-worth of loans and has partnered with Spanish bank Santander.

 

 

30. 51 Credit — $1 billion

51creditValue: $1 billion | Raised: $94 million

Founded: 2005 | HQ: Beijing

What it does: Online financial advisory.

Why it’s hot: 51 Credit provides risk management and credit advisory services to over 20 major banks working in China, including Citibank and Standard Chartered.

 

 

29. Gusto — $1 billion

Gusto 27 fintech unicorns from around the worldValue: $1 billion | Raised: $176 million

Founded: 2011 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: Cloud-based payroll, HR, and benefits services.

Why it’s hot: The founders of Box, YouTube, Yelp, Yammer, and Zuora have all invested, alongside Google Ventures.

 

 

28. Avaloq Group — $1.01 billion

Value: $1.01 billion | Raised: $353 million

Founded: 1985 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Zurich

What it does: An internationally leading fintech company.

Why it’s hot: With its core and digital banking software, the Avaloq Banking Suite, and its international network of BPO centres, Avaloq brings trustworthy and efficient banking to the world, delivered through great user experience.

 

27. Tradeshift — $1.1 billion

Value: $1.1 billion | Raised: $400 million

 

Founded: 2009 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: A cloud-based business network connecting buyers and suppliers.

Why it’s hot: Tradeshift recently added blockchain to its armory.

 

Fintech Unicorns Worth Above $1 billion and Less Than $2 billion

 

26. UiPath — $1.1 billion

UiPath 27 fintech unicorns from around the worldValue: $1.1 billion | Raised: $183 million

Founded: 2012 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: New York

What it does: A platform that lets businesses automate business processes and is used by finance firms.

Why it’s hot: The company’s valuation grew by 10X in just a year and investors include Accel, Google’s CapitalG, and Kleiner Perkins Caulfield & Byers.

 

25. Clover — $1.2 billion

clover healthValue: $1.2 billion | Raised: $425 million

Founded: 2013 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: Digital health insurance.

Why it’s hot: The company may only deal with about 25,000 customers in New Jersey but it has attracted cash from Alphabet’s GV and Sequoia Capital, the Silicon Valley venture capital firm that was an early backer of Google, Apple, and Facebook.

 

24. ACORN OakNorth — $1.2 billion

Value: $1.2 billion | Raised: $486 million

Founded: 2015 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: London

What it does: A fintech firm focused on unlocking the potential in bespoke SME lending globally using its data and technology platform, ACORN machine.

Why it’s hot: ACORN machine is a fintech platform that helps automate the way banks penetrate this underserved and underestimated market. It does this by leveraging process excellence, machine learning and technology to fuel data-driven decision making across the loan lifecycle.

 

23. AvidXchange — $1.4 billion

AvidXchangeValue: $1.4 billion | Raised: $547 million

Founded: 2000 | 27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Charlotte

What it does: Accountancy automation software.

Why it’s hot: The company is backed by the likes of MasterCard and Singapore’s Temasek, and has over 800 staff.

 

 

22. Tuandaiwang — $1.46 billion

TuandaiwangValue: $1.46 billion | Raised: $380 million

Founded: 2012 | HQ: Dongguan

What it does: Peer-to-peer lending platform.

Why it’s hot: The company has helped individuals and companies borrow $11.4 billion and helped lenders make $335 million in returns.

 

 

21. TransferWise — $1.6 billion

transferwiseValue: $1.6 billion | Raised: $397 million

Founded: 2010 | 27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: London

What it does: Online international money transfer with cheaper fees than banks.

Why it’s hot: TransferWise moves £1.5 billion a month. Sir Richard Branson and Silicon Valley VC fund Andreessen Horowitz are both investors.

 

 

20. Coinbase — $1.6 billion

coinbaseValue: $1.6 billion-$8 billion (CB Insights lists Coinbase’s value at $1.5 billion but recent stories suggest the company is trying to value itself at up to $8 billion.) | Raised: $225.3 million

Founded: 2012 | 27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: Cryptocurrency exchange and related services.

Why it’s hot: The company reportedly had revenue of $1 billion last year and wants to become the Google of crypto.

 

19. Lakala — $1.6 billion

Value: $1.6 billion | Raised: $312.3 million

Founded: 2005 | 27 fintech unicorns from around the world | HQ: Beijing

What it does: A consumer financial services company in China. It caters to well-known convenience stores, supermarkets, shopping malls, and community groceries.

Why it’s hot: Lakala also offers services for credit card repayment and utility payment transactions. Customers can conduct various financial functions such as payment, repayment, recharging, and transfer-at-home thus reducing the pressure of traffic on bank counters.

18. Revolut — $1.7 billion

RevolutValue: $1.7 billion | Raised: $336 million

Founded: 2015 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: London

What it does: Free foreign exchange and other banking services.

Why it’s hot: The London startup has reached unicorn status, just 33 months after launch, and it boasts 2 million customers globally. It recently raised $250 million from Russian billionaire Yuri Milner, among others.

 

Fintech Unicorns Worth $2 billion

 

17. NuBank — $2 billion

nubankValue: $2 billion | Raised: $527 million

Founded: 2013 | 27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Sao Paulo

What it does: Brazilian app-only bank.

Why it’s hot: The bank has 3 million customers and has raised money from Sequoia Capital, Goldman Sachs, Tiger Global, and more.

 

 

16. Affirm — $2 billion

affirmValue: $2 billion | Raised: $720 million

Founded: 2012 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: A hire-purchase provider, letting people buy products and pay them off in installments.

Why it’s hot: The company works with over 1,200 retailers in the US and its technology helps retailers increase average order sizes by 51%. Morgan Stanley and Singapore’s GIC are both investors.

 

15. Avant — $2 billion

avantValue: $2 billion | Raised: $1.8 billion

Founded: 2012 | 27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Chicago

What it does: Online personal loans.

Why it’s hot: The company has lent over $1 billion and is backed by the likes of Tiger Global, KKR, and Jefferies.

 

 

14. Zenefits — $2 billion

zenefitsValue: $2 billion | Raised: $583 million

Founded: 2013 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: Payroll, HR, health insurance, and compliance management software for small and mid-sized businesses and tech for insurance brokers.

Why it’s hot: Zenefits has actually seen its valuation drop by half in recent years after a scandal around licensing that led to its founder’s resignation. However, new CEO Jay Fulcher appears to have steadied the ship.

 

Fintech Unicorns Worth Above $2 billion and Less Than $5 billion

 

13. Klarna — $2.5 billion

klarnaValue: $2.5 billion | Raised: $636 million

Founded: 2005 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Stockholm

What it does: User-friendly payment systems for mobile and web that lets people buy now and pay later.

Why it’s hot: The company processes 800,000 transactions a day and has been used by 60 million people globally. Sequoia Capital, the Silicon Valley fund that backed PayPal, is an investor.

 

12. Circle — $3 billion

Value: $3 billion | Raised: $246 million

Founded: 2013 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Boston

What it does: A global Internet finance company, built on blockchain technology and powered by crypto assets.

Why it’s hot: Circle is led by longtime technology executive Jeremy Allaire and has been expanding internationally. Earlier this year, it acquired cryptocurrency exchange platform, Poloniex, for around $400 million.

 

11. BGL Group — $3 billion

Value: $3 billion | Raised: Undisclosed

Founded: 1992 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Peterborough, England

What it does: A digital distributor of insurance and household financial services to more than 8.9 million customers.

Why it’s hot: BGL Group’s brands include Comparethemarket.com, LesFurets.com and online life insurer BeagleStreet.com.

 

10. Oscar — $3.2 billion

oscarValue: $3.2 billion | Raised: $892 million

Founded: 2013 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: New York

What it does: Digital health insurance for the post-Obamacare era.

Why it’s hot: The company took just 16 months to break the $1 billion valuation mark and backers include PayPal co-founder Peter Thiel, Goldman Sachs, and Li Ka-shing, Asia’s richest man.

 

9. GreenSky — $3.6 billion

greenskyValue: $3.6 billion | Raised: $350 million

Founded: 2006 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Atlanta

What it does: Provides technology to banks that is used in processing loan applications.

Why it’s hot: Steven McLaughlin, a former Goldman Sachs banker whose firm advised GreenSky on a funding deal, told Bloomberg in 2016 that GreenSky “is the single best fintech company created in the last 10 years, by far.”

 

8. Credit Karma — $3.5 billion

credit karmaValue: $3.5 billion | Raised: $868 million

Founded: 2007 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: Provides free online credit reports, offsetting the cost of paying for them with targeted advertising of financial products.

Why it’s hot: Over 75 million people in the US and Canada have used the service. Google Capital is an investor.

 

7. SoFi — $4 billion

sofiValue: $4 billion | Raised: $2.1 billion

Founded: 2011 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: Peer-to-peer student loan refinancing, mortgages, and other types of personal loans.

Why it’s hot: Like Zenefits, SoFi struggled with a slew of setbacks in 2017. Allegations of sexual misconduct and loan misstatements forced out founder Mike Cagney. Former Twitter CFO and ex-Goldman banker Anthony Noto is now leading a turnaround of the business.

 

Fintech Unicorns Worth Above $5 billion

6. Robinhood — $5.6 billion

RobinhoodValue: $5.6 billion | Raised: $526 million

Founded: 2013 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: Free stock trading app.

Why it’s hot: The app claims to have 4 million registered users and is said to be in talks for a funding round that would value it at over $5 billion.

 

 

5. One97 Communications (operates Paytm) — $7 billion

paytmValue: $7 billion | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | Raised: $320 million

Founded: 2010 | HQ: Delhi

What it does: Indian digital wallet provider.

Why it’s hot: The company is the largest wallet provider in India, with over 230 million registered users.

 

 

4. Stripe — $9.2 billion

stripeValue: $9.2 billion | Raised: $474 million

Founded: 2010 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: Online payment processing, letting both businesses and companies accept payment over the internet.

Why it’s hot: Fitbit, Pinterest, Twitter, Salesforce.com, Lyft, The Guardian, Kickstarter, and Reddit are some of the notable companies that use it.

 

3. Lu.com — $18.5 billion

lu.comValue: $18.5 billion | Raised: $1.7 billion

Founded: 2011 | HQ: Shanghai

What it does: Chinese peer-to-peer loans and financing platform.

Why it’s hot: Lu.com, also known as Lufax, is one of China’s largest online lenders and is tipped for an IPO this year.

 

 

2. JD Finance — $26-30 billion

Value: $26-30 billion | Raised: $3 billion

Founded: 2013 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Chaoyang

What it does: The financial technology arm of JD.com, China’s largest online direct sales company.

Why it’s hot: JD Finance offers sophisticated financial solutions in areas including financing loans, asset management, payment solutions and crowdfunding.

 

 

1. Ant Financial — $150 billion

Value: $150 billion | Raised: $14.5 billion

Founded: 2014 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Hangzhou

What it does: An online financial services provider.

Why it’s hot: Ant Financial is building an open ecosystem of Internet thinking and technologies while working with other financial institutions to support the future financial needs of society.

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