By Oscar Williams-Grut
Posted date: August
A lot has changed since we last didp our roundup of fintech “unnicorns”- private companies worth over $1 billion.
Investment was on the slide even before Brexit, and now economic growth looks shaky in the wake of the shock vote.
Of those on the original unicorn list, some on have gone public, like LendingClub and Square. Others have seen spectacular declines in their value, such as Zenefits and Housing.com, which has fallen off the list. One has even gone bust: Powa Technologies.
But despite headwinds, there are in fact 3 more unicorns on the list this time around.
The most notable change on the list is a shift towards China. While there were plenty of Chinese companies on the last list, now they dominate it. The size of the market there and the lack of developed financial services has created a huge opportunity for giants to be created almost overnight.
Check out our round-up of the world’s fintech unicorns, created with CBInsights, Funderbeam, and Crunchbase:
T20. China Rapid Finance, Chinese peer-to-peer lender
Value: $1 billion (£760 million).
What it does: Consumer peer-to-peer lender.
Why it’s hot: China Rapid Finance is one of the country’s largest online consumer loans marketplace and has made 4.7 million loans over its platform worth over $4.7 billion.
Founded: 2001 (although online lending did not start until 2011.)
Raised: $56 million (£42.6 million).