A new data report says China is currently home to the world’s most valuable group of unicorns in the global fintech sector.
The report produced by Visual Capitalist outlines a group of the world’s 27 unicorns (private companies with valuations of over USD$1 billion) that are expected to have the biggest impact on the finance sector.
The United States is host to 14 of the unicorns on the list, while China is home to eight unicorns, the UK two and the Netherlands, India and Sweden one each.
While the US is host to the largest number of fintech unicorns, according to the report their less numerous Chinese peers are worth far more.
The report says the combined valuation of China’s eight fintech unicorns is $96.4 billion ($9.4 billion raised) as compared to $31 billion ($5.7 billion raised) for America’s 14 unicorns.
The five unicorns situated outside of China and the US have a total value of $11.5 billion ($1.8 billion raised).
The world’s four largest fintech unicorns are all Chinese, and include Ant Financial, P2P-lender Lufax, JD Finance and Qufenqi.
The report points out that China’s fintech companies have benefited from the country’s over 500 million smartphone users, as well as the more mature state of its mobile payments and P2P lending markets.
China’s Eight Fintech Unicorns
|1||Ant Financial||Payments||Hangzhou||$60 billion||$4.5 billion|
|2||Lufax||Lending||Shanghai||$18.5 billion||$1.69 billion|
|3||JD Finance||Financial services||Chaoyang||$7 billion||$1 billion|
|4||Qufenqi||Finances||Beijing||$5.9 billion||$0.87 billion|
|5||ZhongAn Insurance||Insurance||Shanghai||$2 billion||$0.93 billion|
|6||Rong360||Financial services||Beijing||$1 billion||$0.26 billion|
|7||China Rapid Finance||Lending||Shanghai||$1 billion||$0.06 billion|
|8||Jimubox||Lending||Beijing||$1 billion||$0.13 billion|