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Fintech Unicorn List Q2 2015: An Estimated 46 Have Arrived + 38 On Their Tails

fortune_unicornWe published our first fintech unicorn list in April 2014 with a mere 11 companies. Just 15 months later, that number is up four-fold to 46. And it’s 11 more than our update two months ago (13 new unicorns less 2 falling out). Time will tell whether these valuation bets are temporary insanity from private investors or the beginning of a long cycle of re-imagining financial services. We’ll get back to you on that.

Please note: Our list includes financial technology companies (either direct services or software) founded since 2000 and valued at $900 million or more. Unlike other lists, we include exits (3 companies), public companies (5), real estate plays (2), and a few Finovate alums (3) that are not pure-play fintech, but do have substantial operations in that vertical. Without those additions, there would be 35 pure-play private fintech unicorns (or 29 if you used a strict $1 billion floor). See more caveats as the end of the post.

In addition to the 46 full-fledged unicorns, we’ve added 37 narwhals or semi-unicorns each with an estimated value of $500 million to $800 million. In total, there are 83 companies with a combined value of $121 billion, about 1/3 the most valued bank on the planet.

Here is the breakdown by fintech sector:

Sector Unicorns Semi-U Total
Lending 14 10 24
Payments 15 7 22
Real estate 2 5 7
Insurance 4 1 5
Investing 1 4 5
Accounting 3 0 3
Security/Risk 1 2 3
Bitcoin/Block 1 2 3
Credit reports 1 1 2
Digital banking 1 1 2
Other 3 4 7
Total 46 37 83


And the full list (*new arrivals; **previous unicorns):

Company Sector Finovate Alum? Value ($Bil) Value Source
Lufax Lending No 9.6 WSJ June 2015
Zhong An Online* Insurance No 8.0 WSJ June 2015
Square Payments No 6.0 WSJ June 2015
LendingClub Lending Yes 5.6 Public
Zillow Real estate No 4.8 Public
Zenefits Insurance No 4.5 May 2015 round
CreditKarma Credit Yes 3.5 WSJ June 2015
Stripe Payments No 3.5 Dec 2014 round
Powa Technologies Payments Yes 2.7 Nov 2014 round
Klarna Payments Yes 2.5 Mar 2014 round
Xero Accounting Yes 2.4 Public
CommonBond Lending No <1.0 Valuation less than $1 bil per company (8/21/15)
One97 Payments No 2.0 Feb 2015 round
Prosper Lending Yes 1.9 Apr 2015 round
Affirm* Lending No 1.8 Funderbeam
Biz2Credit Lending No 1.7 Funderbeam
Dataminr* Analytics Yes 1.6 Funderbeam
Lakala* Payments No 1.6 CB Insights
Adyen Payments No 1.5 Dec 2014 round Accounting No 1.5 Funderbeam
Oscar Insurance No 1.5 WSJ June 2015
Wonga* Lending Yes 1.5 Funderbeam
Zuora Payments No 1.5 Funderbeam
iZettle Payments No 1.4 Funderbeam Real estate No 1.3 Funderbeam
Qufenqi Lending No 1.3 Funderbeam
Revel Systems Payments No 1.3 Funderbeam
Social Finance (SoFI) Lending No 1.3 Feb 2015 round
Jimubox Lending No 1.1 Funderbeam
Q2* Banking Yes 1.1 Public
Coupa Software* Accounting No 1.0 CB Insights
Fenergo* Onboarding Yes 1.0 Funderbeam
FundingCircle Lending No 1.0 WSJ June 2015
Kofax Doc mgmt Yes 1.0 Acquired (Lexmark)
Mozido Payments No 1.0 Finovate est
TransferWise Payments Yes 1.0 CB Insights
Trusteer Security No 1.0 Acquired (IBM)
Vanco Payments* Payments No 1.0 Funderbeam
Avant Lending Yes 0.9 Forbes (4/15)
ClimateCorp Insurance No 0.9 Acquired (Monsanto)
Coinbase Bitcoin Yes 0.9 Funderbeam
Dynamics* Payments Yes 0.9 Funderbeam
IEX Group Investing No 0.9 Funderbeam
LendingHome* Lending No 0.9 Funderbeam
On Deck Lending Yes 0.9 Public









Acquired (PayPal)

Total Unicorns     98.1

Near Unicorns

21 Inc Bitcoin No 0.8 Funderbeam
BankBazaar* Banking Yes 0.8 Funderbeam
Betterment Investing Yes 0.8 Funderbeam
Braintree Payments Yes 0.8 Acquired (PayPal)
LifeLock** Credit No 0.8 Public
Rong360 Lending No 0.8 Funderbeam
Wealthfront Investing Yes 0.8 Funderbeam
Accurate Group Real estate No 0.7 Funderbeam
App Annie** Mobile Yes 0.7 Funderbeam* Real estate No 0.7 Funderbeam
Ayadsi Analytics Yes 0.7 Funderbeam
Oportun (Progreso Fin) Lending Yes 0.7 Finovate est
Taulia Payments Yes 0.7 Funderbeam
WorldRemit Payments Yes 0.7 Funderbeam
AnJuke Real estate No 0.6 Funderbeam
Circle Internet Finance Bitcoin No 0.6 Funderbeam
EzBob Lending Yes 0.6 Funderbeam
FangDD Real estate No 0.6 Funderbeam
Kabbage Lending Yes 0.6 Funderbeam Payments Yes 0.5 Finovate est
CAN Capital Lending Yes 0.5 Finovate est
Cardlytics Marketing Yes 0.5 Funderbeam
Credorax Payments No 0.5 Funderbeam
Financial Software Systems Risk Mgmt No 0.5 Finovate est
FreeCharge Payments No 0.5 Finovate est
Kreditech Lending Yes 0.5 Finovate est
Motif Investing Investing Yes 0.5 Funderbeam
Ping Identity Security Yes 0.5 Finovate est
PolicyBazaar Insurance Yes 0.5 Funderbeam
Radius Marketing Yes 0.5 Finovate est
Receivables Exchange Lending Yes 0.5 Finovate est
Snowball Finance Investing No 0.5 Funderbeam
Strategic Funding Source Lending Yes 0.5 Finovate est
U51 Lending No 0.5 Finovate est
Wepay Payments Yes 0.5 Funderbeam
VivaReal Real estate No 0.5 Funderbeam
Mobile POS
Finovate est
Finovate est
Total Semi-U     23  
Grand Total     121

*New companies and/or new unicorns
**Falling from unicorn list (note: Lifelock was a unicorn until yesterday’s stock drop)
July 24: Added Xoom to Unicorn list based on acquisition price paid by PayPal
July 28: Added Shopkeep POS to Near Unicorn list based on $60 million Series D funding and total of $97 million raised
Aug 21: CommonBond emailed to say that the Funderbeam valuation ($2.0 billion) is incorrect and they are currently valued at less than $1 billion (but declined to disclose current valuation).

More caveats:

1. For private companies (41 of the 47 unicorns), values are hugely dependent on the terms of the deal (read this), so they are not comparable to public company valuations.
2. About half the unicorn valuations are derived from public statements by the companies or investors during recent rounds or acquisitions. However, half are estimated by analysts/algorithms from tracking firms, especially Funderbeam, an Estonian startup that’s relatively new on the scene. So there is a lot of room for error in these valuations.
3. For the “near-unicorn” list we’ve added a number of companies that recently raised large rounds, but have not made public statements about valuation. We estimated most of those at $500 million, but those are simply educated guesses.
4. We are using a broad definition of fintech including real estate. Also, we’ve included a few Finovate alums that are not pure-play fintech, but that have a significant financial services business.