- India ranks third globally in the number of financial technology (fintech) unicorns, with the United States and the United Kingdom securing the top two positions. In 2023, the US is home to 134 fintech unicorns, followed by the UK with 27, and India with 17 fintech unicorns.
- The United States is also home to the largest fintech companies by market capitalization, including Visa, PayPal, and Mastercard. Out of the top 15 highest-valued fintech firms globally, eight are from the US, with a combined valuation of $1.2 trillion.
- China is the second-largest fintech market with eight unicorns, including Tencent and Ant Financial, totaling a market capitalization of $338.92 billion.
- India’s profitable fintech companies include Zerodha, Billdesk, Paytm, Razorpay, Pine Labs, and more. For example, Paytm reported a 32% growth in revenue from operations in the second quarter of fiscal year 2023-24, reaching ₹2,519 crore.
- In the UK, fintech unicorns include Revolut, Blockchain.com, Checkout.com, Rapyd, and SumUp, with valuations ranging from $33 billion to $8.5 billion.
- Startups such as Monzo and Starling have made waves in digital-only banking, while in China, Alibaba’s Alipay and Tencent’s WeChat Pay have launched their mobile wallets.