(This is part 1 of this topic. Part 2 with the discussion results can be found here)

That will be the fascinating theme of the roundtable that I will be discussing with my fellow attendees at Money X (part of Web Summit) this week. To prepare for the conference, I’ve put together a few data points to start the dialogue – which hopefully should lead to thought-provoking views.

This is of course slightly misleading to focus only on valuation or market capitalisation as the measure of success for Fintech (for example, Wikpedia is immensely valuable, but wouldn’t appear in such a ranking). This has the merit of simplicity though, and so far most Fintech companies are commercial organisations and valuation is a good metrics to start with.

Stock Exchange


First, what are the most valued Fintech startups today? Finovate did an excellent analysis in July, and ranked the largest Fintech startups (all the data I use below are from that document, please refer to it for more info). In total, there are 84 Fintech startups, the largest being valued $10bn down to $500m. 

Company Sector Valuation ($ bn)
Lufax Lending 9.6
Zhong An Online Insurance 8
Square Payments 6
LendingClub Lending 5.6
Zillow Real estate 4.8
Zenefits Insurance 4.5
CreditKarma Credit 3.5
Stripe Payments 3.5
Powa Technologies Payments 2.7
Klarna Payments 2.5
Xero Accounting 2.4
One97 Payments 2
Prosper Lending 1.9
Affirm Lending 1.8
Biz2Credit Lending 1.7
Dataminr Analytics 1.6
Lakala Payments 1.6
Adyen Payments 1.5
FinancialForce.com Accounting 1.5
Oscar Insurance 1.5
Wonga Lending 1.5
Zuora Payments 1.5
iZettle Payments 1.4
Housing.com Real estate 1.3
Qufenqi Lending 1.3
Revel Systems Payments 1.3
Social Finance (SoFI) Lending 1.3
Jimubox Lending 1.1
Q2 Banking 1.1
CommonBond Lending <1
Coupa Software Accounting 1
Fenergo Onboarding 1
FundingCircle Lending 1
Kofax Doc mgmt 1
Mozido Payments 1
TransferWise Payments 1
Trusteer Security 1
Vanco Payments Payments 1
Avant Lending 0.9
ClimateCorp Insurance 0.9
Coinbase Bitcoin 0.9
Dynamics Payments 0.9
IEX Group Investing 0.9
LendingHome Lending 0.9
On Deck Lending 0.9
RenRenDai Lending 0.9
Xoom Payments 0.9
21 Inc Bitcoin 0.8
BankBazaar Banking 0.8
Betterment Investing 0.8
Braintree Payments 0.8
LifeLock Credit 0.8
Rong360 Lending 0.8
Wealthfront Investing 0.8
Accurate Group Real estate 0.7
App Annie Mobile 0.7
Auction.com Real estate 0.7
Ayadsi Analytics 0.7
Oportun Lending 0.7
Taulia Payments 0.7
WorldRemit Payments 0.7
AnJuke Real estate 0.6
Circle Internet Finance Bitcoin 0.6
EzBob Lending 0.6
FangDD Real estate 0.6
Kabbage Lending 0.6
Bill.com Payments 0.5
CAN Capital Lending 0.5
Cardlytics Marketing 0.5
Credorax Payments 0.5
Financial Software Systems Risk Mgmt 0.5
FreeCharge Payments 0.5
Kreditech Lending 0.5
Motif Investing Investing 0.5
Ping Identity Security 0.5
PolicyBazaar Insurance 0.5
Radius Marketing 0.5
Receivables Exchange Lending 0.5
Snowball Finance Investing 0.5
Strategic Funding Source Lending 0.5
U51 Lending 0.5
Wepay Payments 0.5
VivaReal Real estate 0.5
Zopa Lending 0.5
Shopkeep Mobile POS 0.5


When split by sector, half of the Fintech unicorns or semi-unicorns are focused on Lending and Payments. 

Source : Finovate

Source : Finovate


The list above could represent a very good starting point for some of the most valued Fintech companies in 2020. To this, I would also add a few other companies, such as Paypal and Ant Financial, both valued around $50bn. It is interesting to see that the two largest Fintech companies today are spun off from other large Internet groups – could the most valued Fintech startups in 2020 actually come from existing Internet companies?

Now, if we were to compare these Fintech startups to the largest companies in traditional finance, the list below shows the 19 largest financial providers:

Company Sector Valuation ($ bn)
Berkshire Hathaway Investment Company 357
Wells Fargo Bank 280
ICBC Bank 275
JPMorgan Chase Bank 226
China Construction Bank Bank 209
Bank of China Bank 197
Agricultural bank of China Bank 189
HSBC Holdings Bank 164
Bank of America Bank 162
Visa Inc Payments 161
China Life Insurance Insurance 157
Citigroup Bank 156
Commonwealth bank Bank 115
Ping An Insurance Insurance 113
Banco Santander Bank 106
MasterCard Inc Payments 100
Westpac Banking Corp Bank 94
Mitsubishi UFJ Bank 88
Royal Bank of Canada Bank 87


In traditional finance, 15 of the largest companies are banks, 2 are insurers, 2 in payment, and 1 a holding company. This is a clear difference between Fintechs that are focused on verticals, whereas the largest traditional groups are diversified across the whole value chain. Will the largest Fintechs still be focused on niche areas or will they expand into other sectors? 

Those are some initial data points for the discussion this week, and I’ll be happy to report back the – no doubt fascinating – conclusions of our group. If in the meantime you have strong views, don’t hesitate to send me a tweet.

Updateyou can find the second part with the discussion results here about the most valuable Fintech companies in 2020.

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