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Alternative Market Briefing

Venture capital-backed fintech companies deals surpass $3bn in 2019

Wednesday, February 12, 2020

Laxman Pai, Opalesque Asia:

Powered by digital innovations like mobile internet, blockchain, and big data, financial technology (fintech) is transforming financial services.

Digital technologies are helping financial service providers to introduce more efficient, personalized services while enabling technology companies to offer financial services such as mobile payments. This is generating new investment opportunities for both venture capital and private equity players.

According to Preqin, amid rising valuations for fintech companies, venture capital-backed deals surpassed $3bn in 2019.

Across the globe, venture capital-backed fintech firms are reaching - and surpassing - unicorn status (a company valued at $1bn or more).

US fintech has nurtured unicorns such as Menlo Park-based Robinhood Markets, Inc., a digital platform that enables users to invest in stocks, exchange-traded funds (ETFs), cryptocurrencies, and options without paying commission fees.

Founded in 2013, Robinhood is now worth about $7.6bn, according to CNBC. The US already boasts a fintech decacorn (a company valued at $10bn or more): San Francisco-based Stripe, a software provider that companies use to accept payments and manage their businesses online.

Stripe launched in 2011 and is now valued at $35bn.

European fintech has fostered high-profile unicorns such as London-based Revolut Limited, the developer of a mobile app that allows users to exchange currencies at interbank rate......................

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