The top 10 FinTech deals collectively raised $743.5m in Hong Kong, with three of those transactions being raised by an Institutional Investment & Trading company (Futu Holdings) and two by a Payments & Remittances company (Airwallex).
Futu Holdings, a Chinese online brokerage company, raised $145.5m in a private equity round led by Tencent Holdings in Jun 2017, the largest deal in Hong Kong since 2015. The company used the funding to do further R&D, develop its products, and strengthen their cooperation with NASDAQ and the Hong Kong Stock Exchange. Futu Holdings has experienced internal growth for the last few years, increasing its revenue from $22.9m in 2018 to $74.6m in 2019 and growing its workforce to 561 employees.
Airwallex, a Chinese cross-border payments challenger, raised $100m in a series C round led by DST Global in March 2019. Based on that funding the company’s valuation reached over $1bn, joining the unicorn club within three years of launching. Airwallex wants to continue its expansion globally, which means expanding in the US and UK. The company is looking to expand through acquisitions on an international level.
The Other category contains an InsurTech company (CompareAsiaGroup), Blockchain & Cryptocurrency company (BNKToTheFurture), Marketplace Lending company (Oriente), and a WealthTech company (TNG FinTech Group).
The data for this research was taken from the FinTech Global database. More in-depth data and analytics on investments and companies across all FinTech sectors and regions around the world are available to subscribers of FinTech Global. ©2020 FinTech Global
