• FinTech unicorn announcements increased almost three-fold in May 2022 from April’s low of six, setting a new monthly record for the year. The rate of new FinTech unicorns have been correlating with overall FinTech funding so far this year which has been on a downward trend, but last month’s unicorn announcements diverged from this showing a renewed faith from VCs in large FinTech deals and high valuations.
• KuCoin, a Cryptocurrency exchange and trading platform, was the highest valued new FinTech unicorn in May 2022 with their latest Series B funding round of $150m led by Jump Crypto pushing the company’s valuation to a staggering $10bn. KuCoin will use the funds to expand its product offerings, going beyond its current centralized trading services and increasing its presence in the broader Web3.0 market, by building out crypto wallets, DeFi and NFT platforms.
• The PayTech sector saw the highest number of new FinTech unicorns at a total of five, 29% of total announcements in May. The United States accounted for 53% of new FinTech unicorn announcements last month with nine in total, eight more than any other country.
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. ©2022 FinTech Global
