• New FinTech unicorns may become as rare as an actual unicorn soon as August saw the birth of only two new FinTech unicorns. Overall, valuations for some of the largest FinTech companies have dropped considerably since July, such as Klarna which dropped 85% after its latest funding round in July, and this drop in valuations may have caused investors to re-evaluate their deal sizes going forward.
• DANA, a digital wallet with free money transfers, was the highest valued new FinTech unicorn in August at $1.13bn after their funding round raised $554.5m from Lazada Group and Sinar Mas Group. The Indonesian based company has acquired more than 115m users and processed over 10m transactions per day and will use the funding to invest in new technology and debut new financial services.
• Zebec, a DeFi technology company facilitating payroll for corporations and their employees, was the second FinTech unicorn announced in August, valued at $1bn after their latest funding round which raised $8.5m, led by Circle Ventures, Shima, and Resolute. Zebec’s revenue is forecasted to reach $20m by the end of 2022 with a $6m net profit.
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