Of the three companies that reached unicorn status in August 2023, two were FinTechs highlighting the continued faith in the sector shown by investors
The first FinTech to reach unicorn status in August was BitGo, a Digital Asset custody startup, which hit a $1.75bn valuation after their latest $100m Series C funding round from new investors that have not been named. In August of the previous year, Galaxy Digital cancelled its $1.2bn acquisition of BitGo in one of the largest digital asset deals. BitGo plans to use the funds for strategic acquisitions and expanding its regulated custody, wallet, and infrastructure services. The company has experienced a 60% increase in new clients since the beginning of 2023 and is also the custody provider for FTX creditors, indicating growing global demand for regulated digital asset custody solutions. “Not only are we seeing growing demand for regulated custody solutions in the US, but we’re also seeing the demand on a global scale,” said CEO Mike Belshe in a release.
The second FinTech to reach unicorn status in August was Korea Credit Data, which offers various financial services to SMEs, reached a 1.3 trillion won ($1bn) valuation after their latest Series D extension round from the investing arm of Morgan Stanley Investment Management. Founded in 2016, the Korean fintech startup offers SMEs various financial services in Asia’s fourth-largest economy with about 4.1 million SMEs operating in a market worth 65.9 trillion won. The valuation is a 25-fold jump from five years ago and 200 billion won more than the company’s valuation estimated during the last funding in October 2022.