Earlier this year I wrote about Australian FinTech companies that everyone needs to keep an eye on. A few weeks ago, a report about the world leading FinTech companies was released. It’s good to see that 3 of the companies we’ve identified also made the global list.
The joint report between H2 Ventures and KPMG analysed the FinTech space globally and provides an overview summary on the 100 companies identified. The report also found that global FinTech financing has risen seven-fold over the past 3 years to an estimated US$20billion for 2015, an increase of 66% from 2014. London, New York and recently Sydney are becoming the major hubs for FinTech innovation.
The extensive research was based on 5 main factors: Total capital raised; Rate of capital raising; Geographic & sector diversity; Consumer & marketplace traction; X-factor: degree of product, service and business model innovation. The last factor was a subjective measure that had been ignored for ranking the top 50 companies.
Here are the top 5 companies listed:
ZhongAn – Tailored Insurance
Location: Shanghai, China
Specialisation: Insurance
Year founded: 2013
Oscar – Smart, simple health insurance
Location: New York, USA
Specialisation: Insurance
Year founded: 2013
Wealthfront – The most tax-efficient, low-cost, hassle-free way to invest
Location: Palo Alto, USA
Specialisation: Wealth
Year founded: 2011
Qufenqi – Helping students establish the right values in spending and credit
Location: Beijing, China
Specialisation: Payments
Year founded: 2014
Funding Circle – Better for business, better for investors, better all round
Location: San Francisco, USA
Specialisation: Lending
Year founded: 2010