Fintech startups were born out of the financial crisis back in 2008. Since then, the industry has flourished, and it has now become one of the fastest-growing industries in the world. This fast-paced growth has resulted in over 100 fintech startups reaching unicorn status globally. But which were some of the fintech startups to reach the coveted unicorn status in record time? In this article, we’ll reveal the seven fastest fintechs to reach the milestone.
What Is a Unicorn Startup?
A unicorn startup is a privately held company that has reached a valuation of $1 billion. Some popular fintech unicorns include Revolut, Transferwise and Robinhood.
The term exists because becoming a $1 billion startup is as difficult as finding a mythical unicorn. Only an estimated 0.00006% of startups will ever reach the status.
No. of months to reach $1 billion status: 21
Brex was founded in January 2017 by Brazilians Henrique Dubugras and Pedro Franceschi. The company offers business credit cards and cash management accounts to companies in the USA. It took Brex just 21 months to grow to 50 people and a $1 billion valuation.
No. of months to reach $1 billion status: 23
Founded in the US by Michael Cagney, June Ou and Cynthia Chen back in January 2018, this blockchain-based startup provides innovative home equity release solutions for consumers. Figure managed to reach the coveted unicorns status in just 23 months when they raised $100 million in December 2019 to reach a valuation of more than $1 billion.
No. of months to reach $1 billion status: 27
Parker Conrad and Laks Srini started Zenefits in February 2013 to help startups and small businesses find insurance quotes. A $500 million funding round in May 2015 saw them break the $1 billion mark in 27 months.
No. of months to reach $1 billion status: 32
Founded by David Gurle in 2014, this startup helps bring secure collaboration to the biggest banks. The company amassed over 200,000 users in 18 months and reached a $1 billion valuation in 32 months.
No. of months to reach $1 billion status: 32
Linklogis was founded by executives with extensive backgrounds in the finance and technology sector. The company is striving to build the world’s leading supply chain fintech service platform. Linklogis was the fastest Chinese fintech startup to reach unicorn status when it closed Series C funding round totalling $220 million in October 2018.
No. of months to reach $1 billion status: 35
Dave is a US banking app that is taking on the big banks by providing Americans with all the tools they need to become financially successful. They became worth $1 billion when they received a $50 million investment from Norwest back in October 2019.
No. of months to reach $1 billion status: 40
Airwallex is a service that lets companies send and receive international payments in multiple currencies. Founded in Australia by four Chinese entrepreneurs in 2015, this fintech startup managed to reach unicorn status in 40 months when they closed $US100 million in funding in March 2019.