Financial unicorns were once an uncommon sighting throughout the globe, but they are now a common species in today's fintech environment, with around 150+ fintech unicorns in the world. With advanced technologies and creative business models drawing swaths of new-age and potential customers, the new generation of unicorns is changing banking as we know it.
What is Fintech Unicorns, and what do they do?
Unicorns are late-stage companies with a market capitalization of more than $1 billion that are either privately held or have gone public. These are private startups with valuations ranging from $1 billion to publicly traded corporations such as Paypal, Bharatpe, CRED, etc. according to our criteria.
The fintech industry continues to produce significant strides in trying to disrupt the traditional financial markets, and has completely outclassed this year, leading to unicorn status. some fintech startups PayPal, CRED, and Grow, as well as BharatPe and Meesho, are among the FinTechs startups that have made a name for themselves, according to some reports. It all began with them bootstrapping their ideas and transforming themselves into key factors and major players in the global economy. Deployment of the internet in rural regions is also estimated to boost and support the growth of technology companies. FinTech firms in mobile payments, insurance, blockchain, stock trading, and digital banking will expand further and capitalize on internet penetration, So far this year, India has added an average of three unicorns per month. according to the reports.
Despite COVID-19, the FinTech, E-commerce, and Shared Economy sectors received $2.8 billion, $2.5 billion, and $1 billion in investment in 2020, respectively.
Finally, we believe that fintech will play a larger role in the growth of India's financial services sector in the coming future years. Strong ecosystem-level shifts are allowing new models to develop, which bodes well for the unicorns of the future to emerge from today's really inventive, tech-enabled companies.
How Webplat can help you in Fintech?
As the digital transformation of financial markets accelerates at breakneck speeds, fintech presents significant opportunities and challenges for both investors and innovators around the world.
We at Webplat Technologies Pvt. Ltd. strive to provide a one-stop-shop for all the Digital and Financial products/ services. Webplat is a rapidly growing company in the field of computer applications and services. We possess expertise in developing and implementing strong financial solutions and services.
We set aside outdated and restrictive bureau-heavy workflow, allowing creativity and experimentation to drive our development process due to which our customers are experiencing an acceleration in business with reliable and cost-effective technology.
Our team employs an agile methodology that allows us to react instantly to the slightest change when necessary. We can reshape any strategy to satisfy evolving project conditions.