The fintech unicorns in Asia are moving to reshape the very fabric of how people and businesses interact with money. From digital payments to decentralised finance (DeFi), these companies are solving real-world challenges like financial inclusion and cross-border transactions, while setting new global standards for innovation.
Out of the unicorns worldwide valued at a combined $4 trillion, a rising share are coming out of Asia’s fast-moving fintech ecosystem. These include two decacorns from India and China, each valued at over $10 billion.
In this article, we take a closer look at Asia’s fintech unicorns, exploring how they’re changing the game, rethinking old models, and helping position the continent as a global powerhouse in financial technology.
6 Fintech Unicorns in Singapore
Singapore’s fintech unicorns consist of companies spanning diverse verticals, including digital payments, insurtech, blockchain and AI-driven finance. Let’s take a closer look at these six unicorns headquartered in the Lion City. Amber Group, notably, has since gone public under a NASDAQ merger.
| Company | Valuation ($) | Segment |
|---|---|---|
| Advance Intelligence Group | 2 billion | AI-driven fintech and digital lending |
| bolttech | 2.1 billion | insurtech |
| Matrixport | 1.05 billion | crypto, digital assets |
| Nium | 1.4 billion | payments |
| Coda | 2.5 billion | payments, gamification |
| Airwallex | 5.5 billion | payments |
Advance Intelligence Group
Valuation: $2 billion
Founded in 2016, Advance Intelligence Group is the parent company of Atome Financial, ADVANCE.AI, and Ginee. The company’s ecosystem leverages AI-driven, credit-enabled solutions to empower businesses and consumers alike. Atome Financial specialises in consumer financing, ADVANCE.AI provides enterprise-grade KYC and fraud management tools, and Ginee offers a comprehensive SaaS platform for merchant services.
bolttech
Valuation: $2.1 billion
Bolttech, launched in 2020, combines innovative technology with insurance expertise to partner with top insurers and businesses worldwide. It operates in over 35 markets across four continents, making it a global insurtech company.
Matrixport
Valuation: $1.05 billion
Matrixport is a digital asset platform that provides a range of crypto investment products and financial services for both beginners and experienced investors. From high-yield savings and structured products to advanced trading tools, Matrixport helps users grow and manage their digital wealth.
Matrixport processes over $5 billion in trading volume each month and is supported by major investors like Lightspeed, IDG Capital, and Qiming Venture Partners, according to its website.
Nium
Valuation: $1.4 billion
Nium is a global payments platform that makes cross-border money transfers easier for businesses and financial institutions. Using real-time payment technology, Nium helps companies speed up international transactions, simplify operations, and scale.
Coda
Valuation: $2.5 billion
Coda, formerly Coda Payments, is a fintech company founded in 2011 that helps users in emerging markets easily buy digital content. It provides access to game credits, gift codes, and vouchers using familiar local payment methods such as mobile carrier billing and e-wallets. Coda aims to make digital transactions simple, inclusive, and accessible to everyone.
Airwallex
Valuation: $5.5 billion
Airwallex, founded in 2015, is a global fintech company supported by major investors like Tencent, Sequoia Capital China, Lone Pine Capital, and Salesforce Ventures. Recognised as one of Asia’s fintech unicorns, Airwallex offers various financial services, including cross-border payments, global business accounts, and embedded finance solutions.
4 Fintech Unicorns in Hong Kong
Hong Kong continues to cement its role as a fintech powerhouse in Asia, blending its strong regulatory framework with an innovation-friendly environment. The city is home to four fintech unicorns in Asia: HashKey Group, WeLab, Micro Connect, and ZA Group, each pushing the boundaries of digital finance in unique ways.
| Company | Valuation ($) | Segment |
|---|---|---|
| HashKey Group | 1.3 billion | digital asset, Web3 |
| WeLab | 1 billion | digital banking, lending |
| Micro Connect | 1.7 billion | alternative SME financing, investment |
| ZA Group | 1 billion | digital banking, Web3 |
HashKey Group
Valuation: $1.3 billion
HashKey Group is a digital asset financial services provider. Based in Hong Kong, the group provides services for institutional and professional investors worldwide, including trading, custody, asset management, and venture capital.
HashKey focuses on regulatory compliance, security, and innovation. It operates the SFC-licensed HashKey Exchange, offering a safe and regulated platform for digital asset trading. The HashKey ecosystem also includes secure custody solutions and blockchain-focused investment strategies through its asset management division.
WeLab
Valuation: $1 billion
WeLab is a digital finance platform operating in Hong Kong, mainland China, and Indonesia. Its subsidiary, WeLab Bank, was the first local fintech company to receive a virtual banking license from the Hong Kong Monetary Authority (HKMA).
WeLab uses advanced technologies like AI, big data, and machine learning to improve customer experiences and support financial inclusion in its markets.
Micro Connect
Valuation: $1.7 billion
Micro Connect is an exchange group that uses fintech to link global investors with small and micro businesses through a revenue-sharing investment model.
Micro Connect’s core financial tool, Revenue Based Obligations (RBOs), offers investors direct and diversified access to the daily cash flows of the global consumer economy. This new asset class is designed to improve liquidity and make small business investing more efficient, while also providing business owners with scalable and impact-driven access to capital.
ZA Group
Valuation: $1 billion
ZA Group, founded in 2019 by ZhongAn Technologies International Group Limited (ZA Global), is a digital-focused financial brand. Its ecosystem covers banking, insurance, investment, e-commerce, and technology through its main platforms: ZA Bank, ZA Insure, ZA Mall, ZA Tech, and ZA Invest.
9 Fintech Unicorns in China
China’s fintech landscape is one of the most dynamic and expansive in the world, with homegrown innovation leading the charge in digital finance, blockchain, lending, and wealth management. The country is home to ten fintech unicorns in Asia.
From global payment networks and crypto mining hardware to smart wealth platforms and virtual lending ecosystems, these unicorns are shaping the future of finance both within China and globally.
| Company | Valuation ($) | Segment |
|---|---|---|
| BITMAIN Technologies | 12 billion | digital currency mining |
| Jimu | 1 billion | lending |
| Huisuanzhang | 1.28 billion | financial services platform |
| Dianrong | 1 billion | lending solutions |
| Wacai | 1 billion | wealth management |
| CGTZ | 2.41 billion | debt investment platform |
| eDaili | 1.90 billion | asset management |
| XTransfer | 1.4 billion | global payments |
| Tongdun Technology | 2 billion | intelligent risk management |
BITMAIN Technologies
Valuation: $12 billion
BITMAIN, founded in 2013, produces digital currency mining servers under the ANTMINER brand. The company holds a strong global market share and leads in technology. The company serves customers in over 100 countries and has an R&D centre in Singapore, with branches in Hong Kong, the U.S., Malaysia, the UAE, Lithuania, and Paraguay.
Jimu
Valuation: $1 billion
Jimu is an online platform that connects borrowers and lenders, using technology to address challenges in financial services. It provides matchmaking services for individuals and small businesses, offering automated investment tools and customised loan options. With Jimu, borrowing and lending are simple and can be done entirely online without in-person meetings.
Huisuanzhang
Valuation: $1.28 billion
Huisuanzhang, founded in 2015 and headquartered in Beijing, China, is a provider of financial and tax services tailored for small and medium-sized enterprises. Operating within the financial services industry, the company offers a comprehensive suite of solutions, including business registration, accounting, tax consulting, and other financial services for SMEs using a cloud platform and mobile app.
Dianrong
Valuation: $1 billion
Dianrong, a key player in China’s online lending market, has been operating since 2012. Based in Shanghai, the company offers an internet platform to support small businesses and individuals. With a focus on technology, compliance, and transparency, Dianrong’s platform uses data-driven insights to create lending and borrowing solutions tailored to specific industries’ needs.
Wacai
Valuation: $1 billion
Founded in 2009, Wacai is a fintech company focused on making wealth management simple and accessible for everyone. It started as a mobile app for personal bookkeeping and has grown into a full platform for managing personal finances.
Wacai provides tools and services like personal financial management, wealth management, and credit solutions. The company uses big data and machine learning to provide users with tailored services and solution suggestions.
CGTZ
Valuation: $2.41 billion
Cgtz is a B2C debt investment platform offering a diverse range of investment products tailored for individuals and small to medium-sized enterprises (SMEs).
eDaili
Valuation: $1.90 billion
One of China’s fintech unicorns, eDaili, is a Shanghai-based platform that seamlessly connects businesses in finance, health, and education with a vast network of crowdsourced sales professionals.
XTransfer
Valuation: $1.4 billion
XTransfer created a global payment platform powered by data insights, automation, and risk management tools. Founded in 2017 and based in Shanghai, the company now serves over 600,000 users worldwide. It operates in markets including Hong Kong SAR, the UK, the Netherlands, the US, Canada, Australia, Singapore, and more.
Tongdun Technology
Valuation: $2 billion
Founded in 2013, Tongdun Technology is a third-party intelligent risk management provider based in Hangzhou, Zhejiang. Tongdun integrates AI into risk management to deliver efficient solutions. It serves clients in industries such as P2P lending, microfinance, banking, insurance, payments, e-commerce, gaming, social media, and more.
4 Fintech Unicorns in Indonesia
Indonesia’s fintech sector is rapidly gaining traction, driven by a tech-savvy population and a strong push for financial inclusion. The country now boasts four fintech unicorns: Akulaku, DANA, Xendit, and Ajaib. Each plays a key role in transforming how Indonesians save, spend, invest, and access financial services.
| Company | Valuation ($) | Segment |
|---|---|---|
| Akulaku | 2 billion | digital finance |
| Dana | 1.3 billion | payment service platform |
| Xendit | 1 billion | payment infrastructure provider |
| Ajaib | 1 billion | investment platform |
Akulaku
Valuation: $2 billion
Akulaku is a digital finance platform serving Southeast Asia, with operations in Indonesia, the Philippines, and Malaysia. It offers services like digital banking, financing, investment, and insurance brokerage, focusing on customers in emerging markets.
The company provides a virtual credit card and an e-commerce platform. It also runs Asetku, an online wealth management service, and Neobank, a mobile banking service backed by Bank Neo Commerce.
Dana
Valuation: $1.3 billion
DANA is a fintech company dedicated to making financial transactions accessible. Its goal is to help grow Indonesia’s digital economy by enabling seamless transactions for everyone. DANA offers a mobile payment platform that simplifies user payments.
Xendit
Valuation: $1 billion
Xendit is a financial technology company that provides payment infrastructure for businesses in Indonesia, the Philippines, and Southeast Asia. It enables payments, payroll disbursement, and marketplace operations. Businesses can accept payments through direct debit, virtual accounts, cards, eWallets, retail outlets, and online instalments.
Ajaib
Valuation: $1 billion
Ajaib, founded in 2019, is an investment platform that provides services like stock trading, mutual funds, and coins. The name “Ajaib,” meaning “magic,” reflects the platform’s goal of making investing simple and accessible. Designed for millennials, Ajaib focuses on a mobile-first approach, low fees, and an easy-to-use interface. It is supported by leading investors such as DST Global, Horizons Ventures, and Alpha JWC Ventures.
24 Fintech Unicorns in India
India’s fintech boom is fuelled by strong investor interest, proactive government support, and a rapidly expanding digital economy.
Initiatives like Startup India (launched in 2015) have accelerated this momentum by offering tax benefits, funding schemes, and incubation support. Over the past decade, the fintech space has seen a surge in IPOs, mergers, and acquisitions, with deals surpassing USD $4 billion.
India is also home to a fintech decacorns, PhonePe, signalling the country’s rise as a global fintech powerhouse.
| Company | Valuation ($) | Segment |
|---|---|---|
| PhonePe | 12.6 billion | UPI-based payment platform |
| BillDesk | 1.59 billion | digital payments |
| Razorpay | 7.5 billion | digital payments |
| Pine Labs | 2.28 billion | merchant-centric digital paymemts |
| CRED | 6.4 billion | credirt card bill payment platform |
| BharatPe | 2.85 billion | digital payments |
| PayU | 5.2 billion | credit lines |
| Slice | 1.8 billion | payment service provider |
| Yubi | 1.5 billion | debt marketplace |
| Oxyzo | 1 billion | lending |
| InCred Finance | 1.04 billion | lending, wealth and asset management, investments |
| DMI Finance | 3 billion | digital lending |
| MoneyView | 1.21 billion | lending platform |
| Chargebee | 3.5 billion | revenue management platform |
| Zeta | 2 billion | cards cloud-native platform |
| Perfios | 2.57 billion | analytics and fraud detection |
| Acko Insurance | 1.07 billion | digital insurance provider |
| Zerodha | 3.6 billion | stock brokerage firm |
| Groww | 3 billion | mobile-first direct mutual fund investments |
| Upstox | 2.98 billion | Proprietary trading |
| Open | 1 billion | neobanking platform |
| OneCard | 1.4 billion | metal credit card solutions |
| CoinDCX | 2.15 billion | cryptocurrency |
| CoinSwitch Kuber | 1.9 billion | crypto exchange aggregator |
PhonePE
Valuation: $12.6 billion
PhonePe, founded in 2015, has become India’s largest UPI-based payment platform. It makes bank transfers, mobile recharges, bill payments, and digital insurance simple and seamless. Flipkart acquired PhonePe in 2016, and by 2018, it achieved unicorn status, just three years after it started.
BillDesk
Valuation: $1.59 billion
Founded in 2000, BillDesk is one of India’s earliest digital payment platforms, known for its payment gateway services. It reached unicorn status in 2018 after nearly two decades, following a major funding round.
As of the latest filings, BillDesk is valued at USD $1.59 billion.
Razorpay
Valuation: $7.5 billion
Razorpay, founded in 2014, simplifies B2B digital payments with its API-based payment gateway for businesses. Over time, it has added services like payroll management, SME lending, and banking solutions.
Pine Labs
Valuation: $2.28 billion
Pine Labs, founded in 1998, offers digital payment solutions focused on merchants. Its cloud-based platform supports over 140,000 merchants in 3,700 cities across India and Malaysia, with a strong focus on point-of-sale (PoS) transactions. The company became a unicorn in 2020, backed by major investors like Flipkart, Mastercard, PayPal Ventures, and Temasek Holdings.
CRED
Valuation: $6.4 billion
Founded in 2018, CRED is a platform that rewards users for paying their credit card bills on time. It focuses on high-net-worth individuals by offering exclusive benefits for timely payments.
BharatPe
Valuation: $2.85 billion
Established in 2018, BharatPe transformed digital payments in India by launching the nation’s first UPI-interoperable QR code for merchants. This innovation enabled effortless transactions across multiple platforms.
PayU
Valuation: $5.2 billion
PayU is a global payment service provider operating in several emerging markets. Although it’s not a typical startup, it plays an important role in the fintech ecosystem. Owned by Prosus, PayU functions as both a payment gateway and a major fintech investor, growing through strategic mergers and acquisitions.
Slice
Valuation: $1.8 billion
Slice, founded in 2016, provides credit and payment cards with flexible repayment options and rewards, tailored for Indian customers. In partnership with Visa and SBM Bank, it offers credit lines ranging from $120 to $12,000 USD. The company became a unicorn in 2021 after raising $220 million in Series B funding from Tiger Global, Pegasus Wings Group, and Insight Partners.
Yubi (formerly CredAvenue)
Valuation: $1.5 billion
Yubi, founded in 2017, is a debt marketplace in India that connects businesses with lenders and investors. The platform offers a range of loan and lending solutions, simplifying the borrowing process for institutions. Yubi became a unicorn in March 2022 after raising $137 million in Series B funding from Insight Partners, B Capital, and Dragoneer Investment Group.
Oxyzo
Valuation: $1 billion
Oxyzo, founded in 2016, is the lending arm of B2B commerce unicorn OfBusiness. It focuses on providing cash flow and working capital financing to SMEs in the manufacturing and contracting sectors. In 2022, Oxyzo became a fintech unicorn after raising $201 million in a Series A round, backed by Alpha Wave, Tiger Global, and Norwest Venture Partners. This milestone placed Oxyzo among Asia’s fintech unicorns.
InCred Finance
Valuation: $1.04 billion
Founded in 2016, InCred operates in the BFSI sector with three key divisions: InCred Finance (lending), InCred Capital (wealth and asset management), and InCred Money (retail bonds and alternative investments). In December 2023, InCred Finance became a unicorn after raising $60 million in a Series D funding round, giving it a valuation of $1.04 billion.
DMI Finance
Valuation: $3 billion
DMI Finance, an Indian shadow bank, is backed by $338.5 million in funding from MUFG. DMI Finance is quickly growing its services, which include personal loans, Buy Now, Pay Later (BNPL) options, and embedded credit solutions.
MoneyView
Valuation: $1.21 billion
MoneyView, a lending platform, offers personal loans, credit tracking tools, and personal finance management solutions. The company became a unicorn in September 2024 after raising $4.6 million from Accel India and Nexus Ventures, reaching a valuation of $1.21 billion.
Chargebee
Valuation: $3.5 billion
Chargebee is a subscription revenue management platform designed to help high-growth SaaS businesses automate billing and revenue operations. It allows companies to manage subscriptions, pricing, invoicing, taxes, and revenue analytics with a no-code solution. The company became a unicorn in 2021 after raising $125 million in its Series G funding round.
Zeta
Valuation: $2 billion
Zeta is a cloud-based platform that helps banks, fintech startups, and businesses issue and manage digital debit, credit, and prepaid cards. The company reached unicorn status in 2021 after raising $250 million from SoftBank’s Vision Fund, bringing its valuation to $2 billion.
Perfios
Valuation: $2.57 billion
Perfios, a fintech SaaS company, focuses on real-time credit decisioning, analytics, and fraud detection. It provides AI-powered solutions to financial institutions, banks, and NBFCs in 18 countries. In 2024, Perfios became a unicorn after raising $80 million from Teachers’ Venture Growth (TVG), the investment arm of the Ontario Teachers’ Pension Plan.
Acko Insurance
Valuation: $1.07 billion
Acko Insurance is a digital insurance provider offering auto, health, and employee insurance. It has partnerships with companies like Zomato and Swiggy to provide coverage for gig workers, in addition to flexible term life insurance and chronic care management. In 2021, Acko became a unicorn after raising $255 million in its Series D funding round, led by Intact Ventures, General Atlantic, and Multiples Alternate Asset Management.
Zerodha
Valuation: $3.6 billion
Formed in 2010, Zerodha is one of India’s largest stock brokers, known for its discount broking model. It offers zero-commission stock trading, direct mutual fund investments, and portfolio management tools. Zerodha became a unicorn in 2021 without raising any external funding.
Groww
Valuation: $3 billion
Founded in 2017 by former Flipkart employees, Groww makes it easy to invest in mutual funds, stocks, ETFs, and gold through a user-friendly, mobile-first platform. The company reached unicorn status in 2021 after raising $83 million in its Series D funding round, led by Tiger Global.
Upstox
Valuation: $2.98 billion
Upstox started as a proprietary trading firm and later expanded into retail stockbroking, mutual funds, and advisory services. It offers commission-free equity trading, competing with platforms like Zerodha and Groww. The company has raised $220 million across six funding rounds, with its most recent Series C round in 2022. This growth has earned it a spot among the fintech unicorns in Asia.
Open
Valuation: $1 billion
Open is a neobanking platform designed to help SMBs manage banking, payments, and expenses through a single interface. In April 2022, Open apparently became India’s 100th unicorn after raising $50 million at a $1 billion valuation. The company is backed by Temasek, BEENEXT, and Trifecta Capital, with a total of $186 million raised across seven funding rounds.
OneCard
Valuation: $1.40 billion
OneCard offers metal credit cards with no joining fees, flexible EMIs, and personalised rewards. It also provides OneScore, a free platform to track credit scores. In July 2022, the company became a unicorn with a $1.25 billion valuation after raising $100 million in a Temasek-led funding round. Its most recent Series D round in 2024 raised $28.5M, led by QED Investors.
CoinDCX
Valuation: $2.15 billion
CoinDCX apparently became India’s first cryptocurrency unicorn in 2021 after raising $90 million in a Series C funding round, supported by B Capital Group and Coinbase Ventures. In 2024, the company expanded globally by acquiring Dubai-based crypto exchange BitOasis.
CoinSwitch Kuber
Valuation: $1.9 billion
CoinSwitch Kuber started as a crypto exchange aggregator and launched its India-focused platform in 2020. In 2021, it reportedly became India’s second crypto unicorn, raising $260 million in Series C funding at a $1.9 billion valuation. The funding round was led by Andreessen Horowitz (a16z) and Coinbase Ventures.
2 Fintech Unicorns in the Philippines
The Philippines is home to two fintech unicorns, Mynt and Voyager Innovations, that are transforming financial services through digital innovation. With a focus on mobile wallets, lending, and cashless transactions, these companies are driving financial inclusion in the rapidly digitalising economy.
Mynt
Valuation: $2 billion
Mynt is a financial technology company in the Philippines focused on expanding access to financial services through mobile money and technology. It operates two fintech businesses: GXI, which manages GCash, a widely used finance app in the country, and Fuse Lending, a digital lending platform offering microloans and business loans to Filipinos.
According to Tracxn, the company became a unicorn in 2021 when it raised $300 million in Series B funding, making it one of the fintech unicorns in Asia.
Voyager Innovations
Valuation: $1.4 billion
Voyager Innovations is the digital arm of PLDT-Smart Communications, offering financial technology platforms designed to support digital transactions and financial access in the Philippines. Its portfolio includes PayMaya, a mobile payment app widely used for everyday transactions, and PayMaya Business, which enables merchants and enterprises to accept cashless payments.
The company also operates FINTQ, a platform that facilitates access to financial products such as loans, savings, and insurance through mobile devices, particularly in underserved areas.
The Fintech Unicorn of South Korea
South Korea has one fintech unicorn in Asia to its name: Toss.
Toss
Valuation: $7 billion
Toss runs South Korea’s financial super app, which helps individuals manage their entire financial life, including digital banking, credit score, financial dashboard, money transfer and trading under one platform. Valued at $7 billion by CB Insights, it is included in this list of fintech unicorns in Asia.
The Fintech Unicorn of Vietnam
Vietnams’s Momo, a fintech unicorn in Vietnam, is an online mobile payment platform.
Momo
Valuation: $2+ billion
Momo, an online mobile payment platform, offers an e-wallet and helps in money transfers and buying commodities. Founded in 2007, it leverages advanced technology and a broad ecosystem to help users spend, manage money, invest, access credit, and run their businesses with ease and efficiency.
The Fintech Unicorn of Thailand
Thailand’s Ascend Money is part of this fintech unicorns in Asia list.
Ascend Money
Valuation: $1.5 billion
Ascend Money is one of the fintech unicorns in Asia delivering innovative payment and financial services across seven countries: Thailand, Cambodia, Myanmar, Vietnam, the Philippines, Indonesia, and Malaysia.
It operates under Ascend Group, a digital technology conglomerate with ventures spanning digital finance, e-commerce, data, and cloud services. It hit a valuation of $1.5 billion in 2021, hitting its unicorn status.
The Fintech Unicorn of Japan
Japan claims its spot on the fintech unicorns of Asia list with Opn.
Opn
Valuation: $1 billion
Opn is a fintech platform built to help brands, enterprises, and financial institutions boost online revenue through seamless, borderless technology solutions.
The Fintech Unicorn of Uzbekistan
Uzbekistan has one fintech unicorn, Uzum, which operates within its own ecosystem
Uzum
Valuation: $1.16 billion
Uzum is one of the fintech unicorns in Asia, transforming the digital landscape in Uzbekistan. It integrates e-commerce, fintech, and banking services to meet the needs of individuals and SMEs.
Uzum’s ecosystem comprises a marketplace, express delivery, traditional and digital banking solutions, buy-now-pay-later (BNPL) services, a car purchase platform, and a dedicated app for entrepreneurs.
FAQs on Fintech Unicorns in Asia
Which countries in Asia have the most fintech unicorns?
India leads the way, followed by China, Hong Kong and Singapore. India, in particular, has a booming fintech ecosystem with strong investor interest and regulatory support.
What is a fintech unicorn?
A fintech unicorn is a privately held startup in the financial technology sector with a valuation of over $1 billion. Their numbers have grown significantly in recent years due to surging venture capital investments and rapid technological advancements.
Fintech unicorns are renowned for their disruptive innovation and technology-driven business models, transforming traditional financial services across digital payments, lending, insurance, and investment platforms. Their valuations are often driven by growth potential and investor confidence rather than immediate financial performance, positioning them as key players in reshaping the global financial landscape.
Are there any fintech decacorns in Asia?
Yes, India has one fintech decacorn (startups valued over USD 10 billion), and China has one too. These companies are not only the biggest in the region but also global leaders in payments, lending, and digital finance platforms.
Sources: CB Insights,Nikkei Asia
Source of image: Edited from Freepik
