Asia Pacific is on the rise when it comes to fintech, with 30 firms making it to KPMG’s Fintech100 and Chinese firms taking the top three places and accounting for five of the top 10.
According to KPMG, the Fintech100 were selected following extensive global research and analysis based on data relating to five factors: total capital raise, rate of capital raising, geographic diversity, sector diversity, and X-factor.
KPMG said the X-factor includes degree of product, service and business model innovation.
The Fintech100 is divided into two components: the ‘Top 50’ firms around the globe, which are ranked based on innovation, capital raising activity, size and countries; and the ‘Emerging 50’, companies that are at the forefront of innovative technologies and practices, seeking to boldly push the envelope in financial services.
Other key global highlights
12 firms on the Fintech100 raising over US$100M, notably ZhongAn’s US$1.5B raise in conjunction with its recent IPO on the Hong Kong Stock Exchange
Global fintech innovation continues to accelerate, with 29 different countries represented in the Fintech100, up from 22 countries in 2016
The UK and EMEA dominate the Emerging 50 with 26 companies; the US placed 19 companies on the full list, the most of any country, and three in the top 10
Disruptors dominate – fintechs focused on disrupting traditional models represent 73 of the Fintech100
Lending and payments focused companies continue to be lead in terms of sectors, with 32 and 21 respectively on the full list. Fifteen companies are in transactions/capital markets and 12 are in insurtech
Open banking regulation in the UK, Europe, the United States and Australia has been a major catalyst for innovation, with 15 companies working in the related areas included on the Fintech100
Overall, the Fintech100 includes:
41 firms from the UK and EMEA (Europe, the Middle East and Africa)
29 firms from the Americas (North and South America), and
30 companies from Asia Pacific (including Australia and New Zealand)
“The Top 50 are a strong reflection of the diversity of fintech innovation. There are fintechs with lending and payment platforms, insurtech, digital banking and companies applying big data to fintech. Superior data & analytics capability notably will be a requirement to be a great financial services firm in the future, be it a traditional bank or a game changing fintech startup,” said Ian Pollari, Global co-lead of KPMG’s Fintech practice.
The Top 10 companies in the 2017 Fintech100
Ant Financial – China
ZhongAn – China
Qudian (Qufenqi) – China
Oscar – US
Avant – US
Lufax – China
Kreditech – Germany
Atom Bank – UK
JD Finance – China
Kabbage – US