Skip to navigationSkip to content

You don’t know who the world’s largest fintech startup is

REUTERS/Adrees Latif
Valuations for financial technology companies (on paper).
By Ian Kar
Published Last updated This article is more than 2 years old.

The world’s largest fintech startup is AliPay, the digital bank company that split from e-commerce giant Alibaba in 2011.

A new research note on the fintech industry from Citi pointed out two things: 1) AliPay��has a valuation on par with some of the larger private tech companies, like Uber and Airbnb; 2) AliPay is still technically a private company.

Alipay is currently raising money that values the company at $60 billion, according to Reuters.

The firm is owned by Ant Financial, which in turn is 50% owned by Alibaba CEO Jack Ma. Ma split Alipay off from Alibaba to avoid having to obtain permission from the Chinese government to operate as a non-bank payment firm. Alipay operates as a foreign, not a Chinese, company.

US firms were pretty high up on the fintech unicorn list too—Stripe, Credit Karma, Zenefits, Prosper, and SoFi all made the list.

📬 Kick off each morning with coffee and the Daily Brief (BYO coffee).

By providing your email, you agree to the Quartz Privacy Policy.