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REUTERS/Adrees Latif
Valuations for financial technology companies (on paper).

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

From our Obsession

Future of Finance

New technology is upending everything in finance.

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.

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