Frontier Fintech Unicorn Rankings

Sep 06, 2023

UPDATED: October 16th, 2024

Since we last updated this list in Q1 of 2024, there has been some change in the number and composition of Frontier Fintech Unicorns. Previously the total value was $118B. The updated list is now made up of 59 fintechs in emerging markets and are valued at $142B.

I’ve also added a new list at the bottom: the Emerging Unicorn List. Startups that are valued over $500m and are arguably on the path to reaching Unicorn status! There are 24 companies valued at a total of $16B.

I hope you’ll find this page useful. It will be updated on a semi-annual basis.

Frontier Fintech Unicorns

Emerging Frontier Fintech Unicorns

Note: The above is my best estimation of fintechs. It captures many startups that heavily incorporate embedded finance or has a critical business unit that is fintech-oriented. I also included Singapore and the UAE above, though they are not Emerging Markets, because many Asian and African startups headquarter in these 2 nations for the tax benefits and ease of doing business though their target market is a frontier one. And finally, I’ve elected to exclude China, Japan, Bahrain, Kuwait, Saudi Arabia, Israel and South Korea - which all had representation in the Asia region, as I do not believe these qualify as emerging / frontier markets. Leave a comment and let me know what you think!