KPMG Releases 2019 Global Fintech 100 Report: 10 Chinese Firms Make the List

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The 2019 Global Fintech 100 report, unveiled by international consulting firm KPMG in collaboration with fintech investment company H2 Ventures, highlights the world’s most innovative financial technology companies. This marks the sixth consecutive year that KPMG has published the prestigious Fintech100 ranking, reinforcing its role as a key barometer for global fintech innovation and investment trends.

The list is divided into two segments: the Top 50 Established Leaders and the Emerging 50, which showcases rising stars in the fintech ecosystem. Notably, 10 Chinese companies have secured spots across both categories, underlining China’s strong presence and influence in shaping the future of digital finance.

China’s Dominance in the Global Fintech Landscape

China continues to be a powerhouse in financial technology innovation. In the Top 50 ranking, Chinese firms dominate with significant representation. Ant Group (formerly Ant Financial) claimed the top spot, reaffirming its leadership in digital payments, wealth management, and inclusive finance through platforms like Alipay.

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Following closely behind, JD Digits (JD Finance) ranked third, while Du Xiaoman Financial (formerly Baidu Finance) secured sixth place. Other notable Chinese entries in the top tier include Lufax Holding, OneConnect Financial Technology (Ping An Group subsidiary), WeLab, and ZhongAn Online P&C Insurance, bringing the total number of established Chinese players in the Top 50 to seven.

These companies exemplify China’s shift from basic payment solutions to comprehensive, AI-driven financial ecosystems offering insurance, lending, asset management, and blockchain-integrated services.

Shift in Fintech Focus: From Payments to Diversified Financial Services

The 2019 report reveals a clear evolution in the global fintech landscape. While payment and lending platforms dominated previous years—34 payment firms were listed in 2018—their share has declined. In contrast, there's been a surge in wealth tech, insurtech, and multi-service fintech platforms that integrate various financial offerings.

This shift reflects growing consumer demand for holistic financial solutions and indicates maturation within the industry. Companies are no longer focusing solely on disrupting single financial functions but are building end-to-end digital finance experiences.

Moreover, total venture capital funding among Fintech100 companies reached over $70 billion** in the past 12 months—an increase of more than $18 billion compared to the previous year, representing a 35% year-on-year growth**. This surge underscores investor confidence in scalable, technology-driven financial models.

Leading Global Players Reshape Markets

The top 10 positions feature a mix of Asian and Western innovators:

  1. Ant Group (China)
  2. Grab (Singapore) – Super app integrating ride-hailing, payments, and financial services
  3. JD Digits (China)
  4. Gojek (Indonesia) – Now merged with Tokopedia, expanding its fintech footprint
  5. Paytm (India) – Leading digital payments and financial services platform
  6. Du Xiaoman Financial (China)
  7. Compass (USA) – AI-powered real estate brokerage
  8. Ola (India) – Expanding beyond rides into financial services
  9. Opendoor (USA) – Digital home buying and selling platform
  10. OakNorth (UK) – Data-driven lending platform for SMEs

This diverse lineup illustrates how fintech innovation is now deeply embedded across sectors—from real estate to mobility—driven by data analytics, AI, and seamless user experiences.

Blockchain and Digital Assets: Quiet but Strategic Growth

While blockchain-focused firms saw reduced visibility compared to 2018—when 21 crypto-related companies made the list—strategic players remain influential. Binance, one of the world’s largest cryptocurrency exchanges, was ranked seventh in the Emerging 50, highlighting sustained interest in digital asset infrastructure.

Notably, Coinbase, which appeared in the main Top 50 in 2018, climbed to 34th place in 2019, reflecting its maturing business model and regulatory compliance efforts. Similarly, Japan’s Liquid, formed from the merger of Quoinex and Qryptos, secured the 38th position, recognized as the first globally licensed crypto exchange approved by Japan’s Financial Services Agency.

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These developments suggest that while pure-play blockchain firms may not dominate headlines as before, they continue to evolve into regulated, institutionally backed financial gateways.

Rising Stars: The Emerging 50 Fintech Innovators

The Emerging 50 list highlights promising startups poised for scale. Leading this category is Acko General Insurance (India), a digital-native insurer leveraging automation for fast claims processing. It is followed by Alpaca Japan, a fintech unicorn enabling algorithmic trading for retail investors.

Among the three Chinese firms featured in this segment:

These companies represent the next wave of innovation—leveraging AI, cloud computing, and regulatory technology (regtech) to serve niche markets with speed and precision.

Investment Trends: Who’s Backing the Future?

Funding momentum remains strong. In the last year alone, 32 companies on the Fintech100 raised at least $100 million each**, up from 26 in 2018. The average funding amount for the top 10 firms exceeded **$1.25 billion over 12 months.

Key institutional investors driving this growth include:

In China specifically, Sequoia Capital China emerged as the most active investor, backing over four上榜 firms including Ant Group and JD Digits. CICC (China International Capital Corporation) participated in three investments, while SoftBank supported two major players.

Notable funding rounds include Du Xiaoman Financial’s post-spinoff raise of over $1.9 billion, led by TPG and Carlyle Group—with participation from Taikang Group and Agricultural Bank of China International.

FAQ: Understanding the Fintech100 and Its Impact

Q: What is the KPMG Fintech100?
A: The KPMG Fintech100 is an annual list identifying the world’s most innovative fintech companies, split between 50 established leaders and 50 emerging innovators. It’s produced in partnership with H2 Ventures.

Q: How are companies selected for the Fintech100?
A: Selection is based on innovation, market potential, traction, investment activity, and global reach. Input comes from KPMG professionals, fintech experts, and industry analysts worldwide.

Q: Why did fewer blockchain firms appear in 2019?
A: While outright blockchain or crypto startups decreased due to market consolidation post-2018 boom, many now operate under broader fintech umbrellas or focus on enterprise solutions rather than consumer tokens.

Q: Are all listed companies profitable?
A: Not necessarily. Many are venture-backed and prioritize growth over immediate profitability. However, inclusion signals strong innovation, scalability, and investor trust.

Q: What role does AI play in these fintech firms?
A: Artificial intelligence powers risk assessment, fraud detection, personalized recommendations, automated customer service (chatbots), and algorithmic trading—making it central to modern fintech operations.

Q: Can startups from any country get listed?
A: Yes. The list is global and inclusive. Geographic diversity has increased over the years, with strong representation from Asia, North America, Europe, and emerging markets like India and Indonesia.

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Core Keywords:

This comprehensive analysis demonstrates that the global fintech sector is maturing rapidly—moving beyond disruption toward sustainable innovation, regulatory alignment, and integrated financial ecosystems. With China maintaining a leading role and new players emerging worldwide, the future of finance is increasingly digital, intelligent, and inclusive.