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China’s dominance in fintech extends to its ‘unicorns’

China is leading the world in its embrace of financial technology, or fintech, even at the early development stage, according to a report published Friday.

There are currently 27 fintech unicorns, or private startups with valuations of $1 billion or more, according to the report on Visual Capitalist, a website that uses data and charts to educate readers on investing.

China’s eight fintech unicorns have raised $9.4 billion in funding and have a combined valuation of $96.4 billion, the report found.

That dwarfs the 14 unicorn fintech companies in the U.S., which have raised $5.7 billion and own a combined valuation of $31 billion.

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