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The unicorn status immediately adds credibility to any assertion by recognizing that it has a globally influential and scalable model.
Fremont, CA: A unicorn startup is one that is privately held and valued at more than $1 billion. With such a huge price tag, it's no surprise that few startups reach such great heights. As a result, those who do are as rare as the magical creatures.
The achievement of challenger banks exemplifies the high level of innovation and growth in the European fintech sector. Adding another unicorn to the big global league indicates the continent's enormous potential for incubating comparable success stories.
However, when it comes to funding for fintech, Europe has historically fallen short behind the United States. This is mainly because the venture capital industry in Europe is not as well-established as it is in the United States. Because funds are smaller, there is less capital available to invest. But, as the size of European fintech funding rounds grows, it might be a sign of turning tides. But regardless of whether this indicates an increase in the amount of available funding and growth opportunities, many analysts are beginning to question whether other fintech startups should undertake this path to unicorn land at all.
Check Out: Financial Services Review
Of course, most people see the benefits of attaining unicorn status as self-evident. The title immediately adds credibility to any assertion by recognizing that it has a globally influential and scalable model. This, in turn, creates momentum and enhances the sense of focus throughout the company's teams.
Furthermore, it raises awareness among consumers, target audiences, and external stakeholders. Many startups, whether in the financial services sector or elsewhere, have a global vision. While building a brand's profile on home turf may be easier, reaching consumers on a worldwide scale is often a completely different ballgame.
See Also :- Top FinTech Consulting/Service Companies