Fintechs are also struggling with Corona

Unicorns are also struggling with Corona.
Image: Getty

Some of the young financial firms are better able to cope with the challenges of the pandemic, others worse. Why is that?

Dhe first unicorns are said to have been sighted in India around 2500 years ago. The author Ktesias von Knidos described it as wild, fast and powerful and attributed a medicinal effect to its horn. Today we know that the author’s imagination ran away with him, there are no unicorns. Although, not exactly: These unicorns have been sighted again recently, but in a different form.

Franz Nestler

Unicorns are companies that are worth more than a billion dollars but are not yet listed on the stock exchange. Aileen Lee of venture capitalist Cowboy Ventures invented the term in 2013. Back then on the list: Among other things, the social networks Facebook and Twitter, depending on the exact definition up to 39 copies of this species. Today there are almost five hundred of these unicorns from a wide variety of areas. 70 of them are so-called fintechs alone: ​​young financial companies that want to stir up the banking industry. For comparison: a year ago there were only 50.


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