How many real Fintech Unicorns are in the WSJ Billion Dollar StartUp Club?

“Only when the tide goes out can we see who has been swimming naked.”

Daily Fintech

The Wall Street Journal (WSJ) publishes a Billion Dollar Startup Club list.

It is a simple matter to extract the Fintech ones from that list:

  • Square

  • Lending Club

  • Stripe

  • Credit Karma

However this is lazy list journalism based on the headline valuation in private rounds. You would assume that a financially literate news outfit like WSJ would know the difference between Preference and Common shares, but then this article caught my eye, particularly this bit:

“Hortonworks Inc., one of several companies commercializing the big data software Hadoop, appears to have dropped out of The Wall Street Journal’s Billion Dollar Startup Club.

New regulatory paperwork filed in connection with the company’s planned initial public offering shows an implied valuation of less than $600 million, significantly lower than what the company reported in March, when Chief Executive Rob Bearden told Venture Capital Dispatch that Hortonworks had raised a $150…

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