Singapore is commonly thought of fertile floor for startups and specifically fintechs to lift funds. Within the first half of 2023, fintech corporations within the nation secured a complete of US$934 million in funding throughout 84 offers, a far cry from the US$3.3 billion raised throughout the identical interval the prior yr. Subsequently it’s not shocking that the highest funded fintechs in Singapore in 2024 are additionally typically the highest funded fintechs in Southeast Asia.
However regardless of the numerous pullback, Singaporean fintech corporations managed to safe a number of the largest rounds of funding throughout the entire ASEAN area that yr, with notable rounds together with Bolttech’s US$246 million Collection B, Aspire’s US$100 million Collection C and Advance Intelligence Group’s US$80 million Collection E.
In 2023, Singapore continued to dominate the Southeast Asian fintech panorama, internet hosting the best variety of fintech corporations throughout the area at 700, information from the Singapore Fintech Report 2023, a brand new report produced by Fintech Information Singapore, present.
As fintech continues to develop and evolve in Singapore, we glance immediately at prime funded fintechs in Singapore, delving into their merchandise and worth propositions, in addition to their newest developments.
For this 2024 checklist of top-funded fintechs in Singapore, we’ve targeted solely on fairness financing secured by personal impartial fintech corporations. We’ve excluded publicly-traded ventures and group subsidiaries similar to Atome and digital banks MariBank, GXS Financial institution and Anext Financial institution, which have acquired monetary backing from their dad or mum corporations.
Coda Funds – US$715 million
With a whole of US$715 million VC funding raised, Coda Funds is the highest funded fintech startup in Singapore. In its newest funding spherical in April 2022, Coda Funds raised US$690 million in a development fairness VC spherical, with participation from buyers similar to Singapore’s sovereign wealth fund GIC, VC agency Perception Companions, and New York-based international personal fairness agency Smash Capital.
Based in 2011, Coda Funds specializes in safe content material monetization options for gaming and digital content material publishers. The corporate connects over 300 publishers to over 10 million paying prospects throughout 65 markets via greater than 300 cost channels.
Coda Funds’ merchandise embrace Codapay, a cost platform which permits recreation publishers to just accept quite a lot of cost strategies on their very own web sites; Codashop, an in-game forex and content material platform; xShop, which extends publishers’ attain by making their content material out there on a variety of super-apps, e-commerce websites and different consumer-facing platforms; and Customized Commerce, an internet retailer system that enables corporations and creators to promote and course of funds immediately with customers.
Notable companions of Coda Funds embrace main publishers similar to Activision Blizzard, Digital Arts, Riot Video games, and Zynga.
Coda Funds operates in over 60 markets, together with Southeast Asia, China, Latin America and the US. The corporate was just lately named by the Straits Instances as one of many 100 fastest-growing corporations in Singapore, with a reported income of S$319 million in 2022 representing a compound annual development fee (CAGR) of 42% between 2019 and 2022.
Advance Intelligence Group – >US$700 million
Advance Intelligence Group, a man-made intelligence (AI)-driven know-how firm, has secured greater than US$700 million in VC funding, the corporate claims, making it the second most well-funded fintech startup in Singapore. Advance Intelligence Group’s newest spherical, secured in Could 2023, was a US$80 million development fairness VC spherical from an investor consortium led by present buyers Warburg Pincus and Northstar Group.
Based in 2016, Advance Intelligence Group leverages progressive know-how and partnerships to construct an ecosystem of services and products serving customers, enterprises and retailers. Its enterprise enterprise, Advance.ai and Ginee, present enterprise digital identification, compliance and threat administration options and omni-channel service provider companies options to banks, monetary companies, fintech, retail and e-commerce industries. Its shopper enterprise, Atome Monetary and Kredit Pintar, gives purchase now pay later (BNPL) and digital lending merchandise in each developed and rising markets.
Advance Intelligence Group claims it serves over 500 enterprise purchasers, 235,000 retailers and 40 million particular person customers. Since inception, the corporate has disbursed over US$4 billion in loans.
Advance Intelligence Group is headquartered in Singapore and operates throughout Asia. The group is backed by prime tier buyers together with the SoftBank Imaginative and prescient Fund 2, Imaginative and prescient Plus Capital, Gaorong Capital and Singapore-based international investor EDBI.
Amber Group – >US$500 million
Digital asset agency Amber Group has secured greater than US$500 million in VC funding up to now, information from Tech in Asia, CB Insights and Dealroom present, making the corporate the third most-well funded fintech startup in Singapore. Its newest spherical was a $300 million Collection C spherical led by Fenbushi Capital US in December 2022.
Based in 2017, Amber Group is a number one digital asset firm offering crypto monetary companies to each institutional and high-net-worth buyers globally. The corporate gives best-in-class liquidity options and cutting-edge buying and selling infrastructure throughout main exchanges, functions, and networks. Past buying and selling, Amber Group gives a complete suite of monetary companies, together with wealth administration, lending, and funding merchandise.
Amber Group claims a cumulative buying and selling quantity of greater than US$1 trillion. The agency boasts a staff of over 400 professionals, together with merchants, technologists, and engineers, working globally 24/7. It’s backed by outstanding buyers, together with Sequoia, Paradigm, Tiger International, Dragonfly, Pantera, Coinbase Ventures, and Blockchain.com.
Bolttech – US$493 million
Insurtech startup Bolttech has raised a complete of US$493 million in VC funding, information from Dealroom, the Insurance coverage Innovation Reporter, the Enterprise Instances, and the firm itself, present. The whole makes Bolttech the fourth most well-funded fintech startup in Singapore.
Bolttech’s newest spherical was a US$246 million Collection B funding spherical comprising three tranches secured in October 2022, Could 2023 and September 2023. The corporate claimed on the time that the sum represented the largest ever Collection B spherical for an insurtech within the nation.
Based in 2020, Bolttech is among the world’s main embedded insurance coverage suppliers. The business-to-business-to-consumer (B2B2C) insurtech connects tailor-made and inexpensive insurance coverage merchandise to customers by way of accomplice platforms in additional than 30 markets throughout three continents. The corporate serves a variety of consumers, together with greater than two million rising customers, particularly with its machine safety choices.
Bolttech has licenses to function all through Asia, Europe and all 50 US states, and claims it quotes roughly US$55 billion value of annualized premiums. Globally, Bolttech’s ecosystem includes 700 distribution companions with greater than 230 insurance coverage suppliers and gives in extra of 6,000 product variations. The corporate’s mission is to construct the world’s main, technology-enabled ecosystem for defense and insurance coverage.
Kredivo Group – US$390 million
Digital credit score startup Kredivo Group has secured about US$390 million in fairness, information from Dealroom and information retailers Finextra and Techcrunch, present, making it the fifth most well-funded fintech startup in Singapore. Kredivo Group’s newest spherical was a US$270 million Collection D led by Japanese financial institution Mizuho Financial institution, a subsidiary of Mizuho Monetary Group, which was secured in March 2023.
Previously often called FinAccel, Kredivo Group is a number one supplier of digital monetary companies in Southeast Asia, working manufacturers similar to Kredivo, Kredifazz, and Krom. Kredivo, the group’s flagship product, gives prospects on the spot credit score financing for each on-line and offline purchases, in addition to private loans primarily based on real-time decisioning; KrediFazz is a market connecting debtors and lenders for private loans with versatile rates of interest, quantities, and reimbursement choices; and Krom is a licensed Indonesian digital financial institution.
Kredivo Group is backed by main monetary and strategic buyers together with Sq. Peg Capital, Jungle Ventures, Naver Corp, Mirae Asset and Victory Park Capital, amongst others.
Nium – US$264 million
With a whole of US$264 million in VC funding raised, Nium is the sixth most well-funded fintech startup in Singapore. The corporate’s newest spherical was a US$5 million funding acquired in 2022, in accordance to a DealStreetAsia report.
Previously often called Instarem, Nium is a frontrunner in real-time international funds. The corporate’s payout community helps 100 currencies throughout 190+ international locations, with real-time capabilities in 100 of them, and permits the moment assortment, conversion, and disbursement of funds globally to accounts, wallets, and playing cards, with native assortment choices out there in 35 markets. Nium’s card issuance enterprise is out there in 34 international locations.
Nium caters to purchasers throughout numerous industries, together with monetary establishments, payroll, spend administration, and journey, aiding them in focusing on new markets with on the spot financial institution payouts and increasing into rising markets. The corporate collaborates with main international manufacturers and platforms similar to Rippling, Payoneer, Amadeus, Aspire, Mastercard, and eDreams.
Nium revealed in July 2023 its 2022 audit, displaying US$82 million in internet income which grew 2.7x year-over-year development and ended at greater than $100 million internet income run fee. The corporate highlighted substantial development in its issuing product, with over 30 million playing cards issued in 2022 alone.
In accordance to the Straits Instances, Nium is the fastest-growing Singapore-based fintech firm, with a 119% CAGR in income between 2019 and 2022.
Nium holds regulatory licenses and authorizations in additional than 40 international locations. The corporate is co-headquartered in San Francisco and Singapore, with regional places of work in London, Amsterdam, Hong Kong, Mumbai, Bengaluru, and Chennai.
M-Daq – US$246 million
Cross-border funds and overseas trade (FX) firm M-Daq has raised US$246 million in funding up to now, in accordance to Dealroom information, making it the seventh most well-funded fintech startup in Singapore. M-Daq’s newest spherical was a S$200 million (US$147 million) Collection D closed in August 2021.
Based in 2010, M-Daq is international FX answer specialist to cross-border commerce. M-Daq empowers companies throughout industries to facilitate cross-border transactions, providing best-in-class FX options.
M-Daq’s flagship product, the Aladdin FX answer, has processed practically S$30 billion in cross-border transactions since 2016, overlaying 45 markets globally, empowering prospects on e-commerce platforms similar to AliExpress, Tmall, and JD.com to buy of their residence forex whereas permitting retailers to obtain funds of their most popular forex.
M-Daq, which has been actively pursuing a world development plan, acquired in 2022 rival Wallex, a B2B cross-border funds supplier from Singapore. That yr, the corporate additionally expanded to Japan.
M-Daq achieved internet profitability in 2018. The corporate boasts of an elite group of strategic and monetary buyers, together with Affinity, Ant Group, EDBI, NTT Communications, Samsung, and Kiwoom Shinhan.
