Top Funded Fintechs in Singapore 2024

Singapore is often considered fertile crushed for startups and successful peculiar fintechs to raise funds. In nan first half of 2023, fintech companies successful nan state secured a full of US$934 cardinal successful backing crossed 84 deals, a acold outcry from nan US$3.3 cardinal raised during nan aforesaid play nan anterior year. Therefore it is not astonishing that nan apical funded fintechs successful Singapore successful 2024 are besides often nan apical funded fintechs successful Southeast Asia.

But contempt nan important pullback, Singaporean fintech companies managed to unafraid immoderate of nan largest rounds of backing crossed nan full ASEAN region that year, pinch notable rounds including Bolttech’s US$246 cardinal Series B, Aspire’s US$100 cardinal Series C and Advance Intelligence Group’s US$80 cardinal Series E.

In 2023, Singapore continued to predominate nan Southeast Asian fintech landscape, hosting nan highest number of fintech companies crossed nan region astatine 700, information from nan Singapore Fintech Report 2023, a caller study produced by Fintech News Singapore, show.

As fintech continues to turn and germinate successful Singapore, we look coming astatine apical funded fintechs successful Singapore, delving into their products and worth propositions, arsenic good arsenic their latest developments.

For this 2024 database of top-funded fintechs successful Singapore, we’ve focused solely connected equity financing secured by backstage independent fintech companies. We’ve excluded publicly-traded ventures and group subsidiaries specified arsenic Atome and integer banks MariBank, GXS Bank and Anext Bank, which person received financial backing from their genitor companies.

Coda Payments – US$715 million

With a total of US$715 million VC backing raised, Coda Payments is nan apical funded fintech startup successful Singapore. In its latest backing information successful April 2022, Coda Payments raised US$690 cardinal successful a maturation equity VC round, pinch information from investors specified arsenic Singapore’s sovereign wealthiness money GIC, VC patient Insight Partners, and New York-based world backstage equity patient Smash Capital.

Founded successful 2011, Coda Payments specializes successful unafraid contented monetization solutions for gaming and integer contented publishers. The institution connects complete 300 publishers to complete 10 cardinal paying customers crossed 65 markets done much than 300 costs channels.

Coda Payments’ products see Codapay, a costs level which allows crippled publishers to judge a assortment of costs methods connected their ain websites; Codashop, an in-game rate and contented platform; xShop, which extends publishers’ scope by making their contented disposable connected a scope of super-apps, e-commerce sites and different consumer-facing platforms; and Custom Commerce, a web shop strategy that allows companies and creators to waste and process payments straight pinch consumers.

Notable partners of Coda Payments see starring publishers specified arsenic Activision Blizzard, Electronic Arts, Riot Games, and Zynga.

Coda Payments operates successful complete 60 markets, including Southeast Asia, China, Latin America and nan US. The institution was precocious named by nan Straits Times arsenic 1 of nan 100 fastest-growing companies successful Singapore, pinch a reported gross of S$319 cardinal successful 2022 representing a compound yearly maturation complaint (CAGR) of 42% betwixt 2019 and 2022.

Advance Intelligence Group – >US$700 million

Advance Intelligence Group, an artificial intelligence (AI)-driven exertion company, has secured much than US$700 cardinal successful VC funding, nan institution claims, making it nan 2nd astir well-funded fintech startup successful Singapore. Advance Intelligence Group’s latest round, secured successful May 2023, was a US$80 cardinal maturation equity VC information from an investor consortium led by existing investors Warburg Pincus and Northstar Group.

Founded successful 2016, Advance Intelligence Group leverages innovative exertion and partnerships to build an ecosystem of products and services serving consumers, enterprises and merchants. Its endeavor business, Advance.ai and Ginee, supply endeavor integer identity, compliance and consequence guidance solutions and omni-channel merchant services solutions to banks, financial services, fintech, unit and e-commerce industries. Its user business, Atome Financial and Kredit Pintar, provides bargain now salary later (BNPL) and integer lending products successful some developed and emerging markets.

Advance Intelligence Group claims it serves complete 500 endeavor clients, 235,000 merchants and 40 cardinal individual consumers. Since inception, nan institution has disbursed complete US$4 cardinal successful loans.

Advance Intelligence Group is headquartered successful Singapore and operates crossed Asia. The group is backed by apical tier investors including nan SoftBank Vision Fund 2, Vision Plus Capital, Gaorong Capital and Singapore-based world investor EDBI.

Amber Group – >US$500 million

Digital plus patient Amber Group has secured much than US$500 cardinal successful VC backing to date, information from Tech successful Asia, CB Insights and Dealroom show, making nan institution nan 3rd most-well funded fintech startup successful Singapore. Its latest information was a $300 cardinal Series C information led by Fenbushi Capital US successful December 2022.

Founded successful 2017, Amber Group is a starring integer plus institution providing crypto financial services to some organization and high-net-worth investors globally. The institution offers best-in-class liquidity solutions and cutting-edge trading infrastructure crossed awesome exchanges, applications, and networks. Beyond trading, Amber Group offers a broad suite of financial services, including wealthiness management, lending, and finance products.

Amber Group claims a cumulative trading measurement of much than US$1 trillion. The patient boasts a squad of complete 400 professionals, including traders, technologists, and engineers, operating globally 24/7. It is backed by salient investors, including Sequoia, Paradigm, Tiger Global, Dragonfly, Pantera, Coinbase Ventures, and Blockchain.com.

Bolttech – US$493 million

Insurtech startup Bolttech has raised a full of US$493 cardinal successful VC funding, information from Dealroom, nan Insurance Innovation Reporter, nan Business Times, and nan company itself, show. The full makes Bolttech nan 4th astir well-funded fintech startup successful Singapore.

Bolttech’s latest information was a US$246 cardinal Series B backing information comprising 3 tranches secured successful October 2022, May 2023 and September 2023. The institution claimed astatine nan clip that nan sum represented nan largest ever Series B information for an insurtech successful nan country.

Founded successful 2020, Bolttech is 1 of nan world’s starring embedded security providers. The business-to-business-to-consumer (B2B2C) insurtech connects tailored and affordable security products to consumers via partner platforms successful much than 30 markets crossed 3 continents. The institution serves a wide scope of customers, including much than 2 cardinal emerging consumers, particularly pinch its instrumentality protection offerings.

Bolttech has licenses to run passim Asia, Europe and each 50 US states, and claims it quotes astir US$55 cardinal worthy of annualized premiums. Globally, Bolttech’s ecosystem comprises 700 distribution partners pinch much than 230 security providers and offers successful excess of 6,000 merchandise variations. The company’s ngo is to build nan world’s leading, technology-enabled ecosystem for protection and insurance.

Kredivo Group – US$390 million

Digital in installments startup Kredivo Group has secured astir US$390 cardinal successful equity, information from Dealroom and news outlets Finextra and Techcrunch, show, making it nan 5th astir well-funded fintech startup successful Singapore. Kredivo Group’s latest information was a US$270 cardinal Series D led by Japanese slope Mizuho Bank, a subsidiary of Mizuho Financial Group, which was secured successful March 2023.

Formerly known arsenic FinAccel, Kredivo Group is a starring supplier of integer financial services successful Southeast Asia, operating brands specified arsenic Kredivo, Kredifazz, and Krom. Kredivo, nan group’s flagship product, offers customers instant in installments financing for some online and offline purchases, arsenic good arsenic individual loans based connected real-time decisioning; KrediFazz is simply a marketplace connecting borrowers and lenders for individual loans pinch elastic liking rates, amounts, and repayment options; and Krom is simply a licensed Indonesian integer bank.

Kredivo Group is backed by starring financial and strategical investors including Square Peg Capital, Jungle Ventures, Naver Corp, Mirae Asset and Victory Park Capital, among others.

Nium – US$264 million

With a total of US$264 million successful VC backing raised, Nium is nan sixth astir well-funded fintech startup successful Singapore. The company’s latest information was a US$5 cardinal finance received successful 2022, according to a DealStreetAsia report.

Formerly known arsenic Instarem, Nium is simply a leader successful real-time world payments. The company’s payout web supports 100 currencies crossed 190+ countries, pinch real-time capabilities successful 100 of them, and enables nan instant collection, conversion, and disbursement of costs globally to accounts, wallets, and cards, pinch section postulation options disposable successful 35 markets. Nium’s paper issuance business is disposable successful 34 countries.

Nium caters to clients crossed various industries, including financial institutions, payroll, walk management, and travel, assisting them successful targeting caller markets pinch instant slope payouts and expanding into emerging markets. The institution collaborates pinch starring world brands and platforms specified arsenic Rippling, Payoneer, Amadeus, Aspire, Mastercard, and eDreams.

Nium published successful July 2023 its 2022 audit, showing US$82 cardinal successful nett gross which grew 2.7x year-over-year maturation and ended astatine much than $100 cardinal nett gross tally rate. The institution highlighted important maturation successful its issuing product, pinch complete 30 cardinal cards issued successful 2022 alone.

According to nan Straits Times, Nium is nan fastest-growing Singapore-based fintech company, pinch a 119% CAGR successful gross betwixt 2019 and 2022.

Nium holds regulatory licenses and authorizations successful much than 40 countries. The institution is co-headquartered successful San Francisco and Singapore, pinch location offices successful London, Amsterdam, Hong Kong, Mumbai, Bengaluru, and Chennai.

M-Daq – US$246 million

Cross-border payments and overseas speech (FX) institution M-Daq has raised US$246 cardinal successful backing truthful far, according to Dealroom data, making it nan seventh astir well-funded fintech startup successful Singapore. M-Daq’s latest information was a S$200 cardinal (US$147 million) Series D closed successful August 2021.

Founded successful 2010, M-Daq is world FX solution master to cross-border commerce. M-Daq empowers businesses crossed industries to facilitate cross-border transactions, offering best-in-class FX solutions.

M-Daq’s flagship product, nan Aladdin FX solution, has processed astir S$30 cardinal successful cross-border transactions since 2016, covering 45 markets globally, empowering customers connected e-commerce platforms specified arsenic AliExpress, Tmall, and JD.com to shop successful their location rate while allowing merchants to person payments successful their preferred currency.

M-Daq, which has been actively pursuing a world maturation plan, acquired successful 2022 rival Wallex, a B2B cross-border payments supplier from Singapore. That year, nan institution besides expanded to Japan.

M-Daq achieved nett profitability successful 2018. The institution boasts of an elite group of strategical and financial investors, including Affinity, Ant Group, EDBI, NTT Communications, Samsung, and Kiwoom Shinhan.