Over the previous decade, Southeast Asia’s startup ecosystem has considerably matured with an estimated US$52 billion of enterprise capital (VC) invested into startups and an rising variety of giant late stage offers, in keeping with a 2021 report by funding agency Golden Gate Ventures.
Regardless of a slight decline within the variety of exits in 2019 and 2020, the following couple of years are anticipated to see a file variety of exits in Southeast Asia, due to a mix of things, together with a maturing ecosystem and the emergence of particular goal acquisition corporations (SPACs).
Estimated complete exit occasions, Supply: Southeast Asia Exit Panorama Report 2.0, Golden Gate Ventures
Already, 2021 and 2022 have seen a number of noteworthy developments, together with the general public listings of Southeast Asia’s tech giants Seize and GoTo, giant mergers and acquisitions (M&A) offers and notable secondary gross sales.
As we speak, we take a look at the highest 5 largest fintech exits in Southeast Asia recorded thus far, delving into the area’s largest preliminary public choices (IPOs) and buyouts based mostly on out there information. These corporations are ranked by their exit valuation.
Seize – US$40 billion
Seize is a expertise firm headquartered in Singapore and Indonesia. Along with transportation, the corporate presents meals supply and digital monetary companies through a cellular app. Seize at present operates in Singapore, Malaysia, Cambodia, Indonesia, Myanmar, the Philippines, Thailand and Vietnam, and is certainly one of Southeast Asia’s largest expertise corporations.
The corporate, which has been trying to faucet into Southeast Asia’s digital banking alternative, secured a digital full financial institution license in Singapore in a partnership with native telco Singtel in 2020. The three way partnership additionally utilized for a digital banking license in Malaysia in July, and just lately invested in Financial institution Fama Worldwide, an Indonesian financial institution.
Seize started buying and selling on the Nasdaq inventory change on December 2nd after a file US$40 billion merger with a particular goal acquisition firm (SPAC). The corporate raised greater than US$4 billion in further capital as a part of the SPAC deal.
GoTo – US$28 billion
GoTo was fashioned in Could 2021 via the merger of ride-hailing and meals supply firm Gojek and native e-commerce chief Tokopedia, the 2 most outstanding unicorns in Indonesia. The agency contains three enterprise arms: Gojek, an on-demand multi-service platform and tremendous app; GoTo Monetary, which covers companies equivalent to GoPay, GoSure, GoInvestasti, GoPayLater, Midtrans and Moka; and Tokopedia, certainly one of Indonesia’s hottest on-line procuring portals.
Headquartered in Jakarta, Indonesia, GoTo counts over 100 million month-to-month energetic customers, greater than 11 million retailers, and over 2 million drivers in an ecosystem that represents 2% of Indonesia’s US$1 trillion gross home product (GDP)
GoTo made its debut on the Indonesia Inventory Alternate on April 11, 2022, elevating an estimated US$1.1 billion from its preliminary public providing (IPO). The whole quantity raised, the third-largest IPO in Asia and fifth-largest globally this 12 months, represented a market capitalization of US$28 billion. The funds will probably be used to drive the corporate’s enlargement into high-growth markets equivalent to Singapore and Vietnam, in addition to drive buyer engagement.
Sea – US$4.8 billion
Sea is a tech conglomerate headquartered in Singapore that capabilities as a holding firm for Garena, a digital leisure firm and recreation developer, SeaMoney, an Web companies firm specialised in digital funds and monetary companies, and Shopee, an e-commerce firm.
SeaMoney supplies digital monetary companies, together with cellular pockets companies, fee processing, credit score choices, and associated digital monetary companies and merchandise. These can be found in seven markets throughout Southeast Asia and Taiwan underneath numerous manufacturers, together with ShopeePay, SPayLater, and different manufacturers. The corporate serves 45.8 million customers.
Sea was awarded a digital full financial institution license in Singapore in 2020, and final 12 months, its e-commerce arm Shopee acquired Indonesian lender Financial institution Kesejahteraan Ekonomi with the purpose of reworking it right into a digital financial institution.
Sea began buying and selling on the New York Inventory Alternate on October 20, 2017 after elevating US$884 million from its itemizing. Sea was valued US$4.8 billion on the time, in keeping with CB Insights.
Ovo – US$2 billion
Ovo, formally PT Visionet Internasional, is a digital fee service based mostly in Jakarta, Indonesia, and one of many largest e-wallets within the nation for each on-line and offline transactions.
Along with its core digital fee companies, Ovo has additionally moved into different monetary companies. Ovo presents lending companies via Taralite (PT Indonusa Nusa Sejahtera), a peer-to-peer (P2P) lending firm that it acquired in 2019, in addition to funding merchandise underneath Ovo Make investments, and insurance coverage merchandise underneath Ovo Proteksi in collaboration with companions.
A 2021 report by Boku, a US cellular funds firm, revealed that Ovo managed 38.2% of the home market share for digital wallets in 2020 and had the most important person base in comparison with its opponents, with greater than 100 million customers.
In October 2021, information broke that Seize had taken majority possession of Bumi Cakrawala Perkasa, Ovo’s mum or dad, rising its stakes from 39% to 90%. Ovo was valued at about US$2 billion on the time.
Bitkub – US$1 billion
Bitkub is a Thailand-based cryptocurrency change, operated by Bitkub On-line underneath its mum or dad group Bitkub Capital Group Holdings. Bitkub was among the many first exchanges to obtain a digital asset license from the nation’s Securities and Alternate Fee, in 2019. It claims to be the biggest cryptocurrency change within the nation, with a share of 90% of cryptocurrency transactions based mostly on 2021 information from regulated exchanges.
In November 2021, Siam Business Financial institution Group introduced that it might purchase a 51% stake within the firm for US$537 million, valuing Bitkub at over US$1 billion and making it certainly one of Thailand’s first unicorn startup corporations.
Bitkub goals to extend its buyer base to 7 million and increase its companies overseas this 12 months. Specifically, it’s trying to penetrate neighboring markets equivalent to Malaysia, the Philippines and Laos, and is at present finding out the feasibility of increasing abroad to enhance the corporate’s competitiveness and construct a buyer base overseas, in keeping with a January 2022 report by Bangkok Submit.
