With 1,350 fintech corporations as of October 2021, Singapore is Southeast Asia’s fintech powerhouse, and a serious fundraising and operational hub for fintech corporations working throughout the area.
In 2021, Singapore-based fintech corporations continued to draw the strongest funding in ASEAN, securing virtually half (49%) of the full 167 offers, amounting to US$1.6 billion in funding. This consists of six mega-rounds price US$972 million in whole, in line with the Fintech in ASEAN 2021 report by UOB, PwC Singapore, and the Singapore Fintech Affiliation.
The 12 months additionally noticed Southeast Asian super-app Seize start buying and selling on the Nasdaq, turning into the largest-ever firm to shut a particular goal firm (SPAC) merger and go public. Headquartered in Singapore, Seize operates throughout 465 cities in eight nations with 1 billion transactions accomplished within the first half of 2021.
Up to now, 2022 has seen a lot of giant rounds of financing being closed by Singaporean fintech startups, indicating that the momentum is constant this 12 months additionally. To get a way of Singapore’s up-and-coming fintech leaders, we glance at this time on the high 9 most well-funded fintech startups from the city-state. For this checklist, we’ve excluded startups that have been acquired or which went public in inventory markets.
Advance Intelligence Group – US$536 million
Based in 2016, the Advance Intelligence Group has constructed an ecosystem of synthetic intelligence (AI)-powered, credit-enabled services, together with Asia’s main purchase now, pay later (BNPL) platform Atome, software-as-a-service (SaaS) large information analytics and enterprise options supplier Advance.ai, Indonesia’s high digital lending platform Kredit Pintar, and omnichannel e-commerce service provider providers platform Ginee.
The Advance Intelligence Group presently operates in 12 markets throughout South and Southeast Asia, Higher China, and Latin America, and employs 1,500 employees. At present, its enterprise and shopper enterprise serve greater than 800 enterprise purchasers, 100,000 retailers and 20 million customers.
The Advance Intelligence Group has raised US$536 million in funding and is valued at US$2 billion, in line with CB Insights and Dealroom information. The corporate is reportedly weighing elevating about US$300 million in a brand new funding spherical, sources instructed Bloomberg in March.
Nium – US$264 million
Nium, previously often called Instarem, is an embedded finance startup that gives banks, fee suppliers, and companies of any measurement with entry to world fee providers.
Nium’s modular platform permits frictionless commerce, serving to companies pay and receives a commission throughout the globe with providers for pay-outs, pay-ins, card issuance, and banking-as-a-service (BaaS). As soon as linked to the Nium platform, companies have the flexibility to pay out in additional than 100 currencies to over 190 nations, 85 of which in actual time. Funds could be acquired in 27 markets, together with Southeast Asia, UK, Hong Kong, Singapore, Australia, India, and the US.
Nium’s card issuance enterprise is out there in 34 nations, together with Europe (SEPA), the UK, Australia and Singapore. Nium’s license portfolio covers 11 of the world’s jurisdictions, enabling seamless world funds and speedy integration, no matter geography.
Nium has raised US$264 million in funding and is price US$1 billion, in line with CB Insights and Dealroom information.
M-Daq – US$246 million
Based in 2010, M-Daq is a cross-border funds specialist. The corporate facilitates cross-border transactions for companies with its overseas alternate (FX) options.
M-Daq’s Aladdin FX answer permits clients on e-commerce platforms to buy of their residence forex, whereas permitting retailers to obtain fee of their most well-liked forex. Since 2016, the answer has processed practically S$30 billion in cross-border transactions masking 45 markets globally and supported by two-thirds of the world’s FX liquidity, enabling e-commerce ecosystems resembling AliExpress, Tmall, and JD.com.
M-Daq has raised US$246 million in funding, in line with Dealroom information, its newest spherical being a S$200 million (US$147 million) Sequence D closed in August 2021. M-Daq acquired in February 2022 rival Wallex, a business-to-business (B2B) cross-border funds supplier. The mixed entity is anticipated to course of within the extra of S$15 billion (US$11 billion) of gross transaction worth (GTV) this 12 months.
Funding Societies – US$218 million
Funding Societies is the most important small and medium-sized enterprise (SME) digital financing platform in Southeast Asia. An award-winning fintech startups, Funding Societies offers enterprise financing to SMEs and makes use of different types of credit score scoring, annualizing US$1 billion disbursement in 2021.
Based in 2015, Funding Societies is now seeking to change into a full-fledged SME neobank. In March 2022, it launched the Elevate digital card for micro, small and medium enterprises (MSMEs) in Singapore. The cardboard is out there on a credit score line on the fintech platform’s web site and cell app, and entitles certified MSMEs to interest-free credit score for a interval of as much as 55 days.
Funding Societies is licensed and registered in Singapore, Indonesia, Thailand, Malaysia, and working in Vietnam. The corporate has raised US$218 million in fairness financing, in line with Dealroom information, the most recent spherical being a US$144 million Sequence C+ fundraise in February 2022.
Bolttech – US$210 million
Bolttech is a global insurtech startup that gives a full suite of digital and data-driven capabilities that empowers connections between insurers, distributors, and clients to make it simpler and extra environment friendly to purchase and promote insurance coverage and safety merchandise.
Bolttech claims it has constructed a world footprint that serves greater than 7.7 million clients in 26 markets North America, Asia and Europe. The corporate is working with over 150 insurers, 700 distribution companions, and now has US$5 billion price of premiums transacting by its insurance coverage alternate. In February 2022, it accomplished the acquisition of AVA Insurance coverage Brokers and AVA Insurance coverage Company, a Singapore-based insurance coverage middleman and specialist dealer, to additional construct out its insurance coverage alternate within the metropolis state and past.
Bolttech closed a US$210 million Sequence A funding spherical final 12 months, which the corporate claimed was the most important ever Sequence A spherical for an insurtech on the time. The startup is valued at US$1 billion, in line with CB Insights information.
