Singapore is often considered fertile ground for startups and in particular fintechs to raise funds. In the first half of 2023, fintech companies in the country secured a total of US$934 million in funding across 84 deals, a far cry from the US$3.3 billion raised during the same period the prior year. Therefore it is not surprising that the top funded fintechs in Singapore in 2024 are also often the top funded fintechs in Southeast Asia.

But despite the significant pullback, Singaporean fintech companies managed to secure some of the largest rounds of funding across the whole ASEAN region that year, with notable rounds including Bolttech’s US$246 million Series B, Aspire’s US$100 million Series C and Advance Intelligence Group’s US$80 million Series E.

In 2023, Singapore continued to dominate the Southeast Asian fintech landscape, hosting the highest number of fintech companies across the region at 700, data from the Singapore Fintech Report 2023, a new report produced by Fintech News Singapore, show.

As fintech continues to grow and evolve in Singapore, we look today at top funded fintechs in Singapore, delving into their products and value propositions, as well as their latest developments.

For this 2024 list of top-funded fintechs in Singapore, we’ve focused solely on equity financing secured by private independent fintech companies. We’ve excluded publicly-traded ventures and group subsidiaries such as Atome and digital banks MariBank, GXS Bank and Anext Bank, which have received financial backing from their parent companies.

Coda Payments – US$715 million

With a total of US$715 million VC funding raised, Coda Payments is the top funded fintech startup in Singapore. In its latest funding round in April 2022, Coda Payments raised US$690 million in a growth equity VC round, with participation from investors such as Singapore’s sovereign wealth fund GIC, VC firm Insight Partners, and New York-based global private equity firm Smash Capital.

Founded in 2011, Coda Payments specializes in secure content monetization solutions for gaming and digital content publishers. The company connects over 300 publishers to over 10 million paying customers across 65 markets through more than 300 payment channels.

Coda Payments’ products include Codapay, a payment platform which allows game publishers to accept a variety of payment methods on their own websites; Codashop, an in-game currency and content platform; xShop, which extends publishers’ reach by making their content available on a range of super-apps, e-commerce sites and other consumer-facing platforms; and Custom Commerce, a web store system that allows companies and creators to sell and process payments directly with consumers.

Notable partners of Coda Payments include leading publishers such as Activision Blizzard, Electronic Arts, Riot Games, and Zynga.

Coda Payments operates in over 60 markets, including Southeast Asia, China, Latin America and the US. The company was recently named by the Straits Times as one of the 100 fastest-growing companies in Singapore, with a reported revenue of S$319 million in 2022 representing a compound annual growth rate (CAGR) of 42% between 2019 and 2022.

Advance Intelligence Group – >US$700 million

Advance Intelligence Group, an artificial intelligence (AI)-driven technology company, has secured more than US$700 million in VC funding, the company claims, making it the second most well-funded fintech startup in Singapore. Advance Intelligence Group’s latest round, secured in May 2023, was a US$80 million growth equity VC round from an investor consortium led by existing investors Warburg Pincus and Northstar Group.

Founded in 2016, Advance Intelligence Group leverages innovative technology and partnerships to build an ecosystem of products and services serving consumers, enterprises and merchants. Its enterprise business, Advance.ai and Ginee, provide enterprise digital identity, compliance and risk management solutions and omni-channel merchant services solutions to banks, financial services, fintech, retail and e-commerce industries. Its consumer business, Atome Financial and Kredit Pintar, provides buy now pay later (BNPL) and digital lending products in both developed and emerging markets.

Advance Intelligence Group claims it serves over 500 enterprise clients, 235,000 merchants and 40 million individual consumers. Since inception, the company has disbursed over US$4 billion in loans.

Advance Intelligence Group is headquartered in Singapore and operates across Asia. The group is backed by top tier investors including the SoftBank Vision Fund 2, Vision Plus Capital, Gaorong Capital and Singapore-based global investor EDBI.

Amber Group – >US$500 million

Digital asset firm Amber Group has secured more than US$500 million in VC funding to date, data from Tech in Asia, CB Insights and Dealroom show, making the company the third most-well funded fintech startup in Singapore. Its latest round was a $300 million Series C round led by Fenbushi Capital US in December 2022.

Founded in 2017, Amber Group is a leading digital asset company providing crypto financial services to both institutional and high-net-worth investors globally. The company offers best-in-class liquidity solutions and cutting-edge trading infrastructure across major exchanges, applications, and networks. Beyond trading, Amber Group offers a comprehensive suite of financial services, including wealth management, lending, and investment products.

Amber Group claims a cumulative trading volume of more than US$1 trillion. The firm boasts a team of over 400 professionals, including traders, technologists, and engineers, operating globally 24/7. It is backed by prominent investors, including Sequoia, Paradigm, Tiger Global, Dragonfly, Pantera, Coinbase Ventures, and Blockchain.com.

Bolttech – US$493 million

Insurtech startup Bolttech has raised a total of US$493 million in VC funding, data from Dealroom, the Insurance Innovation Reporter, the Business Times, and the company itself, show. The total makes Bolttech the fourth most well-funded fintech startup in Singapore.

Bolttech’s latest round was a US$246 million Series B funding round comprising three tranches secured in October 2022, May 2023 and September 2023. The company claimed at the time that the sum represented the largest ever Series B round for an insurtech in the country.

Founded in 2020, Bolttech is one of the world’s leading embedded insurance providers. The business-to-business-to-consumer (B2B2C) insurtech connects tailored and affordable insurance products to consumers via partner platforms in more than 30 markets across three continents. The company serves a wide range of customers, including more than two million emerging consumers, especially with its device protection offerings.

Bolttech has licenses to operate throughout Asia, Europe and all 50 US states, and claims it quotes approximately US$55 billion worth of annualized premiums. Globally, Bolttech’s ecosystem comprises 700 distribution partners with more than 230 insurance providers and offers in excess of 6,000 product variations. The company’s mission is to build the world’s leading, technology-enabled ecosystem for protection and insurance.

Kredivo Group – US$390 million

Digital credit startup Kredivo Group has secured about US$390 million in equity, data from Dealroom and news outlets Finextra and Techcrunch, show, making it the fifth most well-funded fintech startup in Singapore. Kredivo Group’s latest round was a US$270 million Series D led by Japanese bank Mizuho Bank, a subsidiary of Mizuho Financial Group, which was secured in March 2023.

Formerly known as FinAccel, Kredivo Group is a leading provider of digital financial services in Southeast Asia, operating brands such as Kredivo, Kredifazz, and Krom. Kredivo, the group’s flagship product, offers customers instant credit financing for both online and offline purchases, as well as personal loans based on real-time decisioning; KrediFazz is a marketplace connecting borrowers and lenders for personal loans with flexible interest rates, amounts, and repayment options; and Krom is a licensed Indonesian digital bank.

Kredivo Group is backed by leading financial and strategic 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 in VC funding raised, Nium is the sixth most well-funded fintech startup in Singapore. The company’s latest round was a US$5 million investment received in 2022, according to a DealStreetAsia report.

Formerly known as Instarem, Nium is a leader in real-time global payments. The company’s payout network supports 100 currencies across 190+ countries, with real-time capabilities in 100 of them, and enables the instant collection, conversion, and disbursement of funds globally to accounts, wallets, and cards, with local collection options available in 35 markets. Nium’s card issuance business is available in 34 countries.

Nium caters to clients across various industries, including financial institutions, payroll, spend management, and travel, assisting them in targeting new markets with instant bank payouts and expanding into emerging markets. The company collaborates with leading global brands and platforms such as Rippling, Payoneer, Amadeus, Aspire, Mastercard, and eDreams.

Nium published in July 2023 its 2022 audit, showing US$82 million in net revenue which grew 2.7x year-over-year growth and ended at more than $100 million net revenue run rate. The company highlighted substantial growth in its issuing product, with over 30 million cards issued in 2022 alone.

According to the Straits Times, Nium is the fastest-growing Singapore-based fintech company, with a 119% CAGR in revenue between 2019 and 2022.

Nium holds regulatory licenses and authorizations in more than 40 countries. The company is co-headquartered in San Francisco and Singapore, with regional offices in London, Amsterdam, Hong Kong, Mumbai, Bengaluru, and Chennai.

M-Daq – US$246 million

Cross-border payments and foreign exchange (FX) company M-Daq has raised US$246 million in funding so far, according to Dealroom data, making it the seventh most well-funded fintech startup in Singapore. M-Daq’s latest round was a S$200 million (US$147 million) Series D closed in August 2021.

Founded in 2010, M-Daq is global FX solution specialist to cross-border commerce. M-Daq empowers businesses across industries to facilitate cross-border transactions, offering best-in-class FX solutions.

M-Daq’s flagship product, the Aladdin FX solution, has processed nearly S$30 billion in cross-border transactions since 2016, covering 45 markets globally, empowering customers on e-commerce platforms such as AliExpress, Tmall, and JD.com to shop in their home currency while allowing merchants to receive payments in their preferred currency.

M-Daq, which has been actively pursuing a global growth plan, acquired in 2022 rival Wallex, a B2B cross-border payments provider from Singapore. That year, the company also expanded to Japan.

M-Daq achieved net profitability in 2018. The company boasts of an elite group of strategic and financial investors, including Affinity, Ant Group, EDBI, NTT Communications, Samsung, and Kiwoom Shinhan.

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• Source: https://fintechnews.sg/84221/funding/top-funded-fintechs-in-singapore-2024/