According to a survey report of more than 27000 active digital consumers in 27 markets, Asia is the leader in the fintech sector across the globe. Having China and India as the biggest names in this sector. They have over half of the active adult’s customers use fintech services on a regular basis.

When talking about the emerging fintech markets across the globe, Southeast Asian markets are the most promising ones. One of the factors which are affecting the growth of fintech in this region is the insufficiency of financial inclusion.

As far as the data goes, in Indonesia, 49% of the adult citizens have a bank account, in the Philippines, it’s 34% & and in Vietnam it’s 31% and in Cambodia, it goes as low as 22%. The penetration of health management and insurance is also low in these regions.

And due to these ongoing conditions, the process of saving, lending and managing money gets difficult for the citizens. These conditions have given a huge amount of opportunities for fintech companies to offer innovative services to unbanked customers to take a step to improve their financial situations by taking the fintech services. 

Investors are funding financial technologies as the primary investments. According to CrunchBase Insight, fundraising activity in the fintech sector has grown by 143% after 2018.

In a report by Robocash, an international financial institution, it’s mentioned that countries like Singapore, Indonesia, the Philippines and Vietnam are the ‘fintech boom markets’ in Southeast Asia.

Singapore is in the frontline of the fintech boom. It has dominated the fintech market sectors for the last couple of years. In the year 2017, 40 fintechs raised USD 229 Million, combined. And more than 50% of all the fintech deals happened between 2013 and 2016. The diversified fintech market includes cryptocurrency trading, fund transfers, investment apps, insurance services, peer-to-peer payments, crowdfunding platforms and moneylending services.

Indonesia, as compared to its large population, only 50% of its citizens are active users of the internet, which means nearly 150 Million people know how to use fintech services. Only 11% of the population transact online for any purchase or pay bills. In 2018 the online payment done in Indonesia was USD 313.6 Million. Here, along with fintech, eCommerce has also started booming in past years.

The Philippines saw an increase of 20% in digital payment in 2020. The country has 71% of active internet users, and the fintech companies have got an advantage to bridge the gap between fintech services and people. In 2018, according to Singapore Fintech news, the companies initiated in that year’s one-third were the payments platform and others were alternative finance and Blockchain, which were 30% and 16% respectively.

Vietnam has a record of crossing the USD 1 Billion mark in the personal finance sector. There is an annual growth rate of 38.4% resulting in a projected total amount of USD 4.5 billion by 2024. Around 5% of the population uses the internet for mobile banking, 39% do payments online, and 9.3% of people own some kind of cryptocurrency. 

In this article, we have gathered the Top 10 Fintech startups in Southeast Asia. The startups in this list are the most noticeable ones having a revenue of more than USD 10 Million and more. (Source: CrunchBase).

  1.  Momo
  •   Founded – 2007
  •   Founders –  Diep Nguyen, Tuong Nguyen
  •   Total funding amount –  USD 233.5 Million
  •   Location –  Ho Chi Minh City, NA – Vietnam, Vietnam
  •   Lead Investors –  Goodwater Capital, Warbug Pincus, Standard Chartered Bank, Goldman Sachs Investment Partners 

Momo is a Fintech startup that provides electronic wallets and mobile payment apps for android and iOS. Its products aid users in Vietnam to make nationwide cash transfers, pay nearly every kind of bill., recharge, settle loans and purchase services online. The startup’s payment system has partnered with many domestic banks and foreign payment networks, including Visa, JCB, and MasterCard.

  1.  Advance.AI
  • Founded –  2014
  • Founders –  Chun Dong Chau, Dong Shou, Jefferson Chen
  • Total funding amount – USD 136 Million
  • Location –  Singapore, Central Region, Singapore
  • Investors –  Pavilion Capital, Gaorong Capital

ADVANCE.AI is a data-driven fintech company with multiple offices in the region of APAC. They are on a quest to build a better financial world, one of the key goals of the startup is to revolutionize the credit system.  It is built by successful and experienced entrepreneurs and investors in the US, Singapore, and China, who are from top-tier schools like UIUC, CMU, Fudan, NTU, NUS, and SJTU with experience in companies like Farallon Capital, Accenture, Baidu, HSBC, and Amazon, Tencent, and Goldman Sachs. 

  1.  Thunes
  • Founded – 2016
  • Founders –  Aik Tan (CCO), Peter Caluwe (CEO)
  • Total funding amount –  USD 130 Million 
  • Location – Singapore, Central Region, Singapore
  • Investors – Helios Investment Partners, Insight Partners, GGV Capitals

Thunes is a B2B cross-border network of payments that let corporates and financial institutions transfer funds and provide services in the market. The startup’s global platform connects banks, tech companies, money transfer operators, and mobile wallet providers in more than countries and currencies. 

  1.  PAYFAZZ
  • Founded –  May 2016
  • Founders – Hendra Kwik, Jefriyanto Guang, Ricky Winata
  • Total funding amount – USD 74.1 Million 
  • Location – Jakarta, Jakarta Raya, Indonesia
  • Investors –  Insignia Ventures Partners, B Capital Group, Tiger Global Management

PAYFAZZ is a fintech company that developed technology as a  payment solution for Indonesians, especially people who still are unbanked. The startup ensures that the technology developed gives a guarantee of security. It has been using GeoTrust SSL, Password and User name as a banking security system.  

  1.  Amartha
  • Founded –  2010
  • Founders –  Andi Taufan Garuda Putra
  • Total funding amount –  USD 63.5  Million
  • Location –  Jakarta, Jakarta Raya, Indonesia
  • Investors –  MDI Ventures, Nor Found,  Women World Banking, Lendable,  Bank Mandiri, Line Ventures.

Amartha is a fintech startup that builds a network to connect SME and micro-business partners with investors.

  1.  Aspire
  •   Founded –  Jan 2018
  • Founders –  Andrea Baronchelli, Giacomo Ficari, Giovanni Casinelli, Joel Leong, Stefano Pellegrino
  • Total funding amount –  USD 41 Million
  • Location –  Singapore, Central Region, Singapore
  • Investors –  MassMutual Ventures Southeast Asia (MMV SEA), Y Combinator

Aspire is a fintech organisation that serves modern businesses with inclusive and convenient financial services. Aspire was initiated with one aim in mind – to serve entrepreneurs with simplicity and speed, so they can solely focus on growing the business.

  1.  Uploan
  • Founded –  April 2017
  • Founders –  Benoit Portoleau-Balloy, Liam Grealish
  • Total funding amount –  USD 25 million 
  • Location –  Manila, Manila, Philippines
  • Investors –   Lendable

Upload is a fintech startup that operates in SE Asia, that provides an end-to-end “Salary Loan Management Platform” to employers. It intends to build a financially independent world with access to economic opportunities for everyone.

  1.  Superatom
  • Founded –  2018
  • Founders –  Johnny Li, Scarlett Xiao
  • Total funding amount –  USD 24 Million
  • Location –  Jakarta, Jakarta Raya, Indonesia
  • Investors – Gobi Partners

SuperAtom is a fintech startup that provides financial services especially relevant to the markets such as SE Asia, where penetration of traditional banking is low, and active smartphone users are high.

  1. Fincy
  • Founded –  2019
  • Founders –  n/a
  • Total funding amount –  USD 11 Million
  • Location –  Singapore, Central Region, Singapore
  • Investors – GBCI Ventures

Fincy, a fintech startup, that utilizes modern distributed technology for the ledger to minimize the cost of currency exchange, at lower volumes.

  1. iMoney Group
  • Founded –  2012
  • Founders –  Bruno Araujo, Ching Wei Lee
  • Total funding amount – USD 10.8 Million 
  • Location – Kuala Lumpur, Kuala Lumpur, Malaysia
  • Investors –  iSelect, Jungle Ventures

iMoney is a fintech startup, acquired by JurisTech, a B2B fintech company, in 2020. It helps consumers to simplify finance so that they can reach their targeted goal with ease. 

For more extensive analysis and Market Intelligence reports, feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.


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