by Fintech Information Singapore
January 29, 2024
In 2023, Singapore continued to dominate the Southeast Asian fintech panorama, securing a complete of US$747 million in funding within the first 9 months of the yr or 59% of all fintech investments in ASEAN, in accordance with information from UOB, PwC Singapore, and the Singapore Fintech Affiliation (SFA), signifying a flurry of actions by fintech traders in Singapore
A few of these offers had been among the many largest rounds within the area and concerned regional leaders resembling Bolttech (US$246 million Sequence B), Aspire (US$100 million Sequence C) and Advance Intelligence Group (US$80 million Sequence E).
Along with systematically claiming the lion’s share of fintech VC funding in ASEAN, Singapore additionally boasts the most important and most developed fintech ecosystem within the area. As of October 2022, the city-state was dwelling to 1,580 fintech firms, representing 39% of the 4,000+ fintech firms offered in ASEAN on the time.
As Singapore continues to guide the Southeast Asian fintech panorama, we glance in the present day at among the most lively traders backing the city-state’s fintech innovators. For this listing, we’ve used information from Tech in Asia, Dealroom and corporations’ bulletins, specializing in probably the most prolific fintech traders in Singapore and showcasing their participation within the native scene.
Headquartered in Singapore and established in 2017, Antlers is an early-stage investor with a concentrate on the know-how sector and is extensively thought of an lively fintech investor in Singapore. Based on the idea that individuals innovating is the important thing to constructing a greater future, Antler companions with distinctive founders throughout six continents to launch and scale startups that tackle significant alternatives and challenges.
Antler operates in 27 cities throughout 6 continents, together with Austin, New York, London, Berlin, Stockholm, Bangalore, Jakarta, Singapore, Seoul, Tokyo, and Sydney.
Since 2018, Antler has helped create and invested in additional than 1,000+ startups throughout a variety of industries and applied sciences, with the objective of backing greater than 6,000 by 2030. In 2023, Pitchbook ranked the corporate because the seventh most lively enterprise capital (VC) agency globally with 299 offers. Tech in Asia ranks Antler as probably the most lively investor in Singapore, having participated in 66 offers prior to now 24 months.
In accordance with its web site, Antler has backed 95 Singaporean startups, amongst which 13 fintech startups. These ventures embrace CashWise, a treasury administration platform for small and medium-sized enterprises (SMEs); Brick, a monetary information utility programming interface (API) that permits builders to supply in-app monetary providers; Pible, an embedded finance platform for Southeast Asian markets; and Volopay, a platform that simplifies enterprise spending for SMEs in Southeast Asia.
Seeds Capital (Singapore)
Based in 2001 and headquartered in Singapore, Seeds Capital is the funding arm of Enterprise Singapore, a authorities company supporting enterprise improvement and progress.
Seeds Capital focuses on co-investing with institutional companions, together with VC funds, company enterprise capital (CVC) arms, and household places of work. Its emphasis lies in supporting modern startups with sturdy mental content material and international market potential, notably within the superior manufacturing and engineering, well being and biomedical sciences, and concrete options and sustainability sectors. Moreover, the agency explores rising areas resembling agri-tech, synthetic intelligence (AI), blockchain, quantum, and area applied sciences.
Since 2017, Seeds Capital has deployed greater than S$220 million and stimulated greater than S$950 million of personal sector investments into greater than 160 firms. The corporate’s portfolio encompasses over 100 startups and it collaborates with greater than 50 co-investment companions.
Tech in Asia ranks Seeds Capital because the second most lively investor in Singapore, having participated in 32 offers prior to now 24 months. The corporate has at the very least 10 fintech startups in its portfolio, together with Cover, a weathtech firm; CardUp, which offers people and companies with a wiser option to pay and receives a commission; Crowdo is an environmental, social and governance (ESG)-driven neobank for micro, small and medium-sized enterprises (MSMEs); Propine, which presents digital securities, cryptocurrencies, stablecoins, non-fungible tokens (NFTs) and fiat custody on a single built-in platform; and Tookitaki is a regtech firm providing anti-financial crime options to banks and fintech companies.
Based in 1995 and headquartered within the US, SOSV is a VC agency that gives pre-seed, seed, enterprise and progress stage funding to startups within the know-how sector. The agency operates early-stage startup improvement applications in New York Metropolis, Newark, San Francisco, Shenzhen, Shanghai, Taipei, and Tokyo, together with HAX (laborious tech), IndieBio (human and planetary well being), and Orbit Startups (rising markets).
Every year, SOSV selects about 100 extremely promising, seed and pre-seed startups to affix its applications. The agency makes an preliminary funding of as much as US$500,000 and the founders spend four-to-six months working side-by-side with SOSV workers and mentors who’re deeply skilled in science and engineering, design and product improvement, provide chain and product-market match, progress, and elevating capital.
As of January 2023, SOSV had greater than 1,000 portfolio firms and US$1.5 billion in property below administration (AUM), and, in accordance with Pitchbook, the agency is the highest ranked investor in local weather and meals tech.
In addition to well being, meals and local weather, SOSV can also be an lively fintech investor and at the moment has 54 startups in its portfolio working within the discipline. Amongst these, at the very least 5 are from Singapore: BizBaz, which presents monetary intelligence options to monetary establishments, fintech companies, e-commerce and telecommunication firms in Asia; ConfirmU, a business-to-business-to-consumer (B2B2C) startup that permits lenders to evaluate first-time debtors utilizing a three-minute recreation; Credmark, which offers high-integrity decentralized finance (DeFi) information and danger metrics by a clear, community-driven platform; Ensuro, the primary decentralized, licensed (re)insurer on a public blockchain; and Pockets Engine, which helps app builders put a pockets inside their app, enabling them to generate income from small-value, cross-border funds between customers.
SOSV has been among the many most lively startup traders in Singapore, having participated in 27 rounds involving startups from the city-state over the previous 24 months, information from Tech in Asia present.
East Ventures (Singapore)
Based in 2009 and headquartered in Singapore, East Ventures is main sector-agnostic VC agency that gives multi-stage funding, together with seed and progress for over 300 firms in Southeast Asia. Moreover, East Ventures has expanded its operations into Japan, contributing to its regional footprint.
Acknowledged for its early perception within the Indonesian startup ecosystem, East Ventures holds the excellence of being the primary investor in Indonesia’s unicorn firms, Tokopedia and Traveloka. Different notable firms in East Ventures’ portfolio embrace Ruangguru, SIRCLO, Kudo (acquired by Seize), Loket (acquired by Gojek), Tech in Asia, Xendit, IDN Media, MokaPOS (acquired by Gojek), ShopBack, KoinWorks, Waresix, and Sociolla.
East Ventures has additionally garnered international recognition, being named probably the most constant top-performing VC fund globally by Preqin, and incomes the title of probably the most lively investor in Southeast Asia and Indonesia.
By way of regional affect, East Ventures boasts a portfolio that features 36 Singaporean startups amongst which Finantier, an open finance startup; Fraction, a whole, one-stop and full-service fractional possession platform; Helical, a fintech investments platform that makes a speciality of the choice lending area; Moolah Sense, a market lending platform for SMEs; and Qapita, a fintech and legal-tech startup. Tech in Asia acknowledges East Ventures as one of the lively traders in Singapore, having participated in 26 rounds over the previous 24 months.
Wavemaker Group (USA and Singapore)
Wavemaker Group is a multi-faceted cross-border VC agency based in 2003. The agency is twin headquartered in Los Angeles and Singapore and has raised over US$600 million throughout a number of funds. It at the moment has a group of greater than 80 folks throughout its varied practices. Wavemaker Group claims it is without doubt one of the most lively early-stage traders in Southern California and Southeast Asia and has invested in over 400 firms within the final 18 years.
In Southeast Asia, Wavemaker Group focuses on enterprise and deep know-how firms. In Singapore, the agency has invested in 76 startups, together with fintech firms Pilon, which presents supply-chain financing and earned wage entry; Smartkarma, a platform that unites the fragmented funding trade, connecting traders, impartial analysis suppliers, and corporates inside a single community; Silent Eight, which offers banks with an AI-powered device to fight cash laundering and terrorism financing; Defend, a worldwide fraud danger administration resolution that makes use of massive information and machine studying to ship instantaneous choices to foretell and block fraud; and STACS, an enterprise blockchain supplier and developer of a proprietary shared community for monetary establishments in Asia-Pacific (APAC).
Wavemaker Companions is without doubt one of the most lively traders in Singapore, having participated in 26 rounds over the previous 24 months, in accordance with Tech in Asia.
Peak XV Companions (India)
Peak XV Companions, previously Sequoia Capital India and SEA, is a number one VC and progress investing agency investing throughout India, Southeast Asia and past. The agency operates throughout 5 places of work in Bangalore, Mumbai, Delhi, Singapore, and Dubai, with a various group representing 14 nationalities.
Peak XV Companions’ distinctive strategy entails working aspect by aspect with founders to assist them understand their ambitions. The agency imparts data by bespoke recommendation, help, and community-based applications resembling Surge, Spark, Pathfinders, Pitstop, Construct, and Guild. The agency collaborates with founders at varied levels, from as early as two folks with a paper plan to as late as their journey to go public.
With a exceptional 17-year monitor file within the area, Peak XV Companions has advanced to handle over US$9 billion in capital by 13 funds and has invested in additional than 400 firms. Roughly 40 of those firms have achieved revenues surpassing US$100 million.
Peak XV Companions boasts a sturdy fintech portfolio, encompassing over 50 startups, with eight headquartered in Singapore. These embrace Funding Societies, a SME digital finance platform working throughout Southeast Asia; Incomlend, a worldwide bill financing market for SMEs; StashAway, an clever funding administration platform; Sunrate, an clever international cost and treasury administration platform; Tazapay, a Singapore-based fintech firm designed to redefine the cross-border cost expertise; Tonik, a neobanking startup; and Trusting Social, an AI fintech firm revolutionizing credit score scoring utilizing massive information know-how, and social, net, and cell information.
Peak XV Companions is without doubt one of the most lively traders in Singapore, having participated in 22 rounds over the previous 24 months, in accordance with Tech in Asia.
500 International (USA)
Based in 2010 and headquartered within the US, 500 International is an early-stage enterprise fund and seed accelerator. The VC agency invests in founders constructing fast-growing know-how firms and manages property totaling US$2.4 billion. It concentrates its efforts on markets the place the convergence of know-how, innovation, and capital can unlock enduring worth and stimulate financial progress.
Through the years, 500 International has established itself as a key VC investor, having supported over 5,000 founders representing greater than 2,900 firms working in 80+ nations. It has invested in 35+ firms valued at over US$1 billion and 160+ firms valued at over US$100 million, together with non-public, public, and exited firms.
500 International has a notable presence in Southeast Asia, notably within the fintech sector. It has backed greater than 60 fintech startups within the area, together with about 20 from Singapore. These firms embrace NFTgo, a NFT information aggregator; Name Ranges, a real-time monetary monitoring and notifications app; Coinpip, a cryptocurrency cost supplier; InvestaX, a tokenization software-as-a-service (SaaS) platform; and Wallex, a cost and money administration resolution for companies.