Southeast Asia’s fintech sector recorded US$1.6 billion in funding in 2024, a 23% decline from US$2.1 billion in 2023 and a steep 75% drop from US$6.3 billion in 2022.
The slowdown reflects the impact of macroeconomic pressures, rising interest rates, and geopolitical uncertainties, with funding levels returning to pre-pandemic norms.

Despite these challenges, the fintech industry emerged as one of the strongest performers in the region’s tech startup ecosystem, driven by the ongoing digital transformation fueled by e-commerce and the adoption of contactless payments.
Funding fell across all stages, with late-stage investments taking the hardest hit.
Seed funding totaled US$190 million, a 6.4% dip from US$203 million in 2023.
Early-stage funding dropped 16% to US$750 million, while late-stage funding plunged 31% to US$694 million.
It is worth noting that some segments bucked the overall downward trend.
Payments companies raised US$366 million, a 53% increase from 2023, while cryptocurrency firms secured US$325 million, up 20%.
Banking tech funding also saw a significant rise, reaching US$265 million, a 63% year-on-year jump.
Ascend Money led the year’s funding deals with a US$195 million Series D round, followed by ANEXT Bank’s US$148 million Series D and bolttech’s US$100 million Series C.
The report listed Polyhedra Network as the only fintech to have achieved unicorn status in 2024, with a US$1 billion valuation after raising US$20 million in a Series B round.

However, Tracxn does not account for Tyme, which also became a unicorn in mid-December 2024 following its US$250 million funding round.
Acquisition activity remained steady, with 27 deals recorded, including NTT Data’s US$154 million purchase of GHL.
However, no fintech company in the region went public in 2024, compared to one IPO in the previous year.
Singapore maintained its position as the region’s fintech hub, attracting US$955 million in funding.
Jakarta followed with US$242 million, and Bangkok secured US$198 million.
Key investors included East Ventures, Y Combinator, and 500 Global, with Antler, Mirana, and Alliance DAO prominent in seed-stage funding.

“The Southeast Asia Fintech ecosystem is at an inflection point.
While macroeconomic challenges have tempered funding activity, the region’s dynamic entrepreneurial spirit, its young, tech-savvy population and supportive government initiatives promise a bright future,”
said Abhishek Goyal, Co-Founder of Tracxn.
Featured image credit: Edited from Freepik