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Meet the 40 Fastest Growing Fintechs in Asia Pacific According to the Financial Times

In the sixth annual compendium of 500 burgeoning companies across the Asia Pacific (APAC) by the Financial Times and Statista, technology enterprises constitute nearly a third of the 2024 roster, with 8% of the APAC’s fastest-growing entities being fintech companies.

The World Bank flagged in October 2023 that the region’s burgeoning economies would decelerate to 4.5% growth rate in 2024, amid China’s subdued dynamics and diminished productivity elsewhere across APAC contributing to this bleaker forecast for the fastest-growing fintech companies.

While the reasons for slowing growth might be far-ranging in 2024, what is the criteria used to determine the fastest-growing companies, including fintech, in the APAC region?

To qualify for the FT and Statista roster of the APAC region’s fastest-growing fintech companies in 2024, firms needed to meet certain earnings criteria. These included bringing in revenue no less than US$100,000 in 2019 (or the currency value equivalent as of 2019); earning revenues of no less than US$1 million in 2022 (or the currency value equivalent as of 2022); revenue growth from 2019 to 2022 also needs to be predominantly organic (i.e., “internally” generated).

More about the Financial Times and Statista criteria and data points to decide this year’s entrants can be found at the bottom of this article. Without further ado, here is the 2024 list of the top 30 fastest-growing fintech companies in APAC, as determined by the Financial Times and Statista.

#1 SafeGold (India)

SafeGold operates a digital gold platform, allowing customers to buy, sell, gift, and redeem gold online. Founded in 2017, SafeGold provides a convenient way for users to deal with vaulted gold at low ticket sizes, accessible around the clock with just a tap of a button.

#2 Alami Sharia (Indonesia)

Alami Sharia specialises in Sharia-compliant peer-to-peer lending. It connects funders with recipients in need of financing for various projects, ensuring that all transactions adhere to Islamic financial principles.

#3 SafexPay (India)

SafexPay provides a comprehensive payment solution for businesses globally. It offers a range of services including a white-label payment gateway for banks and institutions, and an all-inclusive payment gateway solution for merchants.

#4 Svamaan Financial Services (India)

Svamaan Financial Services is a microfinance institution that operates in India with a focus on financial inclusion and social impact. It employs a data-based approach to offer financial products and services to the unbanked and underbanked segments of the population.

#5 M2P Fintech (India)

M2P Fintech, previously known as YAP, is a company that specializes in providing API infrastructure to enable businesses of various scales to embed financial products into their customer journeys. Founded in 2014, M2P Fintech offers a platform that simplifies the creation and deployment of fintech products by facilitating partnerships with banks, PPIs, FIs, and other regulated entities.

#6 CapBay (Malaysia)

CapBay is a leading fintech company based in Malaysia, specialising in supply chain finance and peer-to-peer (P2P) financing. CapBay’s platform connects businesses with multiple liquidity providers, facilitating access to financing opportunities through its proprietary credit-decisioning model.

#7 New Street Tech (India)

Founded in 2017 and headquartered in Bangalore, Karnataka, India, New Street Tech leverages blockchain and other new-age technologies to create and operate high-tech ecosystems with expertise across banking, microfinance, payments, and technology.

#8 Credit Fair (India)

Credit Fair is a consumer lending fintech startup that was founded in 2018. It operates with the goal of building a credit ladder for the underserved population in India, aiming to serve over 550 million individuals.

#9 iPartners (Australia)

Founded in 2017 and based in Sydney, New South Wales, iPartners that operates as an alternative asset marketplace. It provides wholesale investors with direct access to a diversified range of alternative investments and asset classes.

#10 Nium (Singapore)

Nium is a leading fintech that provides a platform for global payment services. It’s designed to support banks, payment providers, and businesses of any size with pay-outs, pay-ins, card issuance, and banking-as-a-service. Nium’s global network allows for real-time payments in over 190 markets, and they are regulated in more than 35 markets.

#11 iCare Benefits Group (Singapore)

Founded in 2013, iCare Benefits Group is a Singapore-based company that provides an employee benefits platform designed for low-income women factory workers in Cambodia and Laos. The company offers a multi-channel service that includes retail, buy-now-pay-later, and financial leases, aiming to enhance the lives of its customers and their families.

#12 Servify (India)

Servify is a private company that operates as a device management and insurtech platform. Founded in 2015 by Sreevathsa Prabhakar, it is headquartered in Mumbai, India, and serves various regions including North America, Europe, the Middle East, China, and Turkey.

#13 PolicyStreet (Malaysia)

Founded in 2016 by Wilson Beh, Yen Ming Lee, and Winnie Chua, PolicyStreet aims to make insurance products more accessible and affordable, and was recognised as the Top Insurtech Startup at the Fintech Frontiers Awards Malaysia 2023.

#14 Aijinet (South Korea)

Founded in 2014 and formerly known as MYREALPLAN, Aijinet is headquartered in Seoul, South Korea, and employs 34 people as of 2023. Aijinet has developed an insurance information platform designed to connect customers with insurance planners through an insurance analysis system.

#15 Ace Trust In Solutions (India)

Ace Trust In Solutions is a consulting and business service provider that specializes in a range of services including globalization, financial services, assurance and risk management, trust, and family office management.

#16 Sleek (Singapore)

Sleek was founded in 2017 by Julien Labruyere and Adrien Barthel in Singapore, offering a single platform to manage all back-office operations seamlessly. Sleek’s services include company incorporation, ongoing compliance management, digital accounting, tax filing, and corporate services in Singapore and Hong Kong.

#17 Alpha Intelligence Global (Taiwan)

Alpha Intelligence Global is a fintech innovator that focuses on using data science to improve the efficiency and transparency of lending processes. They provide customised information services to borrowers, helping them match with lenders more quickly and accurately.

#18 Realize (Japan)

Realize Corporation is a Japanese fintech company that has been making significant strides in the logistics industry. Established in 2005, the company has a capital of 100 million yen, is headquartered in Minato-ku, Tokyo, and is led by President Hiroyuki Imadafuku.

#19 Speedhome (Malaysia)

Speedhome is now known as Speedrent Technology Sdn Bhd, but originally established in 2015 with a mission to enhance home rental protection and improve renting efficiency. They offer a unique proposition with their Zero Deposit rental model, which removes financial barriers for tenants seeking accommodation.

#20 Vivriti Capital (India)

Vivriti Capital is a non-bank financial company based in India, offering a diverse range of financial solutions, including co-lending, capital demand loans, non-convertible debentures, securitization, term loans, and working capital demand loans. They emphasise rapid turnaround times, customer-centricity, and innovative products backed by full-stack digital tech.

#21 Aspire (Singapore)

Aspire provides an all-in-one finance platform for over 15,000 startups and small businesses. It’s designed to manage global business operations and scale company spend, offering services such as multi-currency accounts and cards, expense management, payable management, and receivable management solutions.

#22 Hanpass (South Korea)

Hanpass is a South Korean fintech specialising in foreign exchange and financial services. They offer a variety of services such as overseas remittance, mobile payment, and payment gateway solutions, catering to both individual and corporate customers.

#23 Redpeak Advisers (Singapore)

Founded in 2016, Redpeak offers a suite of services including mergers & acquisitions, private capital markets, and other advisory services. They are known for their deep domain expertise in the telecommunications, media, and technology sectors, possessing a track record of successful outcomes for their clients.

#24 Funding Societies | Modalku (Singapore/Indonesia)

Funding Societies, also known as Modalku in Indonesia, is a leading peer-to-peer (P2P) lending platform in Southeast Asia. It was established to provide SMEs with access to funding and to offer investors the opportunity to invest in SME loans.

#25 Coda Payments (Singapore)

Founded in 2011 and headquartered in Singapore, Coda Payments operates Codashop, a marketplace for in-game currencies and content, which has become a major growth driver for the company. In addition to Codashop, Coda Payments offers Codapay, an API service that enables in-game and web purchases with over 200 local payment methods, and xShop, which extends Codashop integration to other e-commerce platforms.

#26 Spark Systems (Singapore)

Based in Singapore, Spark Systems specialises in ultra-low latency aggregator and electronic foreign exchange (eFX) solutions. The company aims to bridge the technological gap between Tier 1 bank market makers and other market participants by providing advanced technologies and robust architecture, having raised S$15M in a funding round that included investments from major financial institutions like HSBC and Citi.

#27 TheCheat (South Korea)

TheCheat is a South Korean fintech company founded in 2012, focusing on cybersecurity and financial fraud prevention. They offer real-time fraud detection solutions for fund transfers, alerting users to potential fraudulent activities and providing tools to verify the validity of accounts and identities.

#28 Mahaveer Finance India

Mahaveer Finance India Limited is a non-banking finance company that operates in India. The company specialises in providing automotive loans and asset finance services.

#29 Save Solutions (India)

Save Solutions operates a network of around 12,000 customer service points across the country, catering to a customer base of over 14 million. In 2023, Save Solutions recorded a substantial increase in revenue, marking a 1.7 times spike from the previous year.

#30 iGlobal Financial Services (Philippines)

iGlobal Financial Services operates the iGlobal.ph platform, and is the only outfit from the Philippines to make the top 30 among the fastest-growing fintech companies in APAC for 2024. iGlobal.ph offers tailored business loans, providing a seamless and predictable loan processing experience.

#31 Livewire Markets (Australia)

Livewire Markets is a leading Australian platform for expert investment analysis and insights. It serves as a hub for accessing investment commentary and analysis from some of Australia’s top money managers, attracting over 250,000 investors, including wealth professionals, family offices, high net worth individuals, financial advisers, and SMSF trustees.

#32 Synergy Financial Advisers (Singapore)

Synergy Financial Advisers is a financial advisory firm based in Singapore, known for its proactive, progressive, and reliable approach to financial guidance. Their client advisers are considered the greatest asset of the firm, working in a trusted partnership to enhance knowledge, practices, and client experiences.

#33 Kinara Capital (India)

Kinara Capital is a prominent fintech company in India, recognised for providing collateral-free business loans to micro, small, and medium enterprises (MSMEs). The company offers a range of financial products to support small businesses, including working capital loans, machinery purchase loans, and loans for various other business-related expenses.

#34 Zenith Capital (Philippines)

Zenith Capital is a financial services company with a presence in different regions, offering a variety of financial solutions. In the Philippines, Zenith Capital has been recognized as one of the notable loan financing companies since its incorporation in 2017.

#35 Delta Insurance (New Zealand)

Delta Insurance is a New Zealand-based company specialising in niche insurance products. Established in 2014, the company has expanded its reach to cover over 30,000 risks in New Zealand, Singapore, and Australia.

#36 Unicapital Group (Philippines)

The Unicapital Group is a full-service investment house based in the Philippines, licensed by the Philippine Securities and Exchange Commission. The group comprises three companies that synergize to provide efficient and innovative financial solutions: Unicapital, Inc., Unicapital Finance and Investments, Inc., and Unicapital Securities, Inc.

#37 Funds India

FundsIndia claims it is recognised as India’s first online-only investment platform, providing easy access to a broad spectrum of investment products. These include mutual funds, corporate fixed deposits, and stocks from the BSE.

#38 Rampver Financials (Philippines)

Established in 1993, Rampver Financials is a financial services company based in the Philippines. It has grown to become a significant player, offering a wide range of services such as mutual funds, life and non-life insurance, healthcare plans, and investment management.

#39 Samrat Investments (India)

Samrat Investments is a financial investment management company that was founded in 2015 and headquartered in Bengaluru, Karnataka, India. The company offers financial products and investment services for individuals and businesses, including customisable personal savings enabled by artificial intelligence.

#40 Country Funders Finance (Philippines)

Country Funders Finance Corporation (CFFC) is a local finance company in the Philippines, part of the Ropali Group of Companies. Their services include loans for motorcycles, agricultural machinery, seafarers, sari-sari stores, hog raising, and layer farming.

More about the FT’s High-Growth Companies Asia-Pacific 2024 ranking:

Due to data verification challenges, Chinese firms are excluded from the FT/Statista tally, yet the nation’s economic woes are affecting the broader region, with the government battling stimulus efforts amidst a real estate downturn, dwindling consumer spending, and scant investor faith.

The minimal compound annual growth rate (CAGR) requisite for this year’s inclusion was 15.1%, a decrease from the previous year’s 16.3%. Growth rates are rounded to one decimal place in the table, but ranking hinges on three decimal places.

In terms of industry, the IT and software sector represents 30% of the fastest-growing APAC companies in the 2024 ranking. The subsequent leading industry is fintech, financial services and insurance, making up 8%.

To qualify for the roster of the APAC region’s fastest-growing fintech companies in 2024, firms needed to meet certain criteria besides revenue targets, including being an independent entity — not a subsidiary or branch of any sort. And firms need to be headquartered within one of these 13 territories in the Asia-Pacific region: Australia, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.

Nevertheless, the list isn’t exhaustive as numerous swiftly growing firms are privately owned and don’t disclose detailed financial data, while others opt out of revealing their revenue figures or participating for various reasons.

Featured image credit: Edited from freepik