5 Recent Fintech Startup Fundings in Southeast Asia

5 Recent Fintech Startup Fundings in Southeast Asia

by May 30, 2017

In 2016, deals to venture-backed Southeast Asian fintech startups rose 29% from 55 in 2015 to 71 in 2016. Meanwhile, dollars fell 12% from US$177 million in 2015 to US$158 billion in 2016 as deal growth was largely driven by seed and angel stage investments, according to CB Insights.

The largest deals of 2016 went to Vietnam’s mobile payments platform MoMo (US$28 million Series B), Thailand’s payments enabler Omise (US$17.5 million), Malaysia’s financial comparison platform Jirnexu (US$3 million), and Singapore’s payments provider Coda Payments (US$2 million).

Top investors to fintech startups in the region include East Ventures with 12 investments, followed by 500 Startups and Golden Gate Ventures.

2016 was a fruitful year for fintech startups during which some started expanding beyond their borders, while others began attracting global recognition. 2017 shouldn’t be too bad as well with a number of startups already closing significant amount of funding. Now let’s look at some of the most recent fintech startup fundings in Southeast Asia.


Coins.ph raises US$5 million from Naspers (PHP)

coins.phCoins, a Filipino blockchain-powered mobile payments platform, has raised US$5 million from Naspers through the firm’s Naspers Ventures division. The round brings Coins’ total amount raised in its Series to over US$9.4 million.

Coins, which operates primarily in the Philippines and Thailand, enables anyone, including those without a bank account, to access a broad range of financial services from remittances, airtime top-ups, to e-commerce and peer-to-peer payments, directly from their mobile phone.

To date, the startup has signed up over one million customers and more than 100,000 merchants.


Singapore’s StashAway raises US$2.15 million (SIN)

StashAwayRobo-advisor StashAway has raised US$2.15 million from the Rozario family, an office with deep banking connections, to further develop its product and advance its investment strategies, according to a report by e27.

StashAway will go live in a few months. The waitlist, however, is now open for registration.

Asia Wealth Platform Pte. Ltd., the company behind StashAway, received in-principle approval for its Capital Market Services License for Retail Fund last month and aims to democratize institutional-level investing advisory services via its robo-advisors. The platform will be available to all investors regardless of net worth.


Jirnexu closes Series A round with an additional US$1.5 million (MAL)

JirnexuMalaysian fintech startup Jirnexu has closed its Series A funding with an additional US$1.5 million that’s been added to the US$3 million it had already raised in 2016. The latest funding round was led by existing investor DMP, with participation by new investors Gobi Partners and OSK Ventures International Bhd (OSKVI), reports VentureBeat.

Jirnexu’s full stack technology provides banks and insurance companies with a solution that manages every stage of the customer journey, including marketing, acquisition, fulfillment and retention. The company counts amongst its customers global banks and insurance firms including Citibank, HSBC, Standard Chartered, AIA, Zurich, and Manulife, among others.

Jirnexu also owns and operates RinggitPlus in Malaysia and KreditGoGo in Indonesia, two financial comparison sites that see over one million visitors per month, with a database of more than 550,000 consumers.


Singapore’s 4xLabs secures US$1.5 million (SIN)

4xLabsForeign exchange startup 4xLabs has raised US$1.5 million in its latest funding round. The round saw follow-up investment from Dymon Asia Ventures, as well as participation from new investors including Malaysia-based OSK Ventures International, according to a report by the Straits Times.

4xLabs provides cloud-based services aimed at increasing transparency in the forex market for travellers and money changers. The company operates two platforms: Get4x, a currency exchange-rate aggregator for travellers, and Biz4x, a platform that helps money changers better manage their businesses.

The company currently serves 13 cities and recently launched cash aggregation services in Jakarta, Johor, Macau, Sydney and Dubai.


Silot raises US$800,000 from China’s ZhenFund (SIN)

Silot demoSingapore-headquartered fintech startup Silot has raised US$800,000 from China’s ZhenFund.

Launched earlier this year, Silot develops loyalty exchange programs and regional settlement networks across Southeast Asia and other emerging markets.

Silot’s B2B product links merchants and/or banks with online apps such as promotional apps, delivery apps, marketplace apps, etc. The platform uses an algorithm to obtain customer data insights and help companies discover new business opportunities and boost their revenues.


If we missed your Fintech Startup Funding Round, make sure you inform us.

Featured image: Investment concept by Denphumi via Shutterstock.com.