Dear reader,
Tracxn, a SaaS-based market intelligence platform, recently released its Geo Quarterly Report: SEA FinTech Q1 2024, unveiling insights into Southeast Asia (SEA)’s fintech arena. Despite the region’s typically vibrant ecosystem, Q1 2024 witnessed a significant funding decline, amounting to US$530 million—a 44 per cent drop from the previous quarter and a 13 per cent decrease compared to last year. This downturn was primarily fueled by a substantial 64 per cent decrease in late-stage funding, contrasting with a remarkable 114 per cent surge in early-stage investments, which reached US$240 million, reflecting investor confidence in burgeoning fintech startups.
ANEXT Bank’s US$148 million raise from Ant Group stood out as the sole funding round exceeding US$100 million in Q1 2024, with no new unicorns emerging. Despite the funding challenges, the report underscores the resilience of early-stage investments, hinting at ongoing interest and growth prospects in the SEA fintech sector.
Moreover, while IPO activity remained stagnant, acquisitions experienced a noticeable uptick, totaling 10 in Q1 2024, compared to six in Q4 2023 and five in Q1 2023. This trend highlights a dynamic landscape ripe for strategic partnerships and industry consolidation, despite the funding downturn.
Find out more about the discovery in this news coverage.
Anisa,
Editor.
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NEWS
Southeast Asia’s fintech funding plunges by 44 per cent in Q1 2024 amid dynamic ecosystem
The report also put spotlight on the popular fintech verticals in Q1 2024 with banking tech emerged as the top funded segment
ClickPost secures US$6M for global expansion and AI push
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Mobile cafe startup Jago raises US$6M to deliver affordable coffee across Jakarta
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East Ventures bets on Indonesia’s PathGen to improve cancer diagnoses
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Indonesian poultry startup Pitik said to have laid off more than 50 per cent staff
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The post Ecosystem Roundup: SEA fintech funding plunges in Q1 2024 | Jago raises US$6M | Pitik laid off 50%+ staff appeared first on e27.