Chocolate Finance CEO and founder Walter de Oude
Chocolate Finance, a Singapore-based fintech firm, has closed a US$15 million Series A+ funding round and secured a regulatory licence to operate in Hong Kong.
The funding round was led by Nikko Asset Management, with participation from returning investors Peak XV, Prosus, Saison Capital, and founder Walter de Oude.
This financial injection will be used to scale the business and innovate.
Also Read: Chocolate Finance wants to be a ‘happy place’ for Singaporeans to grow their wealth
“We have built such a great business in Singapore and helped so many people get a decent return on their cash. Now it’s time to accelerate international expansion, and this new capital allows us to progress in our regional growth aspirations,” said Walter de Oude, CEO and founder of Chocolate Finance.
“It [the funding] allows us to double down on product innovation, regional expansion, and most importantly, continuing to build a financial platform that prioritises simplicity, and just delivers what it promises – a great place for your spare cash,” he added.
Securing regulatory approval to operate in Hong Kong represents a critical step in Chocolate Finance’s regional growth strategy. This expansion will enable the company to serve users in one of Asia’s most dynamic financial hubs and provide an alternative platform for consumers to grow their idle cash, which often remains in low-interest accounts, into what they term ‘happy money’.
Founded in 2022, Chocolate Finance focuses on providing an enhanced solution for SGD and USD spare cash savings, allowing users to grow their spare cash daily with no lock-ins or complex rules. Customers can see their returns on the app daily, benefiting from simple account setup and the flexibility to spend through their linked Visa card while holding investments in SGD or USD.
Since launching in Singapore in July 2024, Chocolate Finance claims to have reached almost US$666 million in assets under management and delivered ~US$16.8 million in returns to nearly 100,000 users (the return represents the total of all returns earned across all funds and currencies by customers from July 2024 to June 2025).
The company was recently under fire following a botched rewards campaign and poor crisis management. On March 10, the firm froze instant withdrawals, later restoring them with delays, capped debit card spending at SGD250, and blocked wallet top-ups—triggering widespread customer frustration and negative sentiment online. The turmoil stemmed from a February promotion with rewards platform HeyMax, which offered air miles for card spending, including bill payments via AXS.
Also Read: Singapore’s SME fintechs face growth hurdles amid restricted API access
Usage spiked far beyond expectations, prompting Chocolate to suspend AXS payments abruptly. Founder Walter de Oude admitted the programme’s unsustainability but was criticised for poor communication.
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