Dear reader,
The first half of 2024 witnessed a significant decline in fintech funding across Southeast Asia, reaching its lowest point in three years, as per a Tracxn report.
Total funding dropped to US$899 million, a 25% decrease from H1 2023. The macroeconomic and geopolitical challenges led to a sharp decline in seed and late-stage investments, with late-stage funding plummeting by 47% and seed-stage investments falling by 53%.
However, early-stage funding saw a 17% increase, indicating sustained investor interest in emerging ventures. Notably, investment tech surged by 666%, raising US$216 million, while banking tech funding grew by 59%.
Singapore remained the dominant hub, attracting over half of the total investments. Despite no fintech IPOs, the number of acquisitions rose to 16, reflecting ongoing industry consolidation.
Top investors like East Ventures and Y Combinator continue to play a crucial role.
Looking ahead, the region’s young population, extensive consumer base, and supportive government initiatives are poised to drive long-term fintech growth despite current setbacks.
Sainul,
Editor.
—
NEWS
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The post Ecosystem Roundup: Fintech investments down in H1 2024 | Ninja Van slashes more jobs | Koo is shutting down appeared first on e27.