In April, Tracxn, the SaaS-based market intelligence platform, unveiled its latest Geo Quarterly Report focusing on the Southeast Asia (SEA) fintech scene for Q1 2024. Despite the typically vibrant nature of the region’s ecosystem, the report reveals a significant decline in funding, plummeting to US$530 million during this quarter. It also reported that amidst this challenging financial landscape, there has been a notable surge in acquisitions, with the count reaching 10 in Q1 2024, surpassing the figures of both Q4 2023 (six acquisitions) and Q1 2023 (five acquisitions).
Despite the funding downturn, the resilience of early-stage investments indicates sustained interest and potential avenues for growth within the SEA fintech sector. Moreover, the increase in acquisitions points towards a dynamic landscape ripe for strategic partnerships and consolidation. This trend underscores the adaptability and opportunity within the region’s fintech sector, despite the temporary setback in funding.
Next week, at Echelon X, the SEA fintech scene will be one of the topics that we covered. We will look at the prospect of the industry and figure out how to make them come true–despite all the challenges in the market today.
To prepare yourself for the conversation on fintech on May 15-16, we have compiled a list of notable fintech companies in SEA and beyond.
2C2P
2C2P is a worldwide payments platform aiding businesses in securely accepting payments across online, mobile, and in-store channels. Based in Singapore, the company operates throughout Southeast Asia, North Asia, Europe, and the US. It holds the position of the preferred payments platform provider for regional airlines, travel firms, and global retailers.
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Wise
Wise is dedicated to creating the optimal method for transferring money worldwide. Through the Wise account, individuals and businesses gain access to over 40 currencies, enabling seamless money transfers between countries and convenient spending abroad. Notably, Wise’s technology is utilised by major corporations and banks, fostering an innovative cross-border payments network with the vision of enabling borderless money transfers for all. Whether for personal or business needs, Wise is committed to simplifying lives and reducing costs for its users. Founded by Kristo Käärmann and Taavet Hinrikus, Wise began its journey in 2011 under the name TransferWise.
Today, it stands as one of the world’s swiftest growing and profitable technology firms, publicly traded on the London Stock Exchange under the ticker, WISE. With a global user base of 16 million individuals and businesses, Wise facilitates £9 billion in cross-border transactions each month, delivering approximately GBP1.5 billion in annual savings to its customers.
Xtransfer
XTransfer is a comprehensive cross-border financial and risk management service provider, specialising in aiding SMEs in reducing the barriers and costs associated with global expansion while enhancing their global competitiveness. Headquartered in Shanghai, with branches in key foreign trade hubs such as Hong Kong and Shenzhen, as well as offices in major export destinations including the UK, US, Canada, Japan, Australia, Singapore, and the Netherlands, XTransfer has established itself as a significant player in the industry. With local payment licenses secured in Hong Kong, the UK, US, Canada, and Australia, XTransfer collaborates closely with renowned international banks and financial institutions.
Leveraging a global multi-currency settlement network and an advanced, data-driven, automated, internet-enabled, and intelligent risk management infrastructure, XTransfer offers a suite of integrated solutions including foreign trade collections, multi-currency networks, risk management services, and customer relationship management. Through technological innovation, XTransfer bridges the gap between large financial institutions and SMEs, enabling the latter to access cross-border financial services on par with multinational corporations.
Wallex
Wallex offers streamlined overseas payment and cash management solutions for businesses, simplifying the process. Beyond facilitating cross-border payments at improved rates and quicker speeds, Wallex empowers users to convert and retain balances across various currencies, enabling effective planning, management, and hedging of currency requirements, all within a single platform.
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Stripe
Stripe serves as a financial infrastructure platform catering to businesses worldwide. From the most prominent enterprises to aspiring startups, millions of companies utilise Stripe to facilitate payment acceptance, boost revenue, and expedite the exploration of new business ventures. With headquarters in both San Francisco and Dublin, the company’s overarching goal is to enhance the GDP of the internet.
Revolut
Revolut has been dedicated to revolutionising the way people interact with their finances since 2015, striving to provide enhanced visibility, control, and freedom. With a suite of impressive products, the company has empowered over 40 million customers to maximise their financial potential.
As Revolut continues its rapid expansion, the key drivers of its success remain its people and culture. Recognised as a Great Place to Work
, Revolut boasts a workforce of over 10,000 individuals worldwide, operating from both office spaces and remote locations, all united by a common mission. The company seeks talented individuals who are passionate about crafting exceptional products, challenging traditional notions of success, and simplifying the complexities of the modern world into elegant solutions.
Rapyd
Rapyd empowers businesses to revolutionise global commerce by providing all-encompassing tools necessary for creating seamless payment, payout, and fintech experiences worldwide. Recognising the diverse preferences of customers globally and the need for swift transactions, Rapyd facilitates businesses and consumers in receiving payments faster, alongside offering developers the flexibility to innovate and create new products. With Rapyd’s comprehensive suite of solutions, businesses can effortlessly accept and send payments to a wide array of recipients, all while enjoying faster, cheaper, and more efficient transactions.
Notably, Rapyd clients experience an average return on investment of 196 per cent and spend 70 per cent less time managing payments. Whether businesses are focused on app development, product sales, payment transfers, or multifaceted financial activities, Rapyd provides solutions that enable them to confidently excel in their endeavours, offering services such as fund transfers, integration of hundreds of payment methods globally, issuance of prepaid virtual and physical cards, simplified money management, and seamless integration of fintech through APIs.
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M-DAQ
Based in Singapore, M-DAQ is a financial technology firm dedicated to empowering businesses and individuals in cross-border transactions through data-driven insights that offer clarity and certainty in foreign exchange. Established in 2010, M-DAQ operates under the premise that while resources may be finite, aspirations are boundless. The company’s overarching vision is to foster a World without Currency Borders®, enabling universal participation and prosperity in the global economy.
Airwallex
Airwallex stands as a prominent global financial platform catering to modern businesses, providing reliable solutions spanning payments, treasury, spend management, and embedded finance. Leveraging its proprietary infrastructure, Airwallex streamlines global payments and financial operations, enabling businesses of every scale to expand their horizons and seize new opportunities across borders.
Founded in Melbourne, Airwallex boasts a client base exceeding 100,000 businesses worldwide, including renowned brands such as Brex, Rippling, Navan, Qantas, SHEIN, and numerous others, attesting to its trustworthiness and efficacy in the industry.
Worldfirst
WorldFirst emerged from a commitment to foster financial inclusivity. In 2004, Jonathan Quin and Nick Robinson departed from their corporate roles in global banking to establish WorldFirst, realising their vision. Since then, the company has experienced significant growth, now operating in seven locations worldwide. With over US$200 billion transferred for more than one million customers and over one million payments sent annually, WorldFirst has become a pivotal player in the industry.
In 2019, WorldFirst became part of Ant International, a comprehensive digital payment and financial services platform catering particularly to SMEs engaged in international trade. Today, WorldFirst offers a diverse array of tools and services extending beyond global money transfer, encompassing hedging through forward contracts, local overseas currency accounts, and seamless integration with platforms like Xero and online marketplaces. Committed to facilitating business anywhere, WorldFirst continues its mission with fervour.
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Adyen
Adyen (AMS: ADYEN) stands as the preferred financial technology platform for prominent companies worldwide. Offering comprehensive end-to-end payments capabilities, data-driven insights, and a suite of financial products within a unified global solution, Adyen empowers businesses to realise their goals swiftly. With a global presence through its offices, Adyen collaborates with renowned entities such as Meta, Uber, H&M, eBay, and Microsoft, facilitating their financial operations and driving their success.
Thunes
Thunes operates as a B2B entity, facilitating payments for some of the world’s fastest-growing businesses, ranging from Gig Economy behemoths like Uber and Deliveroo to Southeast Asia’s leading superapp, Grab, and global Fintech leaders such as PayPal and Remitly. With a straightforward connection, businesses and their customers gain the ability to seamlessly send and receive payments across the globe, instantly reaching every corner of the world. Thunes supports transactions in 79 currencies, facilitates payments to over 130 countries, and enables the acceptance of 300 payment methods. Headquartered in Singapore, Thunes maintains regional offices in key global cities including London, Paris, Shanghai, New York, Dubai, and Nairobi.
Brankas
Established in 2016, Brankas is committed to democratising access to modern financial services for consumers and businesses worldwide. Collaborating with multiple banks and financial institutions, Brankas aims to enhance market accessibility, enabling technology companies to develop superior financial experiences within their own products.
Recognising the prevalence of unbanked or underbanked populations, particularly in developing or emerging markets such as Indonesia and the Philippines where over 70 per cent lack adequate banking access, Brankas is dedicated to addressing this issue by providing secure and cost-effective alternatives to informal banking services. Through the development of robust solutions and IT infrastructure, Brankas endeavours to foster a more competitive and customer-centric financial services industry.
Perfios
Perfios Software Solutions stands as India’s leading SaaS-based B2B fintech software company, empowering over 1,000 financial institutions to make informed decisions in real-time. Based in Bangalore, India, Perfios specialises in a range of services including real-time credit decisioning, analytics, onboarding automation, due diligence, and monitoring. Its core data platform is adept at aggregating and analysing both structured and unstructured data, offering vertical solutions that combine consented and public data for the BFSI sector, addressing their stringent requirements for scale, performance, security, and other SLAs.
Recently, Perfios secured a significant Series D funding round of US$229 million from Kedaara Capital, with additional investment from Warburg Pincus and Bessemer Venture Partners, bringing its total funding raised to US$384 million.
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