Aug 20, 2024

Most Active Fintech Investors in Southeast Asia in the Past 2 Years Get the hottest Fintech Singapore News once a month in your Inbox Fintech startups in Southeast Asia secured a total of US$899 million in funding in H1 2024, a 25% year-on-year (YoY) decrease from US$1.2 billion in H1 2023, a new report by data intelligence platform Tracxn says . The SEA Fintech – Semi Annual Report – 2024, released on July 05, 2024, underscores a continuing downward trend in fintech funding due to ongoing macroeconomic conditions and geopolitical issues, making H1 2024 the least funded half-year in the past three years. It excludes Debt, Grant, Post-IPO and ICO funding), Source: SEA Fintech – Semi Annual Report – 2024, Tracxn, Jul 2024 Despite this downturn, investors remain optimistic about the region’s fintech sector. Today, we examine the most active fintech investors in Southeast Asia over the past two years, highlighting their focus areas, investment strategies, and the notable startups in their portfolios. The analysis is based on data from Tech in Asia and official company announcements. Top Fintech Investors in Southeast Asia Antler Headquartered in Singapore, Antler has established itself as a prominent early-stage investor globally, particularly in the fintech sector in Southeast Asia. Over the past 24 months, Antler has completed 26 deals, making it the most active investor in the Southeast Asian fintech landscape, data from Tech in Asia shows. Antler follows a “Day Zero” investing approach, partnering with founders from the very beginning to provide crucial support even before the launch of their startups. The firm aims remove common barriers for early-stage technology entrepreneurs by offering co-founder matching, deep business model validation, initial capital, expansion support, and follow-on funding. It has a presence in 30 cities across leading technology ecosystems worldwide, including key hubs like Singapore, Austin, New York, London, Berlin, and Tokyo. It had made helped create and invested in more than 1,100 startups across a wide range of industries and technologies, with the goal of backing more than 6,000 by 2030. Antler has 31 fintech startups from Southeast Asia in its portfolio. Notable recent deals include investments in PEXX, Flaex, BorderDollar, Hazana, and Qashier, according to Tech in Asia — making it one of the most prominent fintech investors in Southeast Asia. XA Network Based in Singapore, XA Network is an investment network and a significant fintech investor in Southeast Asia. Over the past 24 months, XA Network has completed 11 deals, making it the second most active fintech investor in Southeast Asia during the period, according to Tech in Asia. Launched in 2018 as part of the Google alumni network, XA Network was created to empower the tech community in Southeast Asia . It comprises senior leaders from global and regional technology companies, as well as founders of notable companies from across the region. This unique composition provides a rich reservoir of expertise and experience, highly valued by the founders they support. Portfolio companies benefit from the collective power of deep-rooted networks and extensive knowledge in business strategy, product development, and fundraising. Since its inception, XA Network has made over 50 investments across various industries, including mobility, edtech, fintech, proptech, small and medium-sized enterprise (SME) tech, and travel. The network is particularly focused on companies and entrepreneurs who are solving critical problems or creating positive impacts in Southeast Asia. It invests at various stages, from pre-seed to pre-B, supporting startups through their growth journeys. XA Network’s portfolio includes 18 fintech startups. Recent investments in Southeast Asia include Heymax.ai, GORO, Peddlr, and CareNow, according to Tech in Asia. 500 Global 500 Global, headquartered in the US, is a multi-stage venture capital firm with US$2.4 million in assets under management (AUM). The firm has made a significant impact in Southeast Asia’s fintech sector, completing nine deals in the past 24 months, making it the third most active fintech investor in Southeast Asia, according to Tech in Asia. 500 Global focuses on markets where technology, innovation, and capital can unlock long-term value and drive economic growth. The firm works closely with key stakeholders and advise governments on supporting entrepreneurial ecosystems to ensure startups can thrive. Its 200+ team members are located in over 30 countries and bring experience as entrepreneurs, investors, and operators from some of the world’s leading technology companies. 500 Global has an impressive track record, having backed over 35 companies valued at more than US$1 billion and 160+ companies valued at over US$100 million (including private, public, and exited companies). 500 Global has 9 fintech startups from Southeast Asia in its portfolio. Recent fintech investments in the region include Ringkas, Halogen Capital, Seedflex, and BayaPay (BayaFuel), according to Tech in Asia. East Ventures Based in Indonesia, East Ventures is a leading sector-agnostic VC firm and a significant player in the Southeast Asian fintech sector. In the past 24 months, East Ventures has completed seven fintech deals in the region, making it the fourth most active fintech investor during the period, according to Tech in Asia. Founded in 2009, East Ventures has evolved into a comprehensive platform providing multi-stage investments from seed to growth stages for over 300 tech companies across Southeast Asia. As an early believer in Indonesia’s startup ecosystem, the firm is renowned for being the first investor in the country’s unicorn companies, such as Tokopedia and Traveloka. East Ventures boasts a portfolio of 22 fintech startups from Southeast Asia. Recent fintech investments include ALAMI Sharia, Ringkas, Komunal Indonesia, FLIK, and MIG. Iterative Based in Singapore, Iterative is an accelerator dedicated exclusively to Southeast Asia. In the past 24 months, the firm has participated in seven deals in Southeast Asia, making it the fourth most active fintech investor during the period, neck and neck with 500 Global, according to Tech in Asia. Founded by the cofounders of Decide.com (acquired by eBay), Iterative differentiates itself with a team of partners, mentors, advisors, and investors who have substantial experience in starting, operating, and selling startups. This extensive hands-on experience provides invaluable insights and guidance to the startups they support, enhancing their chances of success. The firm’s mission is to build the strongest and most supportive network in the region for early-stage founders. By focusing on creating a robust community, Iterative ensures that founders have access to the resources, knowledge, and connections needed to navigate the challenges of building a startup. Iterative offers a standard investment deal to all companies accepted into its program. The firm invests between US$150,000 and US$500,000 using a “post-money” Simple Agreement for Future Equity (SAFE) in return for approximately 10% equity in the company. Iterative has 16 fintech startups from Southeast Asia in its portfolio. Recent fintech investments include 1Long, Boost Capital, GORO, Mother Finance, and Blink, according to Tech in Asia. Saison Capital Based in Singapore, Saison Capital is the venture arm of Credit Saison, one of Japan’s largest consumer credit companies, and one of the most active fintech investors in Southeast Asia. Over the past 24 months, the firm has made seven significant investments in the fintech sector, putting it neck and neck with 500 Global and Iterative as the fourth most active fintech investor in Southeast Asia for the period, according to Tech in Asia. Saison Capital targets ambitious founders at the pre-seed or seed stage, focusing primarily on fintech, Web3, and commerce. The firm invests in pre-seed to Series B companies worldwide, leveraging Credit Saison’s extensive financial services background and resources. Saison Capital has 39 fintech companies globally in its portfolio. Recent fintech investments in Southeast Asia include iPiD, Wind.App, Helix, Skorlife, and FLIK, according to Tech in Asia. Gobi Partners Headquartered in Kuala Lumpur and Hong Kong, Gobi Partners is a prominent Asia-focused VC firm with US$1.6 billion in AUM . Over the past 24 months, the firm has made six significant investments in the fintech sector, making it the fifth most active fintech investor in Southeast Asia, according to Tech in Asia. Founded in 2002, Gobi Partners supports entrepreneurs from early to growth stages, focusing particularly on emerging and underserved markets. The firm aims to empower underserved entrepreneurs, promoting gender equality and circular economy initiatives, driving innovation in new markets and technologies, and nurturing entrepreneurial ecosystems. Gobi Partners has built a robust network with 15 locations across key markets, including Bangkok, Cairo, Dhaka, Guangzhou, Ho Chi Minh City, Hong Kong, Jakarta, Karachi, Kuala Lumpur, Lahore, Manila, Shanghai, Shenzhen, Singapore, and Surabaya. The firm has raised 19 funds and invested in over 380 startups, with 62 operating in the circular economy. Gobi Partners has a strong portfolio of 11 fintech startups from Southeast Asia, underscoring its dedication to fostering innovation in the region. Recent investments include Komunal Indonesia, Vircle, Finnomena, PolicyStreet, and Paywatch, according to Tech in Asia. Wavemaker Partners Headquartered in Singapore and Los Angeles, Wavemaker Partners is a multi-faceted cross border VC firm and a prominent investor in Southeast Asia’s fintech sector. Over the past 24 months, the firm has completed six fintech deals in the region, making it the fifth most active fintech investor in Southeast Asia for the period, neck and neck with Gobi Partners, according to Tech in Asia. In Southeast Asia, Wavemaker Partners focuses on enterprise and deep technology companies, with a particular interest in early-stage enterprise, deep tech, and sustainability startups. Since 2012, the firm has backed more than 210 companies in the region, with over US$450 million in total committed capital . These investments have generated overUS $2.2 billion in enterprise value. Wavemaker Partners currently has 16 fintech startups from Southeast Asia in its portfolio. Recent investments include Beppo, Eazy Digital, MFast, and Pilon, according to Tech in Asia. AC Ventures AC Ventures, based in Indonesia, is a prominent early-stage technology venture fund dedicated to investing in Indonesia’s tech sector. Over the past 24 months, the firm has made five notable deals in the fintech sector, making it the fifth most active fintech investor in Southeast Asia for the period, neck and neck with Gobi Partners and Wavemaker Partners, according to Tech in Asia. AC Ventures was formed through the merger of two leading venture capital firms, Agaeti Venture Capital and Convergence Ventures. This merger combines the strengths and expertise of both firms, enabling AC Ventures to provide comprehensive support to its portfolio companies. AC Ventures focuses on early-stage investments and aims to identify and support digital disruptors in Indonesia. By providing not only financial backing but also strategic guidance and operational support, AC Ventures helps startups navigate the complexities of growth and scale effectively. AC Ventures currently has 20 fintech startups from Southeast Asia in its portfolio. Recent investments include ALAMI Sharia, Skorlife, and Reku. Peak XV Partners Formerly known as Sequoia Capital India and SEA, Peak XV Partners is a leading VC and growth investing firm with a significant presence in Southeast Asia. Over the past 24 months, the firm has made five key investments in the fintech sector, making it the fifth most active fintech investor in Southeast Asia for the period, neck and neck with Gobi Partners, Wavemaker Partners and AC Ventures, according to Tech in Asia. Peak XV Partners is renowned for its hands-on approach, partnering closely with founders to help them realize their ambitions. The firm offers bespoke advice and support through its various programs, including Surge, Spark, Pathfinders, Pitstop, Build, and Guild. This collaborative approach helps startups navigate challenges and scale effectively, from early stages through to initial public offerings (IPOs) and beyond. Peak XV Partners manages over US$9 billion in capital across 13 funds and has invested in over 400 companies over the past 17 years. Notably, approximately 40 of these companies have achieved revenues exceeding US$100 million. The firm operates from five offices in Bangalore, Mumbai, Delhi, Singapore, and Dubai. Peak XV Partners currently has 19 fintech startups from Southeast Asia in its portfolio, demonstrating the firm’s deep commitment to fostering innovation in the region. Recent fintech investments include Partior, Triple-A, SUNRATE, Aspire, and StashAway. Openspace Openspace is a prominent VC firm backing Southeast Asian companies creating a transformative impact where tech meets life. The firm has been actively investing in the region, having completed five deals in the fintech sector over the past 24 months. The number makes it the the fifth most active fintech investor in Southeast Asia for the period, neck and neck with Gobi Partners, Wavemaker Partners, AC Ventures and Peak XV Partners, according to Tech in Asia. Openspace has six funds deploying US$800 million in committed capital across both the early and growth stage. It is supported by global and regional institutional investors. Co-headquartered in Singapore and Jakarta, with active offices in Ho Chi Minh City, Bangkok and Manila, Openspace’s 45+ portfolio companies are served by dedicated local investment and world-class operational advisory teams. It has invested in business including GoTo (Gojek), Biofourmis, Kredivo Holdings, Pluang and Love, Bonito. Openspace’s portfolio includes 11 fintech startups from Southeast Asia, showcasing its commitment to supporting transformative tech-driven companies in the region. Recent fintech investments include Igloo (Axinan), LXA, Finnomena, and FinAccel (Kredivo), according to Tech in Asia.