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Fintech funding in SEA tripes in 2021

Thursday 11 November 2021 08:49 CET | News

Fintech funding in Southeast Asia has jumped more than three times in the first nine months of 2021 compared with full-year 2020, reaching a record USD 3.5 billion, as reports show.

The rebound was driven by 167 deals including 13 mega rounds, which accounted for USD 2 billion of the total funding, according to the report by United Overseas Bank (UOBH.SI), PwC Singapore and the Singapore FinTech Association (SFA). Mega rounds are those which raise UDF 100 million or more.

Late-stage fintech firms, or those in their series C funding and beyond, garnered most interest, with involvement in 10 of 13 mega rounds this year, as investors took a more risk-adverse approach during the pandemic by backing more established firms, the report said.

The payment sector attracted most funding due to greater use of digital payments. Tech and cryptocurrency firms saw the highest growth this year, ranking second and third place respectively. Singapore, Southeast Asia's financial hub, accounted for nearly half of the region's deals at USD 1.6 billion, including six mega rounds worth a combined USD 972 million. The next most active was Indonesia, the region's most populous country, with USD 904 million raised, followed by Vietnam at USD 375 million.

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Keywords: funding, report, digital payments, fintech
Categories: Banking & Fintech
Companies:
Countries: South East Asia
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Banking & Fintech






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