Southeast Asia’s fintech startups draw $839 million in funding

‍This marked a 39 per cent decline compared to $1.4 billion in the first nine months of 2024 and a 56% drop compared to $1.9 billion in the first nine months of 2023. The figures highlight a cooling trend in regional investment after two consecutive years of higher capital inflows.‍

Seed-stage activity remains muted, with startups raising $62.3 million in the period, down 63 per cent on-year. Early-stage investments followed a similar trend, totalling $219 million in the given period, marking a sharp on-year decline of 66 per cent. Late-stage funding held steady at $558 million, matching the levels of 2024.

Despite the overall decline, the period saw steady late-stage funding, with three $100 million-plus rounds. Notable mega-rounds during the period included Thunes ($150 million, Series D), Airwallex ($150 million, Series F), and Bolttech ($147 million, Series C), underscoring strong investor backing for select growth-stage fintech players in the region.

The region also saw two IPOs in the first nine months of 2025, compared to one IPO in the same period last year. The companies that went public were Singapore-headquartered Antalpha and Vietnam's Techcom Securities JSC. Additionally, there was one new unicorn, the same as in 2024.

Fintech companies in Southeast Asia recorded 13 acquisitions, representing a 43 per cent drop from a year ago. Among the key deals, ASCENT was acquired by KFin Technologies for $34.7 million, making it the highest-valued acquisition of the period. This was followed by Coinseeker's acquisition by Titanlab for $30.0 million.

Singapore emerged as the dominant fintech hub in Southeast Asia, accounting for 84 per cent of total funding. It was followed by Jakarta, which contributed 4 per cent of the region's funding. This strengthens Singapore's position as the central hub for fintech investments in Southeast Asia.

Businesses are expected to venture further into tech-led business models in Vietnam in anticipation of new incentives from major policies.

Ho Chi Minh City has climbed three places to 95th on the latest Global Financial Centers Index (GFCI), marking its highest ranking since first entering the list in 2022.

Tran Tri Manh, chairman of the Board of Directors of VNPAY, was honored as one of the Top 10 Outstanding Vietnamese Entrepreneurs at Vietnam New Economy Forum in Hanoi on October 2.