October 2024
This report provides an update on the status of fintech investments in Singapore for the third quarter (Q3) and the first nine months (9M) of 20241, including a comparison with selected global and regional competitors.
For the 9M of 2024, total fintech investments across our coverage universe2 experienced a continued decline of approximately 33% compared to the same period in 2023. Notably, Singapore reported US$1.25 billion (B) in FinTech investments from 100 disclosed deals, a decline of 29% from the previous period.
Q3 2024 saw Singapore's fintech funding fall to US$246 million (m), a decrease of 51% from Q3 2023. However, excluding outlier deals, the decline was mitigated to just 5%. For this quarter, the key verticals driving investment in Singapore, included Wealthtech & Investments at $85m, followed closely by Blockchain & DeFi at $83m and Digital Assets US$49m. The biggest transaction during this quarter in Singapore was Partior (Blockchain & DeFi US$60m).
1. For those periods, the report contains the latest deal information from Pitchbook, Tracxn, and CB Insights, updated as of 4 Oct 2024. Any deals added to the databases afterward are not incorporated.
2. Coverage universe includes – High Level: US, UK, India, China, UAE; In-depth: Singapore, Hong Kong, Indonesia.
FutureMatters is a platform for thought leaders, practitioners, and industry players to share their insights on emerging opportunities and challenges in today's world. Apply to be a contributor here.
