Every day, 100k+ smart people read our newsletter. You can sign up here.
Hello readers,
Up until a 2019 trip to Bangkok, I’d never thought to use a multicurrency card on overseas transactions. Being able to top up my Revolut digital wallet in seconds and view mid-market rates in real time was a game changer for me, and I haven’t looked back since. In Singapore, digital payment startups have been attracting investor interest for the past few years – but so too have other players in the country’s fintech space.
Today we look at,
- The investment trends and funding rounds in Singapore’s thriving fintech scene
- A BNPL firm’s fresh funds
- Other newsy highlights such as Douyin’s e-wallet launch and the Chinese tech giants capitalizing on the US IPO market
PREMIUM SUMMARY
Singapore’s growing fintech space
Singapore is home to over 40% of Southeast Asia’s fintech companies thanks to its pool of tech talent and favorable regulatory frameworks in place. And the past year has been an exciting one: E-wallets have quickly come to the fore, digital banking licenses were awarded, and fintech startups in the city-state continued to attract investors.
In this piece, we’ve mapped out funding rounds and trending investments among the market’s key players. Singapore’s fintech space is certainly one to watch.
- Break it down: With eligible non-bank financial institutions able to offer PayNow services starting next month, the playing field will be leveled even further between fintech firms and incumbent banks. Users of non-bank wallets like TransferWise, GrabPay, and Razer Pay have every reason to celebrate: They’ll be able to top up their balances directly from their bank accounts or instantly transfer funds in Singapore dollars between their bank and non-bank digital wallets.
- Funding findings: Investor backing has mostly been on the up. Fintech startups in Singapore closed 48 deals in 2020, up from 42 deals in 2019. However, last year’s US$383.5 million in total deal value was just shy of 2017’s US$393.8 million.
- Top scorers: The demand for cross-border global payment services continues to rise. Last year, cross-border payments player Thunes netted US$60 million in its series B round. Meanwhile, Nium (formerly Instarem) banked US$41 million in its series C round.
Read more: The key players in Singapore’s thriving fintech space
STARTUP SPOTLIGHT
Former WeWork exec’s BNPL firm scores funds
“Buy now, pay later” (BNPL) firms are aplenty – even super app Grab is vying for a slice of the pie. Still, more players are entering the scene, and Pace Enterprise is one of them. The startup has raised a “high seven-figure” amount in its seed round, which was led by Temasek unit Vertex Ventures and Alpha JWC.
Show me the money: How unit economics works
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
