Singapore VC firm hits first close of $20m fintech fund

Singapore-based VC firm Resolution Ventures has hit the first close of its US$20 million fund that aims to back Southeast Asian founders in the fintech space.

The Resolution Ventures team / Photo credit: Resolution Ventures

The fund, which is backed by fintech-focused institutions, family offices, finance executives, and entrepreneurs, will invest in early-stage firms and provide them with the guidance and infrastructure of an asset management firm.

Resolution Fintech Fund I is managed by family office Blauwpark Partners, which holds a capital markets services license issued by the Monetary Authority of Singapore. The fund’s managing partner, Sam Gibb, is also a partner at Endeavour Ventures and has served as an assistant portfolio manager at Symphony Financial Partners.

Among the startups that the fund has backed include Oraan, Stemly, Dropee, and Gimo.

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The development comes amid a surge in funding for fintech firms in Southeast Asia, which hit a record high of US$3.5 billion in the first nine months of 2021, up 3x the amount raised the previous year.

Among early-stage fintech startups in Southeast Asia, the two companies that received the highest amount of investments in the first three quarters of 2021 were Grab Financial Group and VNPay – backed by well-funded parent firms Grab and VNLife, respectively. Other companies that were part of the most funded Southeast Asian fintech firms in the same period include Nium, GCash, Voyager Innovations, Ascend Money, Xendit, FinAccel, and Matrixport.