Southeast Asia’s fintech sector raised US$1.6 billion in 2024.

This figure represents a 23% decline from US$2.1 billion in 2023 and a 75% drop from US$6.3 billion in 2022, according to data from Tracxn.

Despite the overall decline, certain fintech segments experienced growth.

The Payments sector raised US$366 million, a 53% increase from 2023. Funding for cryptocurrencies increased by 20% to US$325 million, and Banking Tech secured US$265 million, reflecting a 63% rise from the previous year.

Geographically, Singapore remained the most active hub, with fintech companies raising US$955 million.

Jakarta and Bangkok followed with US$242 million and US$198 million, respectively.