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The Asian fintech industry has experienced remarkable growth in recent years, emerging as a global leader in innovation and financial inclusion.
Driven by a large unbanked population, a tech-savvy youth demographic, and supportive government policies, fintech startups across Asia are revolutionizing the way financial services are delivered and accessed.
From digital payments and lending to wealth management and insurance, these agile startups are leveraging cutting-edge technologies like AI, blockchain, and big data to provide affordable, convenient and inclusive financial solutions. According to Mordor Intelligence, the size of the Asia-Pacific fintech market is estimated to be $147.69 billion in 2024, growing at a CAGR of over 16% to reach $310.88 billion by 2029.
Our listicle highlights some of the most promising fintech startups in Asia that are poised to shape the future of finance in the region and beyond. From digital banks and neo-lenders to insurance tech and wealthtech platforms, these startups are redefining the rules of the game and ushering in a new era of financial empowerment for the masses.
Let’s take a glimpse at the 10 rising fintech startups in Asia. Number is irrelevant to ranking.
Bolttech is a leading Singapore-based insurtech company that provides a technology-enabled ecosystem for insurance and protection products. It operates a global insurance exchange platform that connects insurers, distributors, and customers, facilitating the purchase and sale of insurance solutions.
The company has raised significant funding, including a $196 million Series B round in 2023 led by Tokio Marine, Japan's largest insurance company. This round valued Bolttech at $1.6 billion. Other notable investors include MetLife through its subsidiary MetLife Next Gen Ventures and Malaysia's sovereign wealth fund.
Bolttech's Series A round in 2021 was also the largest ever for an insurtech at that time. The company aims to use the funding to enhance its proprietary technology, including AI, machine learning, and automation for insurance distribution, claims processing, fraud detection, and inventory management.
(Refer to: Insurtech bolttech gets $196M at $1.6B valuation from investors like MetLife)
Advance is a Filipino fintech company focused on enhancing financial access and inclusion in the Philippines and Vietnam. It provides digital financial services and solutions to underserved segments, enabling easier access to essential financial products like loans, insurance, and investments.
In March 2023, Advance raised $16 million in a pre-Series A funding round led by prominent investors like Do Ventures, Lendable, Phoenix Holdings, Kaya Founders, Foxmont Capital, Oyster Ventures, and Crossocean Ventures. Existing backers such as Wavemaker Partners, Next Billion Ventures, Integra Partners, and Accion Venture Lab also participated.
This funding will allow Advance to expand its operations in the Philippines and Vietnam, further developing its technology platform and product offerings to serve the underbanked population better. The company aims to leverage digital solutions to drive greater financial inclusion in these markets.
(Refer to: FILIPINO FINTECH ADVANCE SECURES $16M IN A PRE-SERIES A FUNDING LED BY DO VENTURES, LENDABLE)
Bayo Pay is a Malaysian fintech company that provides digital payment solutions and services to small and medium enterprises (SMEs) and corporations. It offers an integrated end-to-end platform that enables businesses to develop and deploy scalable private-label payment solutions.
In June 2023, Bayo Pay raised $2.4 million in a Series A funding round led by VentureTECH SBI and VentureTECH. Bayo Pay will use this fund to expand the client base, promote its ancillary digital services, support operations, and meet capital expenditure requirements.
Bayo Pay's B2B2X business model allows clients to access its proprietary technology and create customized payment solutions by leveraging its white-label or embedded payment modules. This approach enables fintech startups and corporations to enter the digital financial services space efficiently by overcoming regulatory, legal, and technical barriers while providing flexibility and ease of product customization and integration.
(Refer to: Malaysian Fintech Bayo Pay Raises RM10 Million Series A)
1Long is a Vietnamese fintech startup that provides a wealth management platform aimed at empowering individuals to achieve their financial goals. The company offers a suite of investment products and services, allowing users to start investing with minimal amounts. 1Long provides two products now - 1Safe and 1Term.
1Safe provides a (daily) cash savings service with an annual interest rate of up to 6.6%. 1Term offers a long-term high interest rate cash plan which allows you to receive a maximum annual interest rate of 9% if the deposit period is long.
It launched their first startup, Anfin, in June 2021 and it was selected as YC's winter 2022 batch startup. Currently, the company is still around but they decided to pursue a different vision as 1Long. In early 2024, 1Long raised $500,000 in a pre-seed funding round from prominent investors including Iterative, Monk's Hill Ventures, R2VP, and Orionis Capital.
This funding will be utilized for technology development, forging partnerships with asset managers and financial institutions, and strategic team expansion. 1Long plans to expand its offerings to include stocks, bonds, real estate investments, as well as value-added services like retirement and tax planning. The company caters to both domestic and international investors interested in the Vietnamese market and is committed to community welfare through charitable and environmental initiatives.
1Long’s ultimate goal is to help customers successfully manage their assets by training them to manage them responsibly through the product.
(Refer to: From Silicon Valley to Vietnam : Strategy of the Startup Founder to Tap into $260 Billion Savings Market)
LayerX is a Japanese fintech startup focused on corporate expense management and digitizing economic activities. Their core product, ‘Bakuraku’, provides an integrated platform for expense reimbursement, invoicing, electronic bookkeeping, and corporate cards, enabling operational efficiency while ensuring compliance with regulations. According to the company, the number of users of Bakuraku exceeded 3,000 in the two years since the launch of the service.
In Feburuary 2023, LayerX received an investment from MUFG Innovation Partners, the corporate venture capital arm of Mitsubishi UFJ Financial Group. While the funding amount was not disclosed, this strategic investment aims to explore collaborations between LayerX and MUFG to develop new services and solutions for corporate expenditure management.
Additionally, LayerX secured a $7.5 million seed round in 2022 from investors like Glilot Capital Partners and Kmehin Ventures. It planned to utilize these funds to enhance its technology platform, including AI, machine learning, and automation capabilities for insurance distribution, claims processing, fraud detection, and inventory management.
(Refer to: LayerX、シリーズAファーストクローズで約55億円の資金調達を実施)
Orderfaz is an Indonesian fintech startup that provides a platform for social commerce sellers to improve their sales conversion rates and streamline operations. The company caters to Indonesia's rapidly growing social commerce market, which is expected to reach $90 billion by 2028. Orderfaz offers a suite of tools and services, including a Smart WhatsApp Keyboard for closing deals, order management, invoicing, and a one-click checkout process with fraud prevention measures.
In July 2023, Orderfaz raised an undisclosed pre-seed funding round led by 1982 Ventures. The startup plans to use the funds to expand its team across all functions, further develop its platform, and grow its user base. Orderfaz has already signed up over 600 sellers in the first two months after launch and aims to double its user base in the next month.
(Refer to: Orderfaz raises pre-seed round from 1982 Ventures to boost social commerce)
Sunday is a Thai insurtech startup that provides digital insurance solutions through its mobile app. The company offers a range of insurance products, including motor, travel, and personal accident coverage, with a focus on making the insurance process more convenient and accessible for consumers.
In 2022, Sunday raised $45 million in a Series B funding round led by Tencent, Hillhouse Capital, and SCB 10X, the venture capital arm of Siam Commercial Bank. This investment valued the company at over $300 million. The funds will be used to expand Sunday's product offerings, enhance its technology platform, and drive growth in Thailand and other Southeast Asian markets.
Sunday has seen strong growth, with over 1 million customers and partnerships with leading companies like Grab and Gojek. The startup aims to revolutionize the insurance industry in Thailand by leveraging technology to provide affordable and user-friendly insurance solutions to the mass market.
(Refer to: Insurtech firm Sunday’s next opportunity: Thailand’s booming EV space)
AwanTunai is an Indonesian fintech startup founded in 2017 that provides point-of-sale financing solutions to digitize the country's vast cash economy. The company offers inventory purchase financing, working capital, and mobile-based consumer credit to micro-retail merchants such as grocery stores, motorcycle repair shops, electronics retailers, and pharmacies. AwanTunai aims to bring financial inclusion to the 100 million Indonesians who lack access to traditional banking products.
In March 2024, AwanTunai raised $27.5 million in a Series B funding round led by Norfund (the Norwegian government's investment fund), MUFG Innovation Partners (the innovation arm of Japan's MUFG Bank), and OP FinnFund (a Finnish impact investment firm). This capital will be used to expand AwanTunai's lending facilities to support over $2 billion in annualized inventory purchase financing by the end of 2024.
The startup has a robust business model, having already achieved positive EBITDA and targeting profitability by the end of 2024. AwanTunai's unique value proposition lies in its integrated ERP platform that provides data-driven risk analysis and credit scoring to serve the underbanked MSME segment in Indonesia.
(Refer to: This Fintech Startup Raised $27.5 Million To Bring Indonesian SMEs Online)
Pocketly is an Indian fintech startup founded in 2019 that provides credit lines and buy-now-pay-later (BNPL) solutions to young adults underserved by traditional banks. The company offers a fully digital and automated process for accessing credit through its platform. Pocketly aims to bring financial inclusion to the large segment of India's population that lacks access to formal banking products.
In March 2022, Pocketly raised $3million in a pre-Series A funding round led by Dholakia Ventures. The round included $1million in equity and $2million in debt financing, with participation from notable angel investors like Kunal Shah, Apurva Parekh, Siddharth Somaiya, and Aaryaman Vir Shah. This capital will be used to expand Pocketly's lending facilities and support its rapid growth.
The startup has already grown 10x in the past year, serving over 100,000 borrowers and disbursing more than Rs 250 crore annually. Pocketly currently has a user base of over 700,000, with more than 100,000 having availed credit from the platform. The company's innovative credit scoring and risk analysis capabilities, powered by its integrated ERP platform, enable it to serve the underbanked young adult segment in India effectively.
(Refer to: Fintech lending platform Pocketly raises $3mn)
Finnomena is a Thai fintech startup that provides a digital wealth management platform for investors and financial advisors. The company offers financial advice to investors on digital assets via social media channels and podcasts. Instead of offering its own mutual funds, Finnomena selects the best mutual funds from 19 asset management firm partners to offer investors on the platform.
Finnomena has raised a total of $13.5 million in funding so far and hopes to reach unicorn status within the next few years. The company was founded by three wealth management veterans and has seen rapid growth, with 700,000 total downloads on its investment platforms and over 100,000 investors having opened accounts, of which more than 50,000 are actively trading.
Finnomena reached 300 million baht in assets under advisement (AUA) in its first year of operations and has since grown to 25 billion baht AUA, which is expected to help the company double its growth from 16 billion last year at a faster rate.
(Refer to: FINNOMENA has elevated its strength by raising over $5.5 million in Series B+ funding)
Write : May Jang
Edit : Jinny Kim (underdogs)
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