FinTech seed deal activity in Singapore grew 54% in Q3, with further government support on the way

• Overall there were 20 FinTech seed deals raised by Singaporean companies in Q3 2022, a 54% increase from Q2 2022. FinTech seed deal activity in Singapore is now expected to reach 68 deals for the whole of 2022 based on deal activity from Q1 – Q3 2022 which in comparison is similar to Australia’s FinTech seed deal activity.
• watchTowr, a cyber-attack surface management platform, was the largest FinTech seed deal in Q3 2022 raising $8m in their seed round led by Prosus Ventures and Vulcan Capital. The company will use the additional funds to continue enhancing the technology that underpins its proprietary platform and to seize growth opportunities that are arising from markets outside of Southeast Asia. Since its last funding round in November 2021, the company has helped organizations fend off vulnerabilities like the Log4Shell and ProxyShell exploits, it said in a statement. In June this year, the firm was also accepted into the Infocomm Media Development Authority’s SG:D
Spark Program, an initiative that supports the growth of Singapore-based media firms.
• The Monetary Authority of Singapore (MAS), Singapore FinTech Association (SFA) and AMTD Foundation (AMTD) have established a S$6 million MAS-SFA-AMTD FinTech Solidarity Grant to support Singapore-based FinTech companies amid the challenging business climate caused by the COVID-19 pandemic. The Grant will help the FinTechs manage their cashflow better, support them in generating new businesses, and provide greater support for FinTechs to pursue growth strategies.

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