Key Singaporean FinTech investment stats in Q3 2024:
- Singaporean FinTech deal activity halved in Q3 YoY
- Average deal value dropped to $13.7m as investors focus on smaller deals
- SDAX, a digital assets exchange specialising in regulated investment and trading of fractionalised institutional-grade assets, secured the biggest FinTech deal in Singapore with a $50m Series B2 funding round
In Q3 2024, the Singaporean FinTech sector faced a marked decline in both deal activity and funding.
Only 23 deals were recorded during the third quarter, representing a 54% decrease from the 50 deals completed in Q3 2023.
Funding also saw a sharp reduction, with Singaporean FinTech companies raising just $315m in Q3 2024—a significant 82% drop from the $1.8bn raised in the same period last year.
If this trend continues, the projected total for deal activity in 2024 would be around 96 deals, marking a 57% decrease from the 221 deals completed in 2023, and funding is projected to reach approximately $1.8bn, down 55% from the $4.0bn raised in 2023.
The average deal value in Q3 2024 was approximately $13.7m, a decrease from the $16.8m average in Q2 2024 and significantly lower than the $35.3m average deal value in Q3 2023.
This shift suggests that investors are increasingly conservative, favouring smaller investments as economic conditions tighten.
Singapore-based SDAX, a digital assets exchange specializing in regulated investment and trading of fractionalized institutional-grade assets, secured Singapore’s largest FinTech deal of the quarter with a $50m Series B2 funding round led by Muscat Precious Metals Refining Company (MPMR) from Oman.
This substantial investment, reported in filings with the Accounting and Corporate Regulatory Authority (ACRA), positions SDAX for significant growth.
The funding will enable SDAX to expand client acquisition efforts, develop new business lines in wealth and fund management, and establish a digital asset exchange in Oman.
This Oman exchange will serve as a critical link to global liquidity pools, providing investors in the GCC and Africa with access to SDAX’s fractionalized assets.
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