Key Singaporean FinTech investment stats in 2024:
- Singaporean FinTech funding slumped by 60% YoY
- Average deal value dropped to $14m as investors pulled back amid market uncertainties
- 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
Singaporean FinTech slumped by 60% YoY
In 2024, the Singaporean FinTech sector experienced noteworthy drops in both deal activity and funding compared to previous years.
A total of 115 deals were recorded in 2024, marking a 48% drop from the 221 deals completed in 2023 and a 49% decrease from the 226 deals in 2020.
This represents the lowest deal count in the last five years, underscoring a slowdown in activity within the sector.
Funding also saw a steep decline, with Singaporean FinTech firms raising $1.6bn in 2024, a 60% decrease from the $4bn raised in 2023 and a 43% decline from the $2.8bn raised in 2020.
These declines highlight a pullback in investor commitments, as the sector navigates growing economic challenges and an increasingly cautious funding environment.
Average deal value dropped to $14m as investors pulled back amid market uncertainties
The average deal value in 2024 was $14m, a 24% decrease from the $18m average in 2023 but a slight 12% increase from the $12.5m average in 2020.
This peak in average deal value compared to 2020 suggests that while fewer deals were completed, investors are prioritising larger, more strategic investments in the Singaporean FinTech sector.
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
The 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 fractionalised assets.
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