Key Singaporean FinTech investment stats in 2024:
- Singaporean FinTech funding dropped by 57% YoY in 2024
- Average deal value decreased by 17% to $18m for the year
- GXS bank, a pioneering digital bank, secured the largest Singaporean FinTech deal of the year by completing a $169.1m funding round
Singaporean FinTech funding dropped by 57% YoY in 2024
In 2024, the Singaporean FinTech sector experienced noteworthy drops in both deal activity and total funding compared to the previous year, highlighting a more challenging investment landscape.
A total of 116 deals were recorded in 2024, representing a 48% decrease from the 221 deals completed in 2023.
Funding fell even more sharply, with Singaporean FinTech firms raising $1.7bn in 2024—a 57% drop from the $4bn raised in 2023.
This decline suggests a substantial pullback from investors, reflecting increased caution amid economic headwinds and evolving regulatory pressures.
When compared to 2020, when the sector raised $2.8bn across 226 deals, the downturn in 2024 underscores the volatility of Singapore’s FinTech investment cycle.
Despite a funding peak in 2023, the steep decline in 2024 suggests a recalibration of investor priorities, with a shift towards sustainable growth rather than aggressive expansion.
Average deal value decreased by 17% to $18m for the year
The average deal value in 2024 was $14.8m, a 17% decrease from the $18.0m average in 2023.
The shift towards smaller deal sizes indicates that while capital is still being deployed, investors are becoming more selective, focusing on firms with stronger fundamentals and clearer paths to profitability.
As the sector adapts to this downturn, securing investment will likely require Singaporean FinTech firms to demonstrate resilience, innovation, and a strong regulatory strategy to attract capital in an increasingly cautious funding environment.
GXS bank, a pioneering digital bank, secured the largest Singaporean FinTech deal of the year by completing a $169.1m funding round
The capital injection was from Singtel and Grab, according to regulatory filings with the Accounting and Corporate Regulatory Authority of Singapore.
Grab took up the majority of the 229.5m shares, being allotted 191.8m shares, while Singtel received 37.7m shares.
The digital bank has disbursed more than 100k loans in the first year of its FlexiLoan product, which targets gig workers and traditionally underserved bank customers.
GXS Bank has also seen traction with FlexiLoan among segments well-served by traditional banks.
Deposits in both GXS and Malaysia GXBank rose to $479m at the end of Q1 2023 from $36m in Q1 2022, driven mainly by GXBank, with over 90% of its depositors being Grab users.
This funding will further support GXS Bank’s mission to deliver innovative financial solutions and expand its services.
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