SE Asia fintech fund falls 25% in H1 2024
- Asia First
- Jul 8, 2024
- 1 min read
Funding for Southeast Asia’s financial technology (fintech) startups dropped 25% to USD899m in H1 2024 from USD1.2bn a year ago, Tracxn reported. The SaaS-based market intelligence platform noted a 31% decline from USD1.3bn in H2 2023. The highest funding was seen in H2 2021, with significant declines since. Macroeconomic and geopolitical issues contributed to the downward trend, making H1 2024 the least funded in three years. Seed and late-stage investments fell 53% and 47%, respectively. However, early-stage funding rose 17% to USD519m. Notable rounds included ANEXT Bank’s USD148m Series D and GuildFi’s USD140m Series A. Singapore led with USD518m in funding. Despite challenges, Tracxn sees long-term growth potential in SEA fintech.