Singapore fintech funding down 10% to $208m in Q3

The drop is in line with overall tech startup funding in Singapore.

Singapore’s financial technology (fintech) companies raised a total of $208m for funding in Q3 2024, 10% lower than in the same quarter in 2023, according to data from Traxcn.

Fintechs, along with enterprise applications and retail, were amongst the “top-performing” sectors in Q3, the data intelligence platform said in the ‘Tracxn Geo Quarterly Report: Singapore Tech Q3 2024.’

The drop is in line with the funding trend seen for all tech startups. Singapore’s tech startups clinched $397m in funding for the quarter, a 26% decline from the $536m it raised in Q3 2023. 

The funding is higher by 9% than in Q2, however, when Singaporean tech startups raised just $363.6m.

Funding in Q3 was driven by small-ticket rounds, with a lack of $100m+ rounds. 

No new unicorns emerged during the period, similar to Q3 2023.

Whilst funding was lower overall, a different story played out for late-stage, seed stage, and early-stage startups.

Late stage funding rose 48% to $80m in Q3, from $53.9m raised in Q2. Early-stage investments, meanwhile, dropped 8% to $237m during the quarter, from the $258m raised in Q2.

Seed-stage startups saw the biggest jump in funding, with investments growing by 56.5% to $80.3m in Q3. 

The number of acquisitions dropped to 13 in Q3 from 14 in Q3 2023. The 13 acquisitions is still higher than the 6 acquisitions in Q2.

Wavemaker Partners, Antler and Entrepreneur First were the all-time top investors observed in Q3; whilst Antler, Orbit Startups, and East Ventures took the lead in seed-stage investments.

Peak XV Partners, SEEDS Capital, and Temasek were the top early-stage investors.