SG, Indonesia FinTech startups funding decline in 2024

Singapore tech startups raised $2.1b whilst Indonesia funding declined by 75%.

Singapore and Indonesia saw a decrease in financial technology startup funding by 15% and 68.45%, respectively, in 2024 compared to 2023, according to a Tracxn report.

Despite this, Singapore tech startups raised $2.1b in funding, representing a 56% increase from 2023’s $4.8b.

Meanwhile, the city-state’s high-tech startups saw funding increase by 4% in 2024 compared to 2023.

However, Indonesia only raised $323m in funding, a 75% decline from the $1.3b secured in 2023.

The insurance tech startups had the most funding, growing by 431.58% in 2024.