SEA fintechs’ funding drops 22% to $776m in H1 2025

Late-stage investments rose but seed stage and early-stage funding both fell.

Southeast Asian financial technology (fintech) companies amassed a total of $776m investments in the first six months of 2025, a 22% drop compared to the first half of 2024, according to data from Tracxn.

Late-stage investments rose 22% but was offset by a 52% drop in seed stage funding and a 65% drop in early-stage funding.

Seed stage funding totalled $50.7m in H1, 52% year-on-year lower than the $106m raised in H1 2024.

Early-stage funding plunged 65% to $229m in H1 2025, compared to the $482m raised in H1 2024.

In contrast, late-stage funding jumped 22% to $558, compared to $458m raised in H1 2024. Compared to H2 2024, late-stage funding of SEA fintechs more than doubled, with a 113% increase.

Three $100m+ rounds involving SEA fintechs were recorded in H1 2025: Thunes, Airwallex, and bolttech.

Thunes raised a total of $150m in a series D round; Airwallex raised $150m in a series F round; and bolttech raised $147m in a series C round.

Only one SEA fintech went public in H1 2025: Antalpha, which provides financial services to institutional clients in the digital asset industry.