Southeast Asia’s fintech startups collectively raised US$839 million through the first 9 months of 2025 (9M 2025), reflecting a continued cooling development in regional funding.
The whole capital influx marks a 39 per cent decline in comparison with the US$1.4 billion raised in 9M 2024 and a 56 per cent drop in comparison with the US$1.9 billion recorded in 9M 2023, in response to the Southeast Asia FinTech Report by Tracxn.
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Regardless of the general contraction in funding exercise, Singapore solidified its place because the central hub for fintech investments, capturing 84 per cent of the overall funding raised throughout the area. Jakarta adopted distantly, contributing 4 per cent of the area’s fintech funding.
The large decline in general funding was primarily pushed by steep drops in investments throughout the seed and early phases. Seed-stage funding stood at US$62.3 million in 9M 2025, a discount of 63 per cent from 9M 2024 and 64 per cent decrease than 9M 2023. Early-stage investments fared equally, totalling US$219 million, which represents a 66 per cent drop in comparison with 9M 2024 and 70 per cent lower than 9M 2023.
Nonetheless, late-stage funding confirmed stability. Late-stage investments held regular at US$558 million, matching the extent seen in 9M 2024. This determine was nonetheless 45 per cent beneath the US$1.0 billion recorded in 9M 2023.
Mega rounds stabilise late stage
The soundness in late-stage funding was supported by three important US$100 million-plus funding rounds, up from two such rounds in 9M 2024. The notable mega-rounds recorded through the interval included Thunes (US$150 million, Sequence D), Airwallex (US$150 million, Sequence F), and bolttech (US$147 million, Sequence C). These offers underscore sturdy investor backing for choose growth-stage fintech gamers.
Investor participation remained energetic throughout all phases. DST International Companions and Unbound have been recognized as the highest late-stage traders, whereas Iterative, 500 International, and 1337 Ventures have been probably the most outstanding traders on the seed stage. Peak XV Companions, OSK Ventures Worldwide Berhad, and Citi Ventures performed main roles in early-stage progress investments.
Acquisitions and public markets
The area recorded two preliminary public choices (IPOs) in 9M 2025–Antalpha and TCBS–marking a 100 per cent improve in comparison with the only IPO seen in 9M 2024. The variety of IPOs matched the 2 recorded in 9M 2023. Moreover, the fintech ecosystem noticed the creation of 1 new unicorn in 9M 2025, per the quantity created in 9M 2024.
Additionally Learn: Is fintech in SEA altering its focus for additional growth?
Acquisition momentum, nonetheless, slowed down. Fintech firms in Southeast Asia recorded 13 acquisitions in 9M 2025, a 43 per cent drop in comparison with 23 acquisitions in 9M 2024. Strategic consolidation inside the sector continued, with the highest-valued acquisition being KFin Applied sciences’s acquisition of ASCENT for US$34.7 million. This was adopted by Titanlab’s acquisition of Coinseeker for US$30.0 million.
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