Singapore dominated the fintech investment landscape in Southeast Asia during the first nine months of 2025, capturing an impressive 84% of all regional funding, solidifying its role as the primary financial technology center, according to a Tracxn report. The next closest market, Jakarta, accounted for only 4% of the total investment.

Regional Funding Declines and Stage Analysis

Overall, fintech funding across Southeast Asia dropped sharply to $1.1 billion (US$839 million), marking a 39% decline compared to the same period in 2024 and falling 56% below 2023 levels.

The pullback in investment was most severe at the initial stages:

• Seed funding plunged 63% year-over-year to $80.7 million (US$62.3 million).

• Early-stage funding fell 66% to $284 million (US$219 million).

• In contrast, late-stage funding remained relatively stable, registering $723 million (US$558 million), which was flat compared to 2024, though still down 45% from 2023.

Deal Flow and Activity

Deal flow was heavily concentrated in three “mega-rounds”: Thunes (US$150m, Series D), Airwallex (US$150m, Series F), and Bolttech (US$147m, Series C). The region saw positive trends in public markets with two IPOs (Antalpha and TCBS), an increase from one in 2024, and the emergence of one new fintech unicorn, matching the previous year’s count.

Merger and acquisition (M&A) activity was more subdued, with only 13 acquisitions tracked—a 43% drop from 2024. Notable deals included ASCENT’s acquisition by KFin for US$34.7 million and Coinseeker’s sale to Titanlab for US$30 million.

Key Investors

Investor activity varied by funding stage:

• Seed Stage: Iterative, 500 Global, and 1337 Ventures were the most active.

• Early Stage: Prominent investors included Peak XV Partners, OSK Ventures International Berhad, and Citi Ventures.

• Late Stage: DST Global Partners and Unbound led the largest funding rounds.