ASEAN Fintech Funding Surges to US$3.5 Billion in Q3 2021

The 2021 Fintech in ASEAN report: Digital Takes Flight shows that Fintech funding in Southeast Asia reached US$3.5 billion, or approximately Rp 49.80 trillion, in the third quarter of 2021 (using an exchange rate of US$1 = Rp 14,243). This figure is three times higher than in 2020, which amounted to US$1.1 billion.

The number of Fintech funding deals recorded 167 agreements from January to September 2021. This is the highest number of funding deals in the last five years. In 2020, there were only 126 funding deals, and in 2019, there were only 141.

The majority of Fintech funding in Southeast Asia in Q3 2021 came from early-stage funding, accounting for 52% of total funding. This was followed by late-stage funding at 44%, pre-series funding at 3%, and private equity at 1%.

Singapore and Indonesia dominated Fintech funding in Southeast Asia during this period, accounting for 44% and 26% of total funding, respectively. By category, the largest Fintech funding was in payments, accounting for 55%.

Fintech funding in Indonesia reached US$904 million in Q3 2021. The majority of this funding (36%, or approximately US$325.44 million) went to payment Fintech companies.