Fintech Payment Companies Received the Most Funding in Indonesia During Q3 2021

The 2021 Fintech in ASEAN report: Digital Takes Flight shows that funding for financial technology (fintech) services in Indonesia reached US$904 million, or approximately Rp12.90 trillion, in the third quarter of 2021 (using an exchange rate of US$1 = Rp14,276). The majority of funding, 36% or US$325.44 million, went to payment fintechs.

Investment technology (investment tech) fintechs received the second-largest amount of funding at 24%, or US$216.96 million. This was followed by finance and accounting tech at 17%, or US$153.68 million.

Alternative lending fintechs received 10% or US$90.4 million in funding. Cryptocurrency fintechs received 8%, or US$72.32 million.

Funding for insurtech amounted to 5%. The remaining 1% of funding went to banking tech.

In total, funding for the fintech industry in Southeast Asia reached US$3.5 billion in the third quarter of 2021. Payment services dominated, receiving US$1.9 billion, followed by investment tech at US$457 million and cryptocurrency at US$356 million.