Written by Elevandi's Investments team Rafat Kapadia, Head of Investments, and Aanault Lee, Investments Strategy Lead.
October 2024
This report updates the status of FinTech investments in Singapore for the second quarter (Q2) and the first half (1H) of 2024, including a comparison with selected global and regional competitors.
For those periods, this report contains the latest deal information from Pitchbook, Tracxn and CB Insights, updated as of the 4 July. Any deals that may have been added to the databases following this date, are not incorporated in this report.
1H 2024 Fintech Funding
In 1H 2024, nearly all the countries in our coverage universe1 saw a decline in FinTech investments compared to 1H 2023, driven by global macro-economic conditions.
The key exception was the United Kingdom (UK), which saw investment more than doubled in 1H 2024 vs 1H 2023. It is worth noting, however, that UK’s 1H 2024 numbers were driven by IRIS Software Group (CFO Stack) buyout raising US$4 billion, constituting 54% of the UK’s total deal value for the 1H 2024. Excluding that transaction, the UK still recorded an increase of 32% in 1H 2024 vs 1H 2023.
The other exception was Hong Kong (HK) which saw 172% growth in investments compared to Q2 2023.HK was bolstered by two large deals of above US$100 million, namely Hashkey Exchange (Digital Assets) and LongBridge Securities (Wealthtech & Investments).
FutureMatters is a platform for thought leaders, practitioners, and industry players to share their insights on emerging opportunities and challenges in today's world. Apply to be a contributor here.