Digital payments, e-wallet transactions have skyrocketed over the last two years when the COVID-19 pandemic hit. In 2022, as tech companies around the world grapple with winter funding, fintech companies in Southeast Asia continue to raise huge capital. According to a CB Insights report titled “The Most Promising Fintech Companies of 2022” there are 10 companies in Southeast Asia that are included in the list of the most valuable fintechs in the world this year.
In this article, we would like to introduce 5 among them.
1. Coda Payments (Singapore) – US$715 million
Coda Payments ranks top in Southeast Asia with a total fund of US$715 million. This Singapore-based fintech is supported by a number of investors, such as Cento Ventures, Rakuten Capital, to Google for Startups Accelerator.
Coda Payments offers three main products: (1) Codashop, a global marketplace for in-game currencies and content; (2) xShop, a proprietary distribution network that enables publishers to distribute their products through a range of e-commerce and other consumer-facing platforms; and (3) Codapay, an API service that allows game publishers and other digital content providers to accept over 300 payment methods on their own website.
2. Voyager Innovations (Philippines) – US$713 million
Voyager Innovations has raised up to US$210 million in its latest funding round. This makes the company the second unicorn in the Philippines with a valuation of more than US$ 1 billion.
Voyager’s existing shareholders such as PLDT, private equity firm KKR & Co Inc, China’s Tencent Holdings Ltd and International Finance Corp (IFC) also joined in the capital injection. This startup has served 47 million people through its consumer platform which includes e-wallet and digital payments.
3. Atome (Singapore) – US$600 million
Atome Financial is a subsidiary of Singapore-based tech unicorn Advance Intelligence Group. Last year, Atome Financial inked a 10-year partnership and US$500 million financing deal with Standard Chartered. This year, it received US$45 million from parent company Advance Intelligence Group and entered into an US$100 million debt facility with HSBC Singapore to support its business expansion.
4. Xendit (Indonesia) –US$515 million
Xendit is ranked 4th in Southeast Asia with a total funding of US$515 million. There are a number of investors behind this fintech funding, such as Y Combinator, Accel, East Ventures, GMO VenturePartners, to Tiger Global Management.
The company claims more than 3,000 customers, among which Samsung Indonesia, Grab Pay, Ninja Van Philippines, Qoala, Unicef Indonesia, Cashalo and Shopback, and says it has tripled annualized transactions from 65 million to 200 million and increased total payments value from US$6.5 billion to US$15 billion over the past year.
5. NIUM (Singapore) –US$264 million
Nium is an embedded finance startup that provides banks, payment providers, and businesses of any size with access to global payment services and card issuance solutions. Nium has raised US$264 million in funding and is worth US$1 billion, according to CB Insights and Dealroom data. The startup acquired Singapore-based alternative payments network platform Socash earlier this year, and is reportedly in talks to make another acquisition worth up to US$400 million to drive an expansion in Europe.
According to seasia.co