Singapore has emerged as a hotbed for innovation in the financial technology (FinTech) industry. The city-state’s supportive regulatory environment and robust infrastructure with access to capital have fostered the growth of numerous cutting-edge startups. These companies are revolutionizing traditional financial services, offering convenient, secure, and efficient solutions to individuals and businesses alike. The world of finance is undergoing a transformative wave fueled by technology and innovation.
In Singapore, a vibrant hub for finance and technology, numerous startups have emerged to spearhead this financial revolution. These FinTech startups are revolutionizing how we manage money, make payments, invest, and access financial services. Below you will discover the top 15 FinTech startups in Singapore, and they are leading the charge in reshaping the financial landscape.
What Are FinTech Startups?
FinTech refers to the use of technology to deliver financial products and services in a more efficient, accessible, and user-friendly manner. FinTech startups are innovative companies that merge finance and technology to revolutionize traditional financial services. By harnessing the power of digital platforms, software, and algorithms, these startups offer efficient, convenient, and often more affordable alternatives to banking, lending, investing, and payment services.
They operate in various domains such as payments, lending, personal finance, insurance, blockchain, regulatory technology, crowdfunding, open banking, financial inclusion, and data analytics. FinTech startups leverage cutting-edge technologies such as artificial intelligence, blockchain, and mobile apps to disrupt traditional financial institutions and streamline financial processes.
With their focus on innovation, agility, and customer-centricity, FinTech startups are reshaping the financial landscape and driving the digital transformation of the industry.
How To Choose A FinTech Startup in Singapore?
With the increasing number of FinTech startups in Singapore, choosing the right one can be daunting. To help you weigh your options, take into account the following points:
Security and Compliance:
Prioritise startups that prioritize the security of their users’ financial information and transactions. Look for startups that adhere to stringent security measures and regulatory compliance. Check if the startup has certifications such as the Payment Card Industry Data Security Standard (PCI-DSS) and Monetary Authority of Singapore (MAS) licenses. These certifications ensure the startup follows industry best practices and complies with security standards, safeguarding your financial data.
Opt for startups that provide intuitive and user-friendly interfaces. A smooth and seamless user experience is crucial for hassle-free financial transactions. Look for startups with a focus on user-centric design and a simple, clear user interface. Pay attention to the ease of navigation, clarity of information, and availability of customer support. A startup that prioritizes user experience will enhance your overall satisfaction and make your financial transactions more efficient.
Range of Services
Consider the breadth of services offered by the startup. A comprehensive suite of financial solutions can simplify your financial management. Look for startups with a wide range of services that meet your needs. Whether you require payment solutions, lending options, investment tools, or insurance services, choose a startup that can meet your diverse financial requirements. This way, you can consolidate your financial activities in one platform—allowing you to manage your finances more conveniently and efficiently.
Reputation and Track Record
Research the reputation and track record of the startup. Check reviews, testimonials, and customer feedback to gauge their reliability and credibility. Look for startups that have established a positive reputation in the industry and a track record of delivering high-quality financial services. Consider the feedback from existing customers to get insights into the startup’s reliability, customer service, and overall satisfaction. A startup with a strong reputation and positive customer reviews would most likely provide a satisfactory experience.
Scalability and Future Growth
Assess the startup’s potential for scalability and future growth. A startup with a solid business model and clear expansion plans can offer long-term benefits. Look for startups that have demonstrated scalability and growth in their operations. Consider their partnerships, funding, and market presence to evaluate their potential for future success. A startup that is well-positioned for growth can provide you with ongoing innovation and improvements in its financial services, ensuring that you stay ahead of the curve.
With these factors, you can make an informed decision when choosing a FinTech startup in Singapore. Remember to prioritize security and compliance, user experience, range of services, reputation and track record, scalability, and future growth. Assessing startups based on these criteria will help you find the right partner that aligns with your financial goals and provides reliable and innovative solutions.
Now, let’s explore the top 15 FinTech startups in Singapore:
Top 15 FinTech Startups in Singapore
|Atome is a leading “Buy Now Pay Later” (BNPL) platform that allows consumers to make purchases and pay for them in interest-free instalments. With a wide network of retail partners, Atome offers convenient and flexible payment options for online and offline shopping. Founded in 2016, Atome has quickly gained popularity among shoppers looking for a convenient and budget-friendly way to make purchases.|
|Funding||$645M (as of August 2022)|
|Investors||Atome is a leading “Buy Now Pay Later” (BNPL) platform that allows consumers to make purchases and pay for them in interest-free installments. With a wide network of retail partners, Atome offers convenient and flexible payment options for online and offline shopping. Founded in 2016, Atome has quickly gained popularity among shoppers looking for a convenient and budget-friendly way to make purchases.|
- Grab Financial Group
|Grab Financial Group is the financial services arm of Grab, Southeast Asia’s leading super app. With a range of financial products and services, including mobile wallets, lending, insurance, and investments, Grab Financial Group aims to provide accessible and affordable financial solutions to millions of users across the region. Founded in 2018, Grab Financial Group has rapidly expanded its offerings and established strategic partnerships with major financial institutions.|
|Funding||$300M (as of January 7, 2021)|
|Investors||Flourish Ventures, K3 Ventures, Arbor Ventures, GGV Capital, Hanwha Asset Management|
|ShopBack is a cashback platform that rewards users with cash rebates for their online shopping. By partnering with thousands of e-commerce merchants, ShopBack offers consumers the opportunity to earn cash back on purchases across various categories, including fashion, electronics, travel, and more. Founded in 2014, ShopBack has become a popular choice for savvy shoppers looking to maximise their savings while enjoying a seamless shopping experience.|
|Founder Year||August 2014|
|Funding||$355M (as of December 2022)|
|Investors||ShopBack is a cashback platform that rewards users with cash rebates for their online shopping. By partnering with thousands of e-commerce merchants, ShopBack offers consumers the opportunity to earn cash back on purchases across various categories, including fashion, electronics, travel, and more. Founded in 2014, ShopBack has become a popular choice for savvy shoppers looking to maximize their savings while enjoying a seamless shopping experience.|
|Canopy is a fintech startup that specializes in financial data aggregation and visualization. Through its platform, Canopy helps individuals and businesses gain a holistic view of their financial health by securely connecting and consolidating data from various financial accounts. Founded in 2016, Canopy has been instrumental in empowering users to make informed financial decisions and efficiently manage their finances.|
|Funding||$19.1M (as of September 2018)|
|Investors||Integra Partners, 500 Global, LionRock Capital (Hong Kong), Credit Suisse, Experian Ventures, Tanmai Sharma|
- Coda Payments
|Coda Payments specialises in alternative payment solutions for digital content and gaming platforms, enabling secure and convenient payments through partnerships with major merchants and telcos. With a focus on emerging markets, Coda Payments helps facilitate transactions and increase monetization opportunities in regions where traditional payment methods may be limited. Founded in 2011, Coda Payments has grown to become a trusted payment provider in the gaming and digital content industries.|
|Funding||$715.3M (as of April 2022)|
|Investors||Apis Partners, Insight Partners, GIC, Smash Capital, GMO Global Payment Fund, and other more investors|
|Temasek Holdings, Visa, Vertex Ventures, and 20 other investors|
|Funding||$288M (as of March 2022)|
|Investors||Temasek Holdings, Visa, Vertex Ventures, and 20 other more investors|
|Tokio Marine Insurance Group, MetLife, Khazanah Nasional Berhad, and other more investors|
|Founder Year||Early 2020|
|Funding||$443.2M (as of May 2023)|
|Investors||Tokio Marine Insurance Group, MetLife, Khazanah Nasional Berhad, and other investors|
|M-Daq is a fintech company that offers currency conversion and hedging solutions for e-commerce merchants and businesses engaged in cross-border trade. By leveraging technology and deep liquidity pools, M-Daq enables businesses to manage currency risks and optimize their international transactions. Founded in 2010, M-Daq has been at the forefront of providing innovative currency solutions to facilitate global commerce.|
|Funding||$246.3M (as of August 2021)|
|Investors||Ant Group, Shunwei Capital, Samsung Ventures, and other more investors|
- Funding Societies
|Funding Societies is a leading peer-to-peer lending platform that connects SMEs with investors for working capital financing. Through its platform, Funding Societies enables SMEs to access funds quickly and investors to diversify their investment portfolios. Founded in 2015, Funding Societies has played a crucial role in supporting the growth of small businesses in Singapore and Southeast Asia.|
|Funding||$560.1M (as of August 2022)|
|Investors||HSBC Bank Singapore, AVV, Peak XV Partners, Indies Capital Partners, K3 Ventures, EDBI, and other more investors|
- Aspire Financial Technologies Pte. Ltd
|Aspire is a digital business banking solution that offers seamless account opening, expense tracking, and access to credit for SMEs. With a focus on providing financial tools and services tailored to the needs of small businesses, Aspire empowers entrepreneurs to manage their finances efficiently. Founded in 2018, Aspire has quickly gained traction as a reliable banking partner for SMEs in Singapore and Southeast Asia.|
|Funding||$299.5M (as of February 2023)|
|Investors||Kasikorn Bank, Y Combinator, MassMutual Ventures, DST Global, Picus Capital, PayPal Ventures, and other more investors|
|Volve is a Singapore-based fintech startup that offers a comprehensive suite of financial management tools for individuals and businesses. With its user-friendly interface and powerful features, Volve enables users to track expenses, set budgets, and manage investments effectively. Founded in 2019, Volve has quickly gained recognition for its intuitive and accessible financial management solutions.|
- Singlife with Aviva
|Singlife with Aviva is a digital insurance platform that provides customers with accessible and flexible insurance solutions. By combining Aviva Singapore’s expertise with Singlife’s digital capabilities, the platform offers a wide range of life insurance products and services tailored to customers’ needs. Singlife, founded in 2014, and Aviva’s collaboration has strengthened its position in the insurance industry, providing innovative and customer-centric solutions.|
|Funding||$180.3M (as of February 2021)|
|Investors||Aboitiz, Sumitomo Life Insurance Company, Ion Pacific|
- Milieu Insight Pte Ltd
|Milieu Insight is a Singaporean FinTech startup that focuses on market research and consumer insights. They combine traditional survey methods with technology-driven approaches to gather and analyze data, providing businesses with valuable market intelligence. Milieu Insight’s platform enables companies to make data-driven decisions and gain a deeper understanding of consumer behavior and preferences.|
|Funding||$8.1M (as of November 2021)|
|Investors||OSK Ventures International, Genesis Alternative Ventures, MMV Europe & Asia-Pacific, Photo of Ravi Ravulaparthi, and Ravi Ravulaparthi|
|Suntoyo is a fintech company that specialises in developing AI-powered credit assessment and risk management solutions. By leveraging advanced data analytics and machine learning, Suntoyo helps financial institutions make informed lending decisions and mitigate credit risks. Founded in 2017, Suntoyo has been at the forefront of leveraging technology to enhance credit assessment processes and drive financial inclusion.|
- Monetium Credit
|Monetium Credit is a Singapore-based FinTech startup that provides innovative credit solutions to individuals and businesses. They leverage technology to streamline the lending process and offer flexible repayment options. With a customer-centric approach, Monetium Credit aims to address the financing needs of underserved market segments.|
The FinTech startup ecosystem in Singapore continues to thrive, spearheading innovation and disrupting traditional financial services. These top 15 startups are at the forefront of this transformation, leveraging technology and customer-centric approaches to enhance financial accessibility, improve efficiency, and empower individuals and businesses. As Singapore cements its position as a global FinTech hub, the future looks promising for these startups and the evolution of the financial industry as a whole.
If you’re intrigued by the FinTech revolution and want to stay updated on the latest developments, follow these startups and explore their offerings. Embrace the convenience, efficiency, and innovation they bring to the financial landscape. Stay ahead of the curve and join the digital revolution in Singapore’s vibrant FinTech ecosystem. Discover how these startups utilize digital marketing strategies to promote their services and connect with their target audience.