6 FinTech funding rounds reported in APAC in April 2024

By Gloria Mathias

The Asia-Pacific (APAC) region is experiencing a surge in FinTech funding. This growth is driven by technological innovation, shifting consumer preferences, and regulatory frameworks conducive to investment.

Key financial centres like Singapore, Hong Kong, India, and Indonesia are witnessing a proliferation of FinTech startups offering a wide array of digital financial services, ranging from payment solutions to wealth management platforms. With increasing internet penetration and a growing demand for digital banking services, APAC stands as a focal point for FinTech investment, poised for continued expansion and disruption in the financial landscape.

The rise of new FinTech start-ups, the new-to-bank population, and technological advancements have paved the way for an upsurge in FinTech evolution. FinTechs are becoming mainstream with more investment than ever before. Tracking FinTech investments provides a better perspective on the competitive and strategic trends in the industry.

Listed below are 6 FinTech funding rounds that took place in APAC this month:

• Innoviti raises $4.7m in first close of Series E funding round

Innoviti Technologies, India’s payments-centric retail SaaS platform for enterprise brands and their SME channel partners, has announced that it has closed a $4.7 million (INR 40 crore) first close of its ongoing Series E round.

The round was led by Bessemer Venture Partners and Patni Family Office, with early angels and founders subscribing to the rights issue.

• Smartpay raises $7m in Pre-Series A funding round

Japanese-embedded FinTech Smartpay has secured $7 million in a pre-series A round from SMBC Venture Capital and Angel Bridge VC.

Smartpay has brought together Japanese, European, and American powerhouse investors who have deep experience in the FinTech industry. Smartpay is a digital embedded finance system in Japan to offers no interest, no late fees, and free-of-charge instalments at the point of purchase.

• RupeeRedee’s captive NBFC FincFriends raises $7.8m in funding

FincFriends, the captive non-banking financial company (NBFC) of the digital lending platform RupeeRedee, recently closed its funding round.

As part of it, the company has raised $2 million in equity and $2.8 million in the form of ECB from its existing shareholders, APV Management Pte Ltd. In sum, the company’s total fundraising stands at $13.6 million in equity, $33.5 million in ECB, & $4.3 million in debt.

• TransferGo raises $10m in funding from Taiwania Capital Management

TransferGo has announced the investment news of securing a $10 million investment from Taiwania Capital Management. This investment aims to accelerate its growth in the Asia-Pacific region and support the expansion of our new product offerings.

• Namdev Finvest raises $19m in Pre-Series C funding round

Namdev Finvest Private (Namdev), a non-banking finance company (NBFC) dedicated to MSME financial inclusion, has announced the successful closure of its pre-series C funding round, securing $19 million.

The investment round was led by Maj Invest Financial Inclusion Fund III K/S, with participation from Promoters Group & employees.

• Australian banking platform Constantinople bags $33m in Series A

Constantinople, the Sydney-based tech, and operations platform for banks, has raised a $33 million (A$50 million) Series A round. The round was led by Prosus Ventures, the venture capital arm of Dutch-listed global tech firm Prosus, alongside existing investors Square Peg Capital, Airtree Ventures and Great Southern Bank.

ALSO READ: Wealth Management & Private Banking Systems Report Q1 2024