Top 8 Fintech Startups to Watch in Southeast Asia in 2023

Financial technology, or fintech, is a rapidly growing industry that is transforming the way we think about money and payments. With significant venture capital investments in this space, Southeast Asia has become a hub for some of the top fintech startups in the world. The region has seen exponential growth in digital payments and Neo banking segments, with an expected transaction value of USD 195.8 billion and a growth rate of 38.2%, respectively. At Datasearch Consulting, we understand the importance of hiring the right talent to drive the growth and success of fintech startups. That’s why we offer our expertise in finding the right fintech professionals who can help your business thrive. In this article, we will highlight the top 8 fintech startups in Southeast Asia that are poised to make a big impact in 2023. These companies are at the forefront of innovation in areas such as alternative payments, open finance, and business finance, and are worth keeping an eye on for investors and consumers alike.

MoneySmart

MoneySmart is a fintech firm that provides comparison prices to help users select the ideal financial product from credit cards, health insurance, loans, and travel insurance. It has a market presence in Singapore, Hong Kong, Taiwan, and the Philippines and is entering a reverse takeover merger with hotel operator Asia Pacific Strategic Investments (APS) to trade on the Singapore Stock Exchange (SGX) at an expected valuation of USD 161.7 million.

Fundiin

Fundiin is a Vietnam-based alternative payments platform that offers Buy Now Pay Later (BNPL) solutions and works with reputable partners to sell authentic, undamaged goods. Customers pay in three interest-free instalments, which helps them balance their finances and enhance their customer experience by obtaining products immediately. It recently closed an early-stage Series A deal worth USD 5 million from Trihill Capital and ThinkZone Ventures.

Ayoconnect

Ayoconnect is an open finance API platform that develops full-stack API solutions to help companies power their financial services. In October 2022, it raised USD 13 million in a Series B funding round led by Susquehanna International Group (SIG), PayU, and CreditEase Fintech Investment Fund.

BayaPay

BayaPay is a next-generation fuel fleet payments company that uses an open-loop payment card, BayaFuel, to make secure, seamless payments for fleet-related expenses, such as maintenance, fuel, lodging, toll charges, and road insurance. It recently received a seed funding round from Winacore Capital for an undisclosed amount in October 2022.

Fazz

Fazz is a business finance company that provides easy access to credit, payment processing, and capital growth for startups in Southeast Asia. In mid-September 2022, it announced a USD 100 million Series C funding round—USD 75 million in equity and USD 25 million as a debt facility.

Liwwa

Liwwa is a lending platform that enables clients to invest in small business loans. Ahmed Moor and Samer Atiani established the company in 2013 in Amman, Jordan, with offices in Cairo, Egypt. Through their credit model, Liwwa conducts a risk analysis of the borrower’s profile before granting the loan and selling it to third-party buyers. The platform’s advanced analytics enable investors to make informed decisions and earn competitive returns.

UPayments

UPayments, a mobile app originating from Kuwait City, provides users with a safe and effective online payment service. Among the services offered by the company, which was founded by Ali Alhabshi and Nasser Al Humaidi in 2016, are online bill payments and the creation of individual eCommerce businesses.

NymCard

NymCard, a B2B modern payment infrastructure platform, was established in Beirut, Lebanon, in 2017 by Ayman Chalhoub and Omar Onsi. This platform allows customers to issue and process payment cards in partnership with VISA/MasterCard’s open API platform.

In conclusion, Southeast Asia is a fertile ground for fintech startups, with significant venture capital investments in the industry. The region has seen exponential growth in digital payments and Neo banking segments, with the top startups leveraging these trends to offer innovative solutions to consumers and businesses alike. We highlighted the top five fintech startups to watch out for in 2023, including MoneySmart, Fundiin, Ayoconnect, BayaPay, Fazz, Liwwa, UPayments, and NymCard. These companies are at the forefront of innovation in the industry, poised to make a significant impact in the coming year. As the region continues to recover from the COVID-19 pandemic, the fintech industry in Southeast Asia will continue to grow and evolve, creating opportunities for new startups to emerge. 

As these startups grow and evolve, finding the right talent to drive their growth and success becomes more important than ever. As a recruitment agency, Datasearch Consulting can help fintech startups in Southeast Asia find top talent to meet their needs. Whether you’re looking for experienced security professionals, software developers, or other fintech experts, we can help you find the right candidates to succeed in this rapidly evolving industry. Contact us today to learn more about how we can assist your fintech startup in finding the talent you need.

Alexis Nicole Amarillo is a Director for Operations & Research at Datasearch Growth, a specialist lead generation firm focused on helping Technology and Data vendors grow. If you would like to get in touch to discuss how lead generation can help your business feel free to reach out on alexis@datasearchconsulting.com for a more detailed discussion.

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