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13 fintech companies from Southeast Asia have been named among this year’s top 250 fintech companies worldwide, recognized for their growth and significant impact on the global fintech landscape.

These companies are featured on the World’s Top Fintech Companies 2024. The list, produced by CNBC in collaboration with market research firm Statista, highlights the world’s top 250 fintech companies across eight market categories: payments, wealthtech, business process solutions, neobanking, alternative finance, financial planning, digital assets and banking solutions.

These companies are considered leaders in their respective market and were selected based on an analysis of key performance indicators using publicly available data from sources including annual reports, company websites, and media monitoring, as well as information received via the application process.

Of the 13 Southeast Asian companies that made it into this year’s list, six are returning honorees from 2023. These companies are CapBay, Airwallex, Aspire, GoTo Group, Grab Financial Group and StashAway. The remaining seven are newcomers: Akseleran, Crypto.com, ANEXT Bank, Atome Financial, DBS Bank, Opn and YouTrip.

Today, we take a closer look at the top fintech firms in Southeast Asia according to CNBC, looking at the products and services they offer and delving into their latest achievements.

CNBC’s Pick of Top Fintech Firms in Southeast Asia

Akseleran (Indonesia)

Founded in 2017, Akseleran is an Indonesian peer-to-peer (P2P) lending platform is among the top fintech firms in Southeast included CNBC’s list.

The company provides flexible capital access to small and medium-sized enterprises (SMEs) with competitive interest rates and flexible options in loan tenors, payment models, and collateral participation.

Akseleran connects small businesses in need of loans with groups of diverse lenders to secure necessary funding. The platform provides various flexibilities to SMEs, including the option to use different types of collateral, flexible principal payment schedules, and variable payment terms ranging from one to twelve months. For lenders, Akseleran promises attractive returns, with investments starting from IDR 100,000 (US$6).

By the end of 2022, Akseleran had disbursed almost IDR 6.6 trillion (US$407 million) in loans and booked IDR 71.5 billion (US$4.4 million) in revenue, an 80% increase over the previous year. The company served more than 206,000 individuals and collaborated with major banks, including BCA, BRI, Bank Mandiri and OCBC NISP.

CapBay (Malaysia)

CapBay is an award-winning supply chain finance and P2P financing platform established in 2016. The company facilitates inclusive business financing using existing trade data and relationships.

Among CNBC’s top fintech selected from Southeast Asia, Capbay is the only company from Malaysia.

Through its proprietary credit-decisioning model, CapBay enables businesses of all sizes to obtain short-term financing, while banks and investors can participate in high-quality financing deals. The company utilizes data analytics and machine learning (ML) algorithms to conduct comprehensive credit assessments of SMEs, considering financial metrics, transactional dynamics, performance monitoring, and industry risks.

This approach has enabled CapBay to provide over MYR 3 billion (US$643 million) in financing to more than 1,700 underserved SMEs across 20 diverse industries.

It has also enhanced the efficiency of its operations, allowing CapBay to offer financing solutions with ticket sizes as low as MYR 100 (US$21). Investors, meanwhile, can participate in private credit through CapBay’s P2P financing platform, which is licensed by the Securities Commission Malaysia.

Airwallex (Singapore)

Founded in 2015 in Australia, Airwallex is a leading global financial platform for modern businesses, offering solutions to manage everything from payments, treasury, and spend management to embedded finance. With its proprietary infrastructure, Airwallex takes the friction out of global payments and financial operations, empowering businesses of all sizes to unlock new opportunities and grow beyond borders.

Airwallex supports over 100,000 businesses globally and is trusted by brands such as Brex, Rippling, Navan, Qantas, SHEIN and many more. In 2023, the company processed over 50 million transactions and achieved annual volume close to US$80 billion.

Airwallex has raised a total of US$902 million, achieving a valuation of US$5.5 billion by late 2022. The company plans to go public by 2026, and to expand its infrastructure to new regions, including Japan, Malaysia, Vietnam, Indonesia, Mexico, Brazil, and the Middle East. It aims to establish itself as the complete financial operating system for global businesses, offering a comprehensive spend management suite and subscription-based pricing.

Aspire (Singapore)

Headquartered in Singapore, Aspire is the all-in-one finance platform for modern businesses, helping over 15,000 companies across Asia save time and money with international payments, expense management, payable management, and receivable management solutions, all through one account.

Aspire’s platform has quickly gained popularity in Southeast Asia, tripling its annualized total payment volumes in 2023 to US$12 billion. Its client base includes notable companies such as Air Asia, Carousell, Love Bonito, Endowus, and Tech In Asia.

Founded in 2018, Aspire has raised more than US$300 million from world-class investors, included Sequoia, Lightspeed, Y-Combinator, Tencent and Paypal. In February 2023, the startup closed an oversubscribed US$100 million Series C round and announced that it had achieved profitability. It said it would use the proceeds to enhance its product offering further and expand its regional presence, while increasing its team to continue to innovate in the space.

In May 2024, Aspire launched in Hong Kong, offering a suite of financial solutions to SMEs, including the ability to open local business accounts for payables and receivables management, international payments, as well as payment gateway solution.

Crypto.com (Singapore)

Founded in 2016 and headquartered in Singapore, Crypto.com is a leading cryptocurrency platform. The company offers a wide range of financial services, including an app, exchange, non-custodial decentralized finance (DeFi) wallet, non-fungible token (NFT) marketplace, and direct payment service in cryptocurrency, serving more than 100 million customers worldwide.

The Crypto.com platform allows users to buy, sell, trade and store cryptocurrencies. The platform supports DeFi apps, providing users with opportunities to earn interest on their crypto holdings through staking and yield farming. It also comes a payment card which allows users to spend their crypto directly in fiat currency.

Another notable feature is Crypto Earn, which lets users earn interest on their crypto deposits by locking them for a specified period. For those needing liquidity, Crypto.com provides Crypto Credit, allowing users to borrow against their cryptocurrency holdings without the need to sell them.

Known for its industry-leading standards in regulatory compliance, security, and privacy, Crypto.com continues to expand its global reach and regulatory approvals. In June 2024, the startup received approval as a virtual asset service provider from the Central Bank of Ireland, adding to its growing list of licenses and approvals in Singapore, France, Dubai, the UK, South Korea, Australia, Spain, Italy, Greece, Cyprus, the Cayman Islands, the US, and Canada, among other locations.

ANEXT Bank (Singapore)

ANEXT Bank is a digital wholesale bank in Singapore and a wholly-owned subsidiary of Chinese fintech giant Ant International.

The company offers innovative digital financial services aimed at empowering local and regional micro, small, and medium enterprises (MSMEs). These products and services include the ANEXT Business Account, ANEXT Business Loan, ANEXT Fixed Deposit, ANEXT Programme for Industry Specialists, as well as the SME Friends of ANEXT, an initiative for the bank to deepen engagement with the SME community to shape the digital bank of tomorrow together.

ANEXT Bank reported in June 2024 notable growth, with its total customer base growing more than two-fold over the past year.

The bank facilitated a six-fold year-on-year (YoY) increase in cross-border transactions, particularly among MSMEs in the wholesale and retail trade, professional services, and information, communication, and technology sectors.

ANEXT Bank has raised US$502.61 million in funding, making it the third most well-funded fintech company in Singapore. The sum comprises a US$188 million and a US$148 million capital boost from its parent company in March 2023 and March 2024, respectively.

Atome Financial (Singapore)

Founded in 2019, Atome Financial is a digital financial services platform. The startup started out with buy now, pay later (BNPL) and embedded financing services before expanding to insurance, cards, and loans across various markets.

The platform leverages the company’s expertise in risk-managed credit and responsible financing to enhance digital and financial inclusion through technology.

Atome Financial reported remarkable performance for fiscal year 2023 with operating income nearly doubling to US$170 million from the previous year.

A key success factor was the profitability of its BNPL business, driven by a 40% YoY surge in gross merchandise value (GMV) to US$1.5 billion and 130% YoY growth in revenue. The positive momentum carried into fiscal year 2024, with Atome Financial announcing in April that it had turned profitable in Q1 2024.

Atome is part of Singapore-headquartered Advance Intelligence Group, an artificial intelligence (AI)-driven technology company that consists of an ecosystem of AI-powered, credit-enabled products and services that includes consumer financing, digital identity verification and risk management, as well as enterprise resource planning software.

DBS Bank (Singapore)

Headquartered and listed in Singapore, DBS Bank is a leading financial services group in Asia with a presence in 19 markets. The bank operates in the key growth regions of Greater China, Southeast Asia, and South Asia.

Within CNBC’s list of selected top fintech firms, DBS is the only bank in the list.

DBS Bank offers a comprehensive range of services in consumer, SME, and corporate banking. Beyond traditional banking, the bank is committed to social and environmental impact through the DBS Foundation.

The foundation supports businesses that aim for both profit and positive social or environmental outcomes. It also invests in community initiatives, equipping underserved communities with future-ready skills and promoting food resilience.

DBS Bank has garnered international recognition for its leadership and innovation. The bank has been awarded the title of “World’s Best Bank” by both Global Finance and Euromoney, “Global Bank of the Year” by The Banker, “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. Additionally, DBS Bank had honored as the “Safest Bank in Asia” by Global Finance for 15 consecutive years from 2009 to 2023.

GoTo Group (Indonesia)

The GoTo Group is the largest digital ecosystem in Indonesia, aiming to “empower progress” by offering technology infrastructure and solutions that help everyone to access and thrive in the digital economy. The GoTo ecosystem provides a wide range of services including mobility, food delivery, groceries and logistics, as well as payments, financial services, and technology solutions for merchants. The ecosystem also provides e-commerce services through Tokopedia and banking services through its partnership with Bank Jago.

Founded in 2021 as a merger company between Gojek and Tokopedia, two of Indonesia’s biggest Internet companies at that time, the GoTo Group claimed 50.8 million transacting users in 2023. The group reported a gross transaction value (GTV) of IDR 116.5 trillion (US$7.2 billion) in Q1 2024, representing a 20% YoY increase. Group core GTV, which excludes merchant payment gateway, grew by 32% YoY to IDR 54.6 trillion (US$3.4 billion), while gross revenues grew by 18% YoY to IDR 4.2 trillion (US$259 million).

In July 2024, the GoTo Group launched GoTo AI, a long-term program aimed at developing and integrating AI technologies across the GoTo ecosystem. The GoTo AI roadmap focuses on three main areas: enhancing user experience, strengthening safety across platforms, and building AI capacity and capability within the company.

Grab Financial Group (Singapore)

Grab Financial Group offers a range of payment, lending, and insurance services designed to help users unlock better lives by making financial services more accessible and affordable.

The company’s platform integrates these services into a single entry point on the Grab app, catering to consumers who prefer accessing all their digital financial services on one integrated platform.

Grab Financial Group’s key products and services are GrabPay, a point-of-sale (POS) system for merchants and a mobile wallet for consumers; GrabFinance, a financial empowerment program that provides drivers, merchants and enterprises greater access to a suite of financial services; GrabInsure, which offers simple, convenient, and affordable insurance products tailored to users’ lifestyle needs; and GrabRewards, a loyalty program that allows users to earn points with every Grab transaction and access exclusive benefits.

Grab Financial Group is the financial services unit of Grab, a leading superapp in Southeast Asia, operating across the deliveries, mobility and digital financial services sectors. Serving over 700 cities in eight Southeast Asian countries, Grab enables millions of people everyday to order food or groceries, send packages, hail a ride or taxi, pay for online purchases or access services such as lending and insurance, all through a single app.

Opn (Thailand)

Founded in 2013, Opn is a provider of online payment solutions and digital transformation services. The company’s offerings include a one-stop online payment platform, Opn Payments; Opn Tag, which creates contactless digital touchpoints; embedded financial solutions tailored to the needs of customers; as well as digital wallets utilizing blockchain technology. In addition, Opn offers consulting services through its Opn Pro brand.

Originally established as Omise in Thailand, Opn has since expanded its footprint to encompass Japan, Southeast Asia and the US. The company says its fintech solutions are used by more than 22,000 firms and SMEs around the world, making it one of the leading payment services providers in Asia-Pacific (APAC) and the US.

Opn made several strides in 2023, launching a new development center in Hanoi, Vietnam in February, kicking off a card issuing offering in Thailand in June and integrating Atome into its payment platform for Malaysian and Singaporean customers in July. The company also moved its headquarters to Japan in August.

YouTrip (Singapore)

Launched in 2018, YouTrip is a mobile financial platform based in Singapore which offers a multi-currency mobile wallet and a contactless Mastercard to make payments in over 150 currencies. The platform is designed for travelers and tech-savvy consumers alike.

YouTrip was created with the vision to provide a smarter and more convenient way to handle foreign currency transactions. Today, the platform is a trusted companion for many, claiming to deliver the best foreign exchange (FX) rates with zero transaction fees. It allows users to perform in-app exchanges at any time and spend in any currency, and ensures that FX rates are updated in real-time and displayed transparently on the YouTrip app, with no hidden markups.

YouTrip has experienced significant growth in its consumer multi-currency spending in Singapore and Thailand, with its user base tripling between 2021 and 2023. Additionally, its corporate card and spend management platform, YouBiz, has achieved notable milestones since its launch in May 2022. In its first year, YouBiz onboarded over 3,000 enterprises.

YouTrip closed a US$50 million Series B in October 2023, bringing its total funding raised to over US$100 million. The company said it would use the proceeds to invest in more technologies to deepen product and innovation capabilities, and expand its regional team as it launches in new markets across Southeast Asia.

StashAway (Singapore)

StashAway is a digital wealth manager headquartered in Singapore. The company offers a range of investment portfolios and wealth management solutions tailored for both retail investors and high-net-worth individuals (HNWIs). It operates across Singapore, Malaysia, the Middle East and North Africa (MENA), Hong Kong, and Thailand.

StashAway provides intelligent investment management services that align with individual risk profiles. Additionally, it offers cash management solutions designed to ensure that cash does not remain idle in traditional savings accounts.

The company surpassed US$1 billion in assets under management in 2021 and has received numerous accolades for its achievements and innovation, including a spot in the Fintech Global’s “2021 Wealthtech 100” list and  the bronze award for the “SG Techblazer Award” in the “Most Promising Innovation Category”. StashAway also took first place in the category for “Singapore Financial Institution” at the “SFF Global Fintech Awards 2021” presented by the Monetary Authority of Singapore (MAS) and the Singapore Fintech Association (SFA).

Featured image credit: edited from freepik

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