Singaporean Fintech startups record a 355% surge in funding in Q1 2021

Fintech startups in Singapore have collectively raised S$656 million (US$492.8 million) in equity funding in the first quarter of 2021, a 355% increase from the previous year, according to a report by Boston Consulting Group.

Companies operating in the retail banking, capital market, and technology sectors have gained the strongest funding traction in 2021 so far, with funding in retail banking climbing to S$484 million (US$363.6 million) in Q1 2021 from S$58 million (US$43.6 million) in the same period a year earlier. One of these companies was lending Fintech – Funding societies, with a S$41.7 million (US$31.3 million) series C round 

The increased funding in Singaporean Fintech startups also points to the rising financial inclusion in Southeast Asia, with more players entering the banking system to cater to the large underbanked and unbanked population.