Singapore Leads Southeast Asia in Payments Funding, with an Airwallex Caveat
One global payments firm accounts for nearly 70% of the cumulative funding captured by Tracxn’s ranking of the region’s 12 most-funded active payments companies.
Airwallex
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Singapore maintains an iron grip on Southeast Asia’s fintech landscape, serving as the corporate home to nine of the region’s 12 most-funded active payments companies. However, a closer look at the data reveals that this dominance is heavily skewed by a single global heavyweight that originated far outside the region.
According to data released this week by market intelligence platform Tracxn, the companies have amassed a cumulative $2.7 Bn in disclosed funding since they were founded. Yet a staggering $1.9 Bn — nearly 70% of the entire cohort’s capital — was secured by Airwallex alone. Together with second-ranked Thunes, the top two entities command roughly 83% of the aggregate funding.
The lopsided distribution underscores a broader trend in the regional venture ecosystem. Singapore functions as a magnet for mature, late-stage global companies even as funding across the rest of the cohort remains fragmented.
Concentration of Funding
The Tracxn figures track lifetime funding rather than capital deployed exclusively during the current calendar year. The underlying dataset also casts a wide net, aggregating pure-play cross-border payment networks, corporate treasury software, merchant point-of-sale platforms, consumer credit lines, digital assets and electronic toll collection.
Airwallex’s outsized footprint reflects its current corporate base rather than its regional origin. Founded in Melbourne in 2015, the firm established Singapore as one of its global headquarters before formalising a dual-headquarters structure with San Francisco in December 2025. Its recent funding rounds include:
- Series H Round: Raised $320 Mn in June 2026, propelling its private-market valuation to $11 Bn
- Series G: Secured $330 Mn in December 2025
- Series F: Closed a $300 Mn round in May 2025
Company disclosures show that not all headline funding represents fresh capital entering the business. Airwallex’s Series F round, for instance, included $150 Mn in secondary share transfers, with those proceeds going to selling shareholders rather than the company.
Southeast Asia’s Most-Funded Payments Companies
| Company | Cumulative Funding | Corporate Base | Business & Funding Context |
| Airwallex | About $1.9 Bn | Singapore and San Francisco | Founded in Melbourne; raised $320 Mn in June 2026 |
| Thunes | $362 Mn | Singapore | Cross-border payments infrastructure provider; raised $150 Mn Series D in April 2025. |
| Finture Group | $100 Mn | Singapore | Operates consumer credit and QR payment platform Yup primarily in Indonesia. |
| Honest | $100 Mn | Indonesia | Consumer credit card provider |
| OY! | $87 Mn | Indonesia | Business payment infrastructure provider |
| MetaComp | $35 Mn | Singapore | Confirms $35 Mn cumulative funding across two rounds but does not state the second round’s individual amount |
| Chocolate Finance | $34 Mn | Singapore | Cash management platform |
| Finmo | $27 Mn | Singapore | Treasury software provider; raised $18.5 Mn in Series A |
| dtcpay | $27 Mn | Singapore | Regulated payments provider; raised a $10 Mn Series A round led by Vertex Ventures Southeast Asia & India in March 2026 |
| Qashier | $22 Mn | Singapore | Merchant payments and point-of-sale platform; raised $6.1 Mn in equity and debt |
| VETC | $19 Mn | Vietnam | Tracxn lists the financing as a Series B round in August 2025* |
| FlexM | $13 Mn | Singapore | Payments, remittance and compliance infrastructure provider |
Source: Tracxn
*IFC disclosures show that the transaction was a VND 500 Bn ($19.2 Mn) five-year convertible bond issued by VETC and subscribed to by IFC on July 22, 2025.
Note: All dollar figures are in USD.
Singapore maintains an iron grip on Southeast Asia’s fintech landscape, serving as the corporate home to nine of the region’s 12 most-funded active payments companies. However, a closer look at the data reveals that this dominance is heavily skewed by a single global heavyweight that originated far outside the region.
According to data released this week by market intelligence platform Tracxn, the companies have amassed a cumulative $2.7 Bn in disclosed funding since they were founded. Yet a staggering $1.9 Bn — nearly 70% of the entire cohort’s capital — was secured by Airwallex alone. Together with second-ranked Thunes, the top two entities command roughly 83% of the aggregate funding.
The lopsided distribution underscores a broader trend in the regional venture ecosystem. Singapore functions as a magnet for mature, late-stage global companies even as funding across the rest of the cohort remains fragmented.
