Fintech funding crashes by 58% in 2020

The decline is the lowest in four years.

Fintech fundings in Singapore fell by 58% YoY in 2020 due to lack of deals worth over $50m, according to a study by FinTech Global.

The drop in investments began at the start of the pandemic when lockdowns were enforced to contain the spread of the virus.

The higher number of deals in 2020 did not offset the decline. From more than $2.13b in 2019, fintech companies only raised $884.2m last year.

However, FinTech Global said Singapore remains an attractive investment destination due to its vibrant fintech cosystem supported by ultra-high-speed internet infrastructure, high concentration of banking, abundance of financial institutions, and strong government support.

“In fact, despite funding declining sharply in 2020 deal activity reached a five year high and capital invested from early stage deals under $50m grew by 27.9% YoY. This means there is still capital supporting new innovative startups in the country,” FinTech said.

Online property company PropertyGuru raised the largest deal in 2020 with $220m raised in a private equity round led by Vertex Ventures. It was followed by Rely at $75m and Elara Technologies at $70m.

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