Singapore has firmly established itself as a global fintech hub, characterized by a vibrant ecosystem that nurtures innovation and fosters growth. The city-state's strategic location, robust regulatory framework, and proactive government policies have attracted numerous fintech companies, making it a focal point for financial technology advancements in Southeast Asia and beyond. As we look toward 2024 and beyond, this article delves into the top ten fintech companies in Singapore, examining their market share, expected profit and revenue projections for 2024, employee statistics, leadership structures, service offerings, historical context, and future growth projections for 2025.
Originally launched as a ride-hailing service, Grab has evolved into a comprehensive super-app that encompasses a wide array of financial services. Grab Financial Group, a subsidiary of Grab Holdings, has significantly expanded its offerings to include digital payments, lending, insurance, and wealth management solutions tailored for consumers and small businesses across Southeast Asia.
In 2023, Grab Financial Group reported a staggering 150% increase in financial transactions, underscoring its growing influence in the fintech landscape. The company issued over SGD 1 billion in loans, primarily aimed at supporting small and medium-sized enterprises (SMEs), while its insurance offerings saw a policy issuance increase of over 200%. With a workforce of approximately 8,000 employees and a leadership team that includes co-founder Anthony Tan, Grab is not only a leader in the fintech sector but also a significant player in promoting financial inclusion in the region. Looking ahead, Grab is expected to generate revenues of approximately SGD 1.5 billion in 2024, with continued growth anticipated as it enhances its service offerings and expands its market reach.
2. Nium
Nium is a global fintech platform that has redefined how financial transactions are conducted. Founded in 2015, the company specializes in cross-border payments, offering a suite of services that includes money transfers, card issuance, and payment processing solutions. With a presence in over 100 countries, Nium has positioned itself as a key player in the international payments landscape.
As of 2023, Nium has raised over USD 200 million in funding, enabling it to expand its product offerings and enhance its technological capabilities. The company employs around 500 people and is led by co-founder and CEO Prajit Nanu. In 2024, Nium is projected to achieve revenues of approximately USD 150 million, driven by increasing demand for seamless payment solutions in the global marketplace. The company's commitment to innovation and customer-centric services positions it well for continued growth in the coming years.
3. StashAway
StashAway is a pioneering robo-advisor that has gained significant traction in Singapore's investment landscape since its inception in 2016. The platform offers personalized investment solutions tailored to individual risk profiles, utilizing advanced algorithms to create diversified portfolios that can withstand market fluctuations.
By the end of 2023, StashAway managed assets exceeding SGD 5 billion, reflecting its growing popularity among investors. The company has a workforce of approximately 100 employees and is led by co-founder and CEO Michele Ferrario. With a projected revenue of SGD 30 million in 2024, StashAway is poised for further growth as it continues to democratize investment opportunities for a broader audience. The company's focus on user-friendly interfaces and personalized investment strategies has solidified its position as a leading innovator in Singapore's fintech scene.
4. Aspire
Aspire is a B2B fintech company that serves over 15,000 small and medium enterprises (SMEs) across Southeast Asia and the Asia Pacific region. Established in 2018, Aspire offers a comprehensive suite of financial services, including corporate credit cards, multi-currency business accounts, and expense management solutions.
The company has reported annualized total payment volumes of USD 15 billion, demonstrating its rapid growth trajectory. Aspire employs around 200 people and is led by co-founder and CEO Ameer Fadly. In 2024, the company is expected to generate revenues of approximately USD 50 million, driven by increasing demand for efficient financial solutions among SMEs. With a commitment to innovation and customer satisfaction, Aspire is well-positioned to capture a larger share of the fintech market in the coming years.
5. Endowus
Endowus is a digital wealth management platform that provides users with access to institutional investment tools and expert financial advice. Founded in 2017, the company focuses on both private wealth management and public pension savings, offering professionally curated portfolios and AI-enabled robo-advisory services.
As of 2023, Endowus has managed over SGD 2 billion in assets, reflecting its growing client base and reputation in the wealth management sector. The company employs approximately 150 people and is led by co-founder and CEO Gregory Van. In 2024, Endowus is projected to achieve revenues of around SGD 40 million, driven by the increasing demand for personalized investment solutions. With its innovative approach to wealth management, Endowus is poised for continued growth in the competitive fintech landscape.
Top 10 Fintech Companies in Singapore
6. Thunes
Thunes is a global payments network that facilitates cross-border transactions for businesses and consumers alike. Founded in 2016, the company has established partnerships with major players such as PayPal and Uber, enabling seamless international money transfers.
Thunes has raised over USD 100 million in funding, allowing it to expand its operations and enhance its technological capabilities. The company employs around 300 people and is led by co-founder and CEO Peter De Caluwe. In 2024, Thunes is expected to generate revenues of approximately USD 70 million, driven by the increasing demand for efficient payment solutions in the global marketplace. With a focus on innovation and customer-centric services, Thunes is well-positioned for continued growth in the fintech sector.
7. GXS Bank
GXS Bank is a digital bank launched in 2022, backed by Grab and Singtel. The bank aims to enhance banking services for everyday consumers and SMEs, with a particular focus on underserved individuals and enterprises.
Since its inception, GXS Bank has raised approximately SGD 358 million in funding, allowing it to develop a range of financial products, including savings accounts, debit cards, and personal loans. The bank employs around 200 people and is led by co-founder and CEO Reuben Lai. In 2024, GXS Bank is projected to achieve revenues of around SGD 25 million, driven by its commitment to promoting financial inclusion and expanding its service offerings. As the digital banking landscape continues to evolve, GXS Bank is well-positioned to capture a significant share of the market.
8. 2C2P
2C2P is a global payment platform that enables businesses to securely accept payments across various channels, including online, mobile, and in-store transactions. Founded in 2003, the company has established itself as a key player in the payments landscape, particularly in Southeast Asia.
With a workforce of approximately 300 employees, 2C2P is led by co-founder and CEO Aung Kyaw Moe. The company has raised over USD 100 million in funding, allowing it to expand its product offerings and enhance its technological capabilities. In 2024, 2C2P is expected to generate revenues of approximately USD 60 million, driven by the increasing demand for secure payment solutions among businesses. With a focus on innovation and customer satisfaction, 2C2P is well-positioned for continued growth in the competitive fintech landscape.
9. Airwallex
Airwallex is a global financial platform that provides businesses with a range of payment solutions, including cross-border transactions, treasury management, and spend management. Founded in 2015, the company has quickly gained traction in the fintech space, attracting significant investment and expanding its operations globally.
Airwallex employs around 500 people and is led by co-founder and CEO Jack Zhang. The company has raised over USD 500 million in funding, enabling it to enhance its product offerings and expand its market presence. In 2024, Airwallex is projected to achieve revenues of approximately USD 120 million, driven by the increasing demand for efficient financial solutions among businesses. With its commitment to innovation and customer-centric services, Airwallex is well-positioned for continued growth in the fintech sector.
10. Wise
Their HQ is in London but their APAC regional hub office is in Singapore. Wise, formerly known as TransferWise, is a global technology company that facilitates international money transfers at lower costs compared to traditional banks. Founded in 2011, Wise has established itself as a leader in the remittance space, offering users the ability to send money across borders quickly and affordably. With a workforce of approximately 3,000 employees, Wise is led by co-founder and CEO Kristo Käärmann. The company has raised over USD 400 million in funding, allowing it to expand its operations and enhance its technological capabilities. In 2024, Wise is expected to generate revenues of around USD 500 million, driven by the increasing demand for affordable and efficient money transfer solutions. As the global remittance market continues to grow, Wise is well-positioned to capture a significant share of the market.
Conclusion
The fintech landscape in Singapore is characterized by rapid growth and innovation, with numerous companies emerging as leaders in their respective niches. As we move into 2024 and beyond, these top ten fintech companies are poised for continued success, driven by their commitment to innovation, customer-centric services, and strategic expansion. With the ongoing support of the Singaporean government and a robust regulatory framework, the future of fintech in Singapore looks bright, promising to reshape the financial services industry in the region and beyond.