10 Innovative FinTech Startups Making Waves in Singapore

Singapore, known for its vibrant financial landscape, is a thriving hub for FinTech startups. With a total of 2,010 FinTech startups in the city, the sector is bustling with innovation and creativity. In this article, we’ll introduce you to ten of the most exciting and promising FinTech companies that are making waves in Singapore.

1. Trax – Revolutionizing Retail with Image Recognition

Trax is a pioneer in the retail industry, offering image recognition-based software. This technology allows retailers to monitor and analyze their store shelves efficiently. By leveraging computer vision, Trax can identify similar or identical products, making tasks like inventory optimization, shopper engagement, and market measurement more effective. Major clients, including Heineken, Henkel, and Kimberly-Clark, benefit from Trax’s cutting-edge solutions.

– Founded Year: 2010
– Location: Singapore (Singapore)
– Funding: USD 1.02B
– Investors: SoftBank Vision Fund, BlackRock, OMERS, and 28 Other Investors

2. Coda Payments – Simplifying Payment Solutions

Coda Payments specializes in providing payment processing solutions for businesses and merchants. Their offerings encompass various payment methods, including carrier billing, bank transfers, cash payments at retail stores, and vouchers. This diverse range enables online payments through credit/debit cards, wallets, and bank transfers. Coda Payments caters to different sectors, with products like CODAPAY and CODASHOP.

– Founded Year: 2011
– Location: Singapore (Singapore)
– Funding: USD 715M
– Investors: Insight Partners, GIC, Smash Capital, and 11 Other Investors

3. Atome – Empowering Purchase Finance

Atome is an online marketplace that empowers consumers with purchase finance options. It offers “buy now, pay later” solutions across a wide range of product categories, including beauty, fashion, electronics, and more. With its user-friendly mobile application, available on Android and iOS platforms, Atome makes financing accessible and convenient.

– Founded Year: 2016
– Location: Singapore (Singapore)
– Funding: USD 500M
– Investors: HSBC Singapore, Standard Chartered, Warburg Pincus, and 1 Other Investor

4. Bolttech – Transforming Insurance Services

Bolttech is an online insurance exchange platform that offers insurance as a service. It covers various insurance types, including mobile phone insurance and travel insurance. Bolttech also provides claims and on-demand servicing, along with device repair and valuation services.

– Founded Year: 2020
– Location: Singapore (Singapore)
– Funding: USD 443M
– Investors: Tokio Marine Insurance Group, MetLife, Khazanah Nasional Berhad, and 10 Other Investors

5. NIUM – Revolutionizing Cross-Border Money Transfer

NIUM specializes in cross-border money transfer solutions for businesses. It equips users with tools for sending, receiving, and making payments. NIUM’s remittance-as-a-service technology serves businesses in various sectors, including fintech, travel, e-commerce, and banking. Their APIs support reporting, tracking, bookkeeping, reconciliation, invoicing, and compliance solutions.

– Founded Year: 2014
– Location: Singapore (Singapore)
– Funding: USD 300M
– Investors: Arjun Sethi, Operator Stack, Lachlan Groom, and 27 Other Investors

6. M-DAQ – Simplifying Cross-Border Investments

M-DAQ offers trade management solutions for investors looking to make cross-border investments in exchange-traded products. They facilitate cross-border trading, broker services, and solutions that enable inbound and outbound trades. M-DAQ also provides forex rates for futures, equities, and foreign securities.

– Founded Year: 2010
– Location: Singapore (Singapore)
– Funding: USD 252M
– Investors: Affinity Equity Partners, VentureCap Insights, Samsung Venture Investment, and 26 Other Investors

7. TSLC – Enhancing Financial Wellness with AI

TSLC is a developer of an AI-based integrated credit-led financial wellness platform. This platform caters to underserved individuals, offering services such as savings wallets, credit cards, bill payments, and money transfers. With artificial intelligence and machine learning, TSLC predicts customer behavior, providing personal loans, point-of-sale financing, and insurance.

– Founded Year: 2016
– Location: Singapore (Singapore), Mumbai (India)
– Funding: USD 225M
– Investors: JPIN, Rothschild & Co, and 5 Other Investors

8. Funding Societies – P2P Marketplace for Business Loans

Funding Societies operates as a peer-to-peer marketplace for business loans. Their diverse loan products include invoice financing, micro-financing, term financing, and more. Through their app-based platform, SMEs can apply for loans, and investors can invest in business loans. Investors receive a return on investment based on tenure and interest rates.

– Founded Year: 2015
– Location: Singapore (Singapore)
– Funding: USD 217M
– Investors: HSBC Singapore, SoftBank Vision Fund, VNG, and 33 Other Investors

9. Aspire – Revolutionizing Business Banking

Aspire is a digital bank designed for businesses, offering services such as current accounts, prepaid cards, money transfers, cash withdrawals, and more. It provides a business line of credit and financial tools to help SMEs manage cash flow and working capital efficiently.

– Founded Year: 2015
– Location: Singapore (Singapore)
– Funding: USD 200M
– Investors: Lightspeed Venture Partners, Picus Capital, PayPal, and 25 Other Investors

10. Thunes – Streamlining Cross-Border Remittance

Thunes focuses on cross-border remittance solutions for Money Transfer Operators (MTOs). Their services include P2P remittance processing tools, monitoring solutions, due diligence, API connections, mass-payout processing, and compliance support for businesses. Thunes also provides compliance and transaction monitoring solutions for enterprises, ensuring secure cross-border transactions.