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January 25, 2024
In the news

Here Are The Top 7 Fastest Growing Fintechs in Singapore

In the global financial landscape, Singapore has carved out a niche for itself as a thriving hub of fintech innovation. The annual list curated by The Straits Times and German research house Statista, showcasing the 100 fastest-growing fintechs in Singapore, indicate how fintech firms have progreessed in an uncertain and volatile funding climate.

To compile this meticulous list, Statista sifted through over 2,000 companies based in Singapore. The criterion for inclusion was stringent: fintech startups had to exhibit a substantial revenue increase from a minimum of S$150,000 in 2019 to at least S$1.5 million by 2022.

This rigorous process ensured that the list truly represented the fastest-growing fintechs from the Singapore ecosystem, spotlighting those who not only survived but thrived in the competitive sector amidst a tumultuous economic period.

Spark Systems

spark systems

Spark Systems provides an ultra-low latency FX trading platform for institutional traders. It aims to equip its clients with the same level of proficiency as the best Tier 1 bank market makers, using advanced technologies such as artificial intelligence, blockchain, cloud computing, and big data.

With S$1,198,972 in 2019 revenue rising to S$3,377,749 in 2022, Spark Systems experienced a 41% CAGR over the period. Spark attracted investments from various reputable institutions, such as Goldman Sachs, Citibank, HSBC, and Singapore Exchange. It has also secured a grant from the Monetary Authority of Singapore (MAS) under the Financial Sector Development Fund.

Coda Payments

Coda Payments provides online payment solutions to digital content providers in more than 60 markets, according to its website. Its products include Codashop, a marketplace for in-game currencies and content; Codapay, an API service that allows users to pay for in-game and web purchases; and xShop, a tool that enables Coda to extend a Codashop integration to other e-commerce platforms.

With a 42% CAGR amounting to S$319,130,450 in 2022 revenue, Coda has attracted investors including private equity firms Advent International and Primavera Capital, as well as London-based private equity firm Apis Partners and Japan’s GMO Global Payment Fund in the past.

Funding Societies

Funding Societies | Modalku Group

Funding Societies/Modalku is a peer-to-peer lending platform for small and medium enterprises (SMEs) in Southeast Asia. It connects SMEs that need financing with individual and institutional investors who are looking for alternative investment opportunities. Funding Societies is one of the fastest-growing fintechs in Singapore by revenue growth, as it has achieved a CAGR of 47% from 2019 to 2022, according to The Straits Times and Statista.

Some of the factors that contributed to its growth include the large and underserved SME financing gap in the region, estimated to be US$320 billion. The increasing adoption of digital solutions by SMEs and the supportive regulatory environment which granted Funding Societies a Capital Markets Services license and included it in the Fintech Regulatory Sandbox, have also been critical in its ascent.

The P2P lender has further raised over US$120 million in funding from investors bsuch as Sequoia India, SoftBank Ventures Asia, and SGInnovate.


Fintech AI Startups in Singapore - Aspire

Aspire supplies an all-in-one finance solution for growing businesses in Southeast Asia, offering a digital business account, a corporate card, a spend management system, and a marketplace of partners and providers. With a CAGR of 64% over the three years contributing to S$20,824,315 in 2022 revenue, Aspire has served over 20,000 businesses across Singapore, Indonesia, Thailand, and Vietnam, with a combined valuation of over US$1 billion.

It has also raised over US$200 million in funding from the likes of MassMutual Ventures, Y Combinator, and Hummingbird Ventures, as the company eyes further Asian expansion in the coming years.


Here Are Top 7 Fastest-Growing Fintech Companies in Singapore

Sleek‘s response to the increased demand for online corporate services during and following the COVID-19 pandemic has been commendable. The startup provides online corporate services for SMEs and entrepreneurs, such as company incorporation, accounting, tax filing, and business insurance.

The increasing demand for online and hassle-free corporate services, especially during the COVID-19 pandemic, accelerated the growth of Sleek to achieve an 86% CAGR, with its revenue rising from S$2,644,863 in 2019 to S$16,941,634 in 2022. It has also raised over $15 million in funding from various reputable investors, such as Enterprise Singapore, SEEDS Capital, and MIH.

iCare Benefits Group

Here Are Top 7 Fastest-Growing Fintech Companies in Singapore

iCare Benefits Group is one of the fastest-growing fintechs in Singapore by revenue growth, having also raised a US$15 million impact facility from Helicap in June 2023. Focusing on aiding factory workers and their families, the firm demonstrates how fintech can be leveraged for social good.

iCare provides a buy-now-pay-later service for low-income women factory workers in developing countries, such as Cambodia and Laos. According to last year’s list, the platform enables these workers to access essential products and services such as home appliances, healthcare, and education, through a digital platform and flexible repaymentsh

iCare Benefits Group has also been backed by Emerging Market Investment Advisers, whose investors include the International Financial Corporation and European development financial institutions. The backing by influential investors underscores its commitment and potential in this unique niche.


Nium is the fastest-growing Singapore-based fintech company according to Straits Times and Statista, with its 119% CAGR seeing its revenue balloon from S$10,551,762 in 2019 to S$111,367,342 in 2022.

Supplying real-time global payments solutions for businesses and consumers, Nium claims to be the leader in this field and the first global fintech focused on payments to reach US$82 million in net revenue in 2022.

Nium’s revenue grew 2.7x year-on-year and ended at more than US$100 million net revenue run rate. Nium also raised additional capital at a US$2 billion valuation in 2022, adding new investors such as BOND, NewView Capital, Moore Capital and Tribe Capita.

Untapped Potential for Fintech Companies in Singapore

A critical aspect of this growth has been Singapore’s progressive regulatory frameworks and market dynamics, which have fostered an environment conducive to innovation and expansion. The Monetary Authority of Singapore, in particular, has played a crucial role in shaping a regulatory climate that balances financial stability with growth opportunities for new fintech ventures. This harmonious blend of regulation and innovation has been pivotal in propelling these companies forward even in the midst of global economic uncertainty.

As the fintech landscape continues to evolve, these companies are not just redefining financial services; they are also shaping the future of the industry. With advancements in technology and a supportive ecosystem, the potential for further growth and innovation is boundless.

The list of Singapore’s fastest-growing companies 2024 curated by The Straits Times and Statista indicate the resilience, adaptability, and forward-thinking approach of fintechs in Singapore. Their journeys, marked by significant growth and strategic foresight, offer invaluable lessons and inspiration for the next generation of fintech innovators.

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