
AI And Blockchain Innovations Propel Singapore's Fintech Evolution Amid Investment Recalibration: KPMG's Pulse Of Fintech H2'24
H2 2024 | H1 2024 | |||
Fintech verticals | Total value US$ (million) | No of deals | Total value US$ (million) | No of deals |
Reg Tech | $1.5 | 4 | $2.2 | 4 |
Insur Tech | $100.0 | 2 | $41.5 | 2 |
Cybersecurity | $3.0 | 1 | $3.0 | 1 |
Payments | $57.4 | 9 | $66.2 | 6 |
Digital assets and currencies (crypto/blockchain) | $267.0 | 53 | $219.1 | 82 |
AI & ML *these deals are also tagged with other fintech verticals | $159.9 | 12 | $24.1 | 15 |
Figure 1: Singapore's fintech verticals deal values and volume for H1 2024 and H2 2024
Singapore | Global | |||
Fintech verticals | Ranking | Deal Size | Ranking | Deal Size |
US$ (million) | US$ (billion) | |||
Digital assets and currencies (crypto/blockchain) | #1 | $486.09 | #2 | $9.10 |
Insurtech | #2 | $141.50 | #4 | $3.10 |
Payments | #3 | $123.60 | #1 | $31.00 |
Cybersecurity | #4 | $6.00 | #5 | $0.90 |
Regtech | #5 | $3.71 | #3 | $7.40 |
Wealthtech | #6 | 0 | #6 | $0.40 |
Figure 2: Ranking of top Singapore and Global's fintech verticals in deal values for 2024
Global fintech investment
Regionally, the Americas attracted the largest share of fintech investment in 2024-US$63.8 billion across 2,267 deals, including US$50.7 billion across 1,836 deals in the US. The EMEA region attracted US$20.3 billion across 1,465 deals, while the ASPAC region saw US$11.4 billion across 896 deals. At a sector level, the payments space attracted the largest share of investment (US$31 billion), followed by digital assets and currencies (US$9.1 billion), and regtech (US$7.4 billion).
“It's been a rough year for nearly everyone-fintechs, corporates, VC and PE firms-given the breadth of challenges and uncertainties in the global market. With only a handful of exceptions, no one wanted to pull the trigger on the largest deals-which have long been a mainstay in fintech investment,” said Karim Haji, Global Head of Financial Services, KPMG International. “But there's a lot to be positive about heading into 2025. Many critical elections are behind us and investment and deal activity is beginning to pick up. We are starting to see more deals coming through because of interest rate cuts in different jurisdictions and the lower cost of funding. However, we will have to wait and see if the changing world trading conditions impact inflation, interest rates and consequently these positive signs of market change.”
Global Key Highlights for 2024
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Global fintech investment fell from US$119.8 billion across 5,382 deals in 2023 to US$95.6 billion across 4,639 deals in 2024.
The Americas attracted US$63.8 billion in fintech investment across 2,267 deals in 2024, of which the US accounted for US$50.7 billion across 1,836 deals; the EMEA region attracted US$20.3 billion across 1,4645 deals, while the ASPAC region attracted US$11.2 billion across 896 deals.
Global M&A deal value fell from $60.2 billion to US$49.6 billion between 2023 and 2024; while H2'24 was softer than H1'24, M&A deal value rose from US$7.4 billion to US$14.2 billion between Q3'24 and Q4'24.
PE investment declined significantly, falling from US$10.5 billion in 2023 to just US$2.6 billion in 2024, while VC investment saw a modest drop from US$49.2 billion in 2023 to US$43.4 billion in 2024.
Payments was the strongest area of fintech investment globally in 2024, with US$31 billion in investment compared to just US$17.2 billion in 2023; other sectors that saw investment rise year-over-year included digital assets and currencies -from US$8.7 billion to US$9.1 billion, regtech-from US$4.4 billion to US$7.4 billion, proptech-from US$1.9 billion to US$3 billion, and wealthtech-from US$190 million to US$400 million.
Corporate VC-participating investment globally fell from US$26 .9 billion in 2023 to US$19.6 billion in 2024; only the EMEA region saw corporate investment in VC deals rise-from US$5.1 billion to US$5.8 billion year-over-year. The Americas saw CVC drop from US$13.8 billion to US$9.9 billion, while ASPAC saw CVC investment drop from US$8.0 billion to US$3.9 billion.
Global: Americas sees VC investment drop to six-year low despite record high in Canada
The Americas saw total fintech investment drop from US$77.6 billion in 2023 to a six-year low of US$63.8 billion in 2024. The US accounted for $50.7 billion of this funding-a decline from US$72.8 billion in 2023. Outside of the US, Canada saw a record high of US$9.5 billion in fintech investment during 2024-driven in large part by the buyout of Nuvei-while investment in Brazil softened from US$2.3 billion to US$1.4 billion. Fintech investment dropped slightly from US$32.8 billion to US$31 billion between H1'24 and H2'24. On a more positive note, investment almost doubled between Q3'24 and Q4'24, rising from US$10.8 billion to US$20.2 billion. Within the US, fintech investment dropped from US$28.8 billion to US$21.9 billion between H1'24 and H2'24, although it also rose from US$9.9 billion to US$11.9 billion between Q3'24 and Q4'24.
Global: Fintech investment in EMEA region sinks to US$20.3 billion-lowest total since 2016
Fintech investment in the EMEA region fell from $27.6 billion across 1,833 deals in 2023 to just US$20.3 billion across 1,465 deals in 2024. H2'24 also saw a significant drop compared to H1'24-from US$13 billion across 820 deals to just US$7.3 billion across 645 deals. While the UK accounted for nearly half of all fintech investment in the EMEA region during 2024 (US$9.9 billion), the total was a significant decline compared to 2023 (US$13.6 billion). Germany also saw fintech investment drop between 2024 and 2025-from US$961 million to a ten-year low of US$815 million. The Middle East saw the most positive results in EMEA during 2024, with fintech investment rising from US$1.2 billion to US$2.2 billion year-over year.
Global: Asia-Pacific region sees lowest level of fintech investment in a decade
Total fintech investment in the ASPAC region fell from US$14.6 billion in 2023 to US11.4 billion in 2024-the lowest level of fintech funding seen in the region since 2014. India accounted for the largest share of this total (US$4.1 billion), led by a US$.5 billion raise by WSB Real estate partners in H1'24. Total fintech investment in China dropped from US$2.6 billion to just US$687 million between 2023 and 2024, while Australia saw fintech investment nearly double from US$840 million to US$2.1 billion; fintech investment in Japan held nearly steady year-over-year at US$660 million.
A sense of optimism for 2025
With interest rates declining in many jurisdictions and election uncertainties finally easing, there's a cautious sense of optimism within the fintech market heading into 2025. The average time between deals has also lengthened significantly, from approximately fifteen months in 2022 to twenty-four months in 2025-the longest it has been in the last decade-which could make 2025 a critical year for deal-making as fintechs look to ensure their continued operations.
While the payments space will likely remain the biggest ticket of investment globally, digital assets and currencies are well positioned for an upswing in investment-particularly when it comes to market infrastructure, digital tokenisation, and stablecoins. AI is also expected to remain a key priority for investors, with regtech and cybersecurity-related solutions likely to see the most interest in H1'25.
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