5 notable FinTech funding rounds that took place in APAC in February

By Leandra Monteiro

The emergence of new FinTech startups, new-to-bank population and technological advancements have paved the way for an upswing in the FinTech evolution. FinTechs are becoming mainstream with more investment than ever before. Tracking FinTech investments provides a better perspective on the competitive and strategic trends in the industry. Below are five notable FinTech funding rounds in APAC in February 2023:

Aspire closed an oversubscribed series C round. In the round, Lightspeed and Sequoia Capital SEA, Paypal Ventures, LGT Capital Partners and existing backers Picus Capital and Mass Mutual Ventures invested $100 million. Aspire plans to use the funds to further enhance its product offering and expand its regional presence, while growing its team to continue to innovate in the space.

Pakistan’s end-to-end digital lending infrastructure provider AdalFi announced a $7.5 million funding round. The funding round was led by COTU Ventures, Chimera Ventures, Fatima Gobi Ventures and Zayn Capital alongside angel investors including executives from Plaid. AdalFi’s vision for the future is to continue to drive innovation in the lending space, providing consumers and SMEs with the best possible experience by operating the lending infrastructure across a wide range of products and channels.

Cenoa, a borderless super wallet that improves access to dollar-based products in emerging markets, announced that it has raised $7 million in seed funding. The fundraising was led by venture capital firm Quiet Capital, an early backer of Robinhood; and Underline VC. Additional investors include Human Capital, Ulu Ventures, Acrew Capital and Collective Spark. The proceeds from the fundraising will be used to expand Cenoa’s business to expand both beyond the core product and into new markets in Latin America, Africa, Southeast Asia and Europe.

Hnry, a New Zealand-based accounting FinTech platform recently announced that it has raised $35 million in Series B funding round. The round was led by first-time Hnry investors AirTree Ventures. The round also saw participation from Athletic Ventures, Left Lane Capital, Notion and Icehouse Ventures. The company plans to use the funds to expand its team, develop new products and support more individual retailers.

Vietnam’s FinTech startup GIMO announced the first close of its Series A funding with a US$5.1 million investment led by TNB Aura. Other investment firms joining the round are returning investors, including Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures and Y Combinator. The fresh capital will bolster its product innovation that appeals to underserved workers and drive revenue growth.

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