APAC Funding news: 8 Major FinTech fundraises of July 2024

By Gloria Mathias

In July 2024, the APAC region witnessed diverse FinTech investment activities, highlighting its dynamic landscape. Several startups secured seed funding, underscoring investor confidence in early-stage innovations.

Notable examples include heymax.ai, Validus Fintech, and PEXX, which focus on AI-driven loyalty platforms, FinTech services, and blockchain technologies, respectively. Companies like Dice and Seeds Fincap secured Series A funding to scale their enterprise solutions and expand lending capabilities in India. These investments aim to deepen market penetration and enhance customer experiences through advanced AI and technology.

Auxilo Finserve raised substantial equity funding to bolster its education-focused NBFC operations, emphasizing the importance of specialized financial services in enhancing educational infrastructure across the region. Funding rounds were led by a mix of global and regional investors, reflecting APAC’s attractiveness for both local venture capital and international funds seeking growth opportunities in FinTech and related sectors.

India garnered the most FinTech funding in the APAC region due to its large and rapidly growing market, increasing digital adoption, and supportive regulatory environment, making it a hotspot for investors.

Overall, July 2024 showcased APAC as a vibrant hub for FinTech innovation, with investments fueling technological advancements and market expansions across various financial services segments.

Below are the eight FinTech funding rounds reported in APAC in July 2024:

• heymax.ai raises $2.6m

Singapore-founded loyalty platform heymax.ai has raised $2.6 million (SG$3.5 million) in seed funding, led by January Capital and with participation from Tenity, Ascend Angels, XA Network and other strategic investors.

• Dice raises $5m

Dice, an India-based enterprise spend management platform, has secured $5 million (INR 42 crores) in Series A funding led by Dallas Venture Capital, with participation from GVFL (formerly Gujarat Venture Finance Limited). The funding will fuel the company’s various go-to-market initiatives, which aim to enhance deeper market penetration, expand customer outreach, optimize sales and marketing strategies, and boost AI capabilities to enrich the user experience.

• Dezerv raises $32m

Dezerv, India’s wealth management platform for wealth creators, has announced that it has secured $32 million (INR 265 Crores) in a funding round led by Premji Invest. This round also saw participation from existing investors Elevation Capital, Matrix Partners India (aka Z47) and Accel. Dezerv plans to invest fresh capital in crafting new investment strategies, boosting its technology platform to deliver a superior client experience, and hiring investment specialists for its next growth phase.

• Auxilo Finserve raises $30m

Auxilo Finserve, the education-focused NBFC, has raised $30 million (INR 279 crore) in a fresh round of equity funding to expand its student lending portfolio and enable better infrastructure for quality education. LeapFrog Investments, a profit-with-purpose investment firm, invested $30 million in the current round through its investment vehicle, Jade Inclusion. The new capital infusion will expand customer reach, enhance student funding, incorporate technological infrastructure across business processes, and boost the company’s Institutional lending segment.

• Seeds Fincap secures over $8.5m

NBFC Seeds Fincap has raised over $8.5 million in a Series A funding round led by Matrix Partners India (aka Z47) and Lok Capital. The funds will enable Seeds Fincap to expand its lending capabilities, enhance its technological infrastructure, and broaden its branch footprint.

• Validus Fintech bags seed funding

Hyderabad-based Validus Fintech Services has secured an undisclosed investment in seed funding from AUM Ventures, an Abu Dhabi Global Market (ADGM) -based, India-focused VC Fund, and other strategic investors. The newly secured funds will be allocated towards product development, business and market expansion efforts, allowing the company to establish a strong presence in a market traditionally dominated by legacy players.

• Partior raises $60m+

Partior, a FinTech company with global unified ledger-based interbank rails, has announced the first close of a $60 million+ Series B round led by Peak XV Partners and supported by Valor Capital Group and Jump Trading Group as new investors. This new round of funding will enable the advancement of new capabilities like intraday FX swaps, cross-currency repos, programmable enterprise liquidity management, and just-in-time multi-bank payments.

• PEXX raises $4.5m

PEXX, a FinTech startup specialising in cryptocurrency and blockchain technology, has announced the closure of a $4.5 million seed funding. This investment will propel the development of the company’s stablecoin-to-fiat payment platform, set to revolutionise the way people transfer currencies across borders. The funding included one round led by TNB Aura, and included further strategic investment from EMO Capital.