5 notable FinTech funding rounds that occurred in APAC in February

By Leandra Monteiro

The rise of new FinTech start-ups, new-to-bank population and technological advancements have paved the way for an upsurge in FinTech evolution. FinTechs are becoming mainstream with more investment made 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 the month of February 2023:

• Aspire closes $100m Series C round

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

• AdalFi raises $7.5m

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 execs 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 powering the lending infrastructure across a wide range of products and channels.

• Cenoa raises $7m

Cenoa, a borderless super wallet improving access to dollar-based products in emerging markets, announced it has raised $7 million in Seed funding. The fundraise was led by venture capital firm Quiet Capital, an early backer of Robinhood; and Underscore VC. Further investors include Human Capital, Ulu Ventures, Acrew Capital, and Collective Spark. Proceeds from the fundraise will be used to grow Cenoa’s operations to expand both beyond its core product and to new markets in Latin America, Africa, Southeast Asia, and Europe.

• Hnry secures $35m in Series B round

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 grow the team, develop new products, and support more sole traders.

• GIMO closes Series A at $5.1m

Vietnam’s FinTech start-up GIMO announced the first close of its Series A funding with a $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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