Latest News

Tracxn : SEA FinTech startups see 13 percent decline in funding in first quarter amid slowdown in economic activity

Published

7 months ago

April 17, 2024

The Southeast Asia (SEA) FinTech sector secured funding worth $530 million in the first quarter of 2024, a 13 percent lower than the $607 million raised in the corresponding quarter last year, Tracxn said in a a report on Tuesday.

The data intelligence platform said in a statement that the funding also showed a 44 percent fall compared with the $939 million raised in the previous quarter.

According to the statement, the drop in funding is largely due to the decline in late-stage funding, which declined 64 percent from $758 million in the fourth quarter of 2023 to $270 million in the first quarter of 2024.

This is also a 40 percent drop when compared with the $447 million raised in the first quarter of 2023.

Meanwhile, seed-stage investments in the first quarter of 2024 stood at $19.4 million, a 27 percent decrease from $26.5 million raised in the previous quarter.

This is also a 59 percent plunge from the $47.4 million raised in the first quarter of 2023.

However, a surge was observed in early-stage investments, which rose 114 percent to $240 million in the first quarter of 2024 from $112 million raised in the first quarter of 2023.

This is also a 56 percent increase from the $154 million raised through early-stage rounds in the fourth quarter of 2023.

It is noted that the first quarter of 2024 witnessed only one $100 million+ funding round, as against four and two such rounds in the fourth quarter of 2023 and the first quarter of 2023 respectively.

Singapore-based ANEXT Bank raised $148 million from Ant Group.

Further, no new unicorns emerged during the first three months of 2024.

It is also noted that the SEA fintech startup ecosystem did not witness any initial public offerings (IPOs) in the first three months of 2024, similar to both the first quarter of 2023 and the fourth quarter of 2023.

However, the number of acquisitions rose to ten in the first quarter of 2024, from six in the fourth quarter of 2023 and five in the first quarter of 2023.

Banking tech, alternative lending, and cryptocurrency were the top funded segments in this space in the first quarter of 2024.

Companies in the banking tech space witnessed $180 million in funding in the first quarter of 2024, compared with $108 million raised in the previous quarter and just $5.5 million raised in the first quarter of 2023.

Funding into the alternative lending segment stood at $126 million in the first quarter of 2024, a 76 percent plunge compared with the $531 million funding raised in the fourth quarter of 2023 and a 58 percent drop from the $302 million raised in the corresponding quarter last year.

The cryptocurrency sector attracted investments worth $91.9 million in the first quarter of 2024, a spike of 138 percent and 246 percent compared with $38.2 million and $26.3 million raised in the first quarter of 2023 and the fourth quarter of 2023 respectively.

FinTech companies based in Singapore accounted for 70 percent of the total funding in the region, raising $372 million.

This is followed by companies based in Jakarta and Taguig, which raised $103 million and $32.1 million respectively.

East Ventures, Y Combinator, and 500 Global are the all-time most active investors in the SEA fintech space.

Mirana, Bixin Ventures, and Draper Dragon were the most active seed-stage investors in the first quarter of 2024, while MassMutual Ventures, Nyca Partners and Illuminate Financial were the most active early-stage investors.

MUFG Innovation Partners was the lead investor in terms of late-stage funding in the first quarter of 2024.

According to the statement, the SEA FinTech startup ecosystem witnessed funding of more than $1 billion in each quarter, starting from the second quarter of 2021 to the second quarter of 2022.

However, investments began to decline after this period.

Though funding grew in the fourth quarter of 2023, a decrease was observed again in the first three months of 2024.

This downward trend can be attributed to multiple factors including the slowing economic activity across industries, reduced consumer spending, and a shift in investor interest toward more sustainable and profitable businesses.

“Despite the downward trend, the SEA FinTech startup ecosystem can continue to attract investor interest in the coming months, driven by the digital readiness of this region,” Tracxn said.

Source: technode.global

The post Tracxn : SEA FinTech startups see 13 percent decline in funding in first quarter amid slowdown in economic activity appeared first on HIPTHER Alerts.

Latest News

COCA Celebrates Q2 2024 with Record-Breaking Milestones and New Launches

Published

4 months ago

August 7, 2024

CISION (PR Newswire)

HONG KONG, Aug. 7, 2024 /PRNewswire/ — COCA, a pioneering force in the crypto wallet and financial services industry, has achieved several remarkable milestones in Q2 2024. Thanks to the steadfast support of its user community, COCA has launched new features, expanded its partnerships, and garnered prestigious accolades, further solidifying its position as a leader in the crypto space.

Launch of Physical Cards

COCA has introduced its highly anticipated physical cards, which are now available globally and compatible with Apple Pay and Google Pay. These cards allow users to make transactions with ease, earning cashback rewards on their purchases. This significant launch marks a step forward in integrating crypto with everyday financial activities, enhancing user convenience and financial flexibility.

Wallet Growth Milestone

The company has reached a significant milestone with 510,000 active wallets, reflecting a 102% growth quarter-on-quarter. This surge in active wallets highlights the increasing trust and adoption of COCA’s platform, as more users join the COCA community to manage their crypto assets securely and efficiently.

Transaction Volume Surge

In Q2 2024, COCA processed over USD 450,000 in transactions through its platform, demonstrating the robust usage and popularity of its financial services. This impressive transaction volume underscores COCA’s commitment to providing smooth and efficient crypto payment solutions.

Integration with Revolut

COCA has made it easier for users to fund their wallets by integrating with Revolut. This new feature allows seamless loading of crypto assets, enhancing the overall user experience and accessibility of COCA’s services.

Award Recognition

COCA has been honoured with the “Best Startup” award in the Financial Revolution category at CONF3RENCE & BLOCKCHANCE 2024. This award is a testament to COCA’s innovative approach and significant impact on the future of finance, recognizing its efforts in driving forward the digital financial ecosystem.

New Strategic Partnerships

COCA has formed strategic partnerships with industry leaders such as Wirex Pay and GoMining. These collaborations aim to provide users with enhanced rewards and a superior overall experience. The partnerships signify COCA’s dedication to expanding its ecosystem and delivering greater value to its users.

Welcoming Pavel Matveev

COCA is excited to announce the addition of Pavel Matveev, Founder of Wirex, to its team as a Strategy and Product Advisor. Pavel’s extensive experience and visionary approach are expected to drive COCA’s strategic initiatives and product development, contributing to the company’s continued growth and innovation.

Season 2 Point System Launch

Season 2 of COCA’s popular point system has launched, offering users the opportunity to earn points through various activities, including trades, referrals, holding assets, and spending with COCA cards. With a prize pool of USDT 3500 and 5 Wirex Pay Nodes, this season promises exciting rewards and increased user engagement. The season ends on August 9th, so users are encouraged to participate actively.

NFT Giveaway

In a special giveaway, COCA distributed 1000 GoMining NFTs to lucky users. These NFTs provide unique benefits, including enhanced mining capabilities and exclusive digital collectibles, adding significant value to the user experience.

For further details on COCA’s Q2 achievements and upcoming initiatives, visit the company’s blog.

Website: coca.xyz

COCA continues to redefine the crypto experience with its innovative solutions, seamless integrations, and user-focused approach. The company’s recent milestones and future plans highlight its commitment to leading the way in the digital financial landscape.

About COCA

COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.

Photo – https://mma.prnewswire.com/media/2477245/COCA_Q2_2024.jpg
Logo – https://mma.prnewswire.com/media/2338075/4848605/COCA_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/coca-celebrates-q2-2024-with-record-breaking-milestones-and-new-launches-302216619.html

Latest News

Stake and Earn with KuCoin’s Innovative GemPool Platform

Published

4 months ago

August 7, 2024

CISION (PR Newswire)

VICTORIA, Seychelles, Aug. 7, 2024 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to announce the launch of GemPool, its innovative new platform that allows users to acquire token airdrops as a reward for staking their crypto assets. This unique product is designed to provide early access to emerging crypto projects while offering rewards for their existing holdings at zero cost. By staking respective tokens in separate pools, users can farm new tokens and gain a foothold in the latest developments within the cryptocurrency market.

GemPool also offers flexible staking terms, allowing users to stake and un-stake their assets anytime within the designated period without lock-up restrictions. This flexibility ensures that users can manage their assets according to their preferences and market conditions. Additionally, GemPool provides zero-cost rewards, enabling users to earn tokens while holding their existing cryptocurrencies. By staking their tokens, users contribute to the growth of promising new projects, supporting innovation and development within the crypto space. With completion of tasks offered, users are eligible to earn multiplier bonus and receive more rewards.

Users can participate by staking KCS, USDT, or other specified assets in designated pools. The rewards are earned according to the respective yields of the pools, ensuring a fair and exciting experience for all users.

For more information on how to participate and the benefits of GemPool, please visit the KuCoin GemPool page.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.

Logo – https://mma.prnewswire.com/media/2356857/KuCoin_Horizontal_Green_LOGO_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/stake-and-earn-with-kucoins-innovative-gempool-platform-302216471.html

Latest News

Trust Wallet Launches Gamified Education Platform and Loyalty Program to Enhance and Reward Web3 Learning

Published

4 months ago

August 7, 2024

CISION (PR Newswire)

DUBAI, UAE, Aug. 7, 2024 /PRNewswire/ — Trust Wallet, the world’s leading self-custody Web3 wallet and Web3 gateway trusted by over 130 million users, has launched Trust Wallet Quests, a gamified education platform within the Trust Wallet mobile app which encourages users to earn points while exploring and learning about Web3.

Users can engage in task-based challenges ranging from quizzes to complex problem-solving scenarios composed of various DeFi and Web3 activities, all designed to deepen their understanding of blockchain technology and decentralized applications (dApps), and expose them to exciting opportunities within Web3. As an incentive, users will earn Trust Points, a loyalty-based points system designed to reward user activity within the Trust Wallet mobile app. With Trust Points, users can earn rewards upon the completion of specific tasks, making Web3 more rewarding and fun.

In the future, Trust Points will offer additional gamification features, such as unlocking achievements, badges, and levels. This interactive approach not only boosts individual learning but also contributes to broader community education and adoption of decentralized technologies, making Trust Wallet Quests a dynamic and exciting way to reward loyal users and engage with communities in Web3.

On the motive for launching Trust Wallet Quests, Eowyn Chen, CEO of Trust Wallet, stated: “The complex technology and fast-paced industry can be intimidating for both new and seasoned users. The introduction of Quests on Trust Wallet further solidifies our commitment to making it easier for millions to navigate Web3, aligning perfectly with our mission to build a seamless Web3 hub and open ecosystem for all.”

Nate Zou, Head of Product at Trust Wallet, highlighted what to expect from Trust Points and Trust Wallet Quests: “Trust Points and Quests are just the first iteration of a much-needed reward system for our community. Within 2024, we have plans to build on this, combining rewards with many of our other web3 product offerings. Overall, we envision this points system not only changing how users engage with Trust Wallet, but also encouraging more collaboration between Trust Wallet, our users and other web3 ecosystem players.”

Trust Wallet Quests and Trust Points are now available on both Android and iOS versions of Trust Wallet’s mobile app. Download here: https://short.trustwallet.com/TrustWalletQuests

About Trust Wallet

Trust Wallet is the self-custody, multi-chain Web3 wallet and Web3 gateway for people who want to fully own, control, and leverage the power of their digital assets. From beginners to experienced users, Trust Wallet makes it easier, safer, and convenient for millions of people around the world to experience Web3, access dApps securely, store and manage their crypto and NFTs, buy, sell, and stake crypto to earn rewards, all in one place and without limits.