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Indonesia sees fintech investments down by half in 2023: report
Indonesian fintech saw only US$765 million in funding last year, down from $1.6 billion in 2022, according to private data market research firm Tracxn.
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Fintech symbols are displayed around a smartphone. (Shutterstock/-)
H
omegrown fintech start-ups faced a brutal year in 2023 after funding channeled to the industry plummeted 51 percent compared with the previous year, as investors moved with caution amid growing global uncertainty.
Indonesian fintech only saw US$765 million in funding last year, down from $1.6 billion in 2022, according to private data market research firm Tracxn.
“Investors are still stepping cautiously because of the global macroeconomic slowdown and other geopolitical issues,” the company said in its report Geo Annual Report: Indonesia FinTech 2023 on Tuesday.
The contraction was evident across all funding stages last year with the seed stage nosediving 84 percent to $9.5 million, while early-stage funding plunged 79 percent to $99.4 million.
Late-stage deals appeared to be much more resilient with a decline of only 40 percent to $656 million from $1.1 billion the previous year.
The number of megadeals exceeding $100 million continued to dwindle to just three last year, from previously four in 2022 and six in 2021.
Read also: GoTo raises $150m investment from IFC
