Which startups are leading Southeast Asia's payments race?

Singapore-based companies dominate the list.

Southeast Asia’s top 12 payment startups have collectively raised $2.7b in disclosed funding, with Singapore’s Airwallex making up over half of the equity funding, according to Tracxn.

Airwallex’s $320m Series H funding round in June raised its total equity funding to $1.9m, according to data disclosed to the market intelligence platform.

Thunes, a cross-border payment service provider ranked second on the list with $362m in total equity funding. Its latest funding round in 2025 saw the company $150m.

Finture Group closed the Top 3 with $100m in total equity funding received. The five-year-old startup’s most recent funding round saw it raise $32m in September 2025.

Airwallex, Thunes, and Finture Group are all based in Singapore.

The companies in the list are involved incross-border payment networks, enterprise payment infrastructure, merchant commerce solutions, embedded financial services, and digital asset-enabled payment capabilities, according to Tracxn.

Two Indonesian companies—Honest and OY!—clinched the fourth and fifth spot, with total equity funding at $100m and $87m, respectively.

Five Singapore-based payment startups filled the rest of the top 10: MetaComp ($35m total equity funding), Chocolate Finance ($34m), Finno ($27m), dctpay ($27m), and Qashier ($22m).

MetaComp, a Singapore-regulated digital financial services firm, is only in its Seed stage, and raised $13m in a March 2026 funding round.

VETC is the only Vietnamese payment startup in the list, raising $19m in its Series B funding round last August 2025. VETC is an automated toll payment collection app, notably for electric vehicles (EV) charging.

FlexM closed the Top 12 list, with the Singapore company having raised $13m in a Series A funding round last October 2025.

Singapore emerged as the dominant base for the list, with 9 of the 12 companies headquartered in the city-state, Tracxn said.

Funding activity also remained active with four of the 12 companies securing funding rounds in 2026: Airwallex ($320m), MetaComp ($13m), dtcpay ($10m), and Qashier ($6m.)