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Dominance of Fintech in Forbes 30 Under 30 Asia

This year’s Forbes 30 Under 30 Asia list showcases a remarkable trend: fintech founders and co-founders are dominating the Finance and Venture Capital (VC) category. Out of the 30 entries, a staggering 13 are either founders or co-founders of fintech companies, while four are senior executives in fintech, and six are VCs with expertise in the sector. This highlights the growing influence and innovation coming from the fintech space.

Regional Representation in Fintech

India leads the charge with the highest number of young fintech founders and co-founders, while Singapore stands out as a hub for fintech VCs. Other countries making their mark include Indonesia, South Korea, Japan, the Philippines, and Nepal. This diverse representation underscores the global nature of fintech innovation.

Spotlight on Indian Fintech Founders

1. Ankush Aggarwal & Tushar Mehndiratta, Co-Founders of Avail Finance

   • Avail Finance focuses on providing loans to blue-collar workers who often find themselves excluded from traditional banking systems. With over 300,000 loans processed and $21.6 million raised in equity, their impact is significant.

2. Rajan Bajaj, Founder of Slice

   • Slice offers payment cards with pre-approved credit, catering to nearly 300,000 customers in India. With annual transactions worth $200 million and over $20 million raised in equity, Bajaj’s background at Flipkart adds to his credibility.

3. Sambhav Jain & Kush Taneja, Co-Founders of FamPay

   • FamPay is revolutionizing cashless transactions for teenagers in India with its prepaid debit card, the FamCard. The startup raised $4.7 million in seed funding from notable investors like Y Combinator and Sequoia India.
4. Harshil Mathur, Co-Founder of Razorpay
   • Since its inception in 2014, Razorpay has evolved into one of India’s largest fintech startups, valued at $3 billion. It serves major clients like Facebook and Zomato, expanding its offerings to business loans and payroll management.

Emerging Fintech Startups in Southeast Asia

1. Chinmay Chauhan, Co-Founder of BukuWarung (Indonesia)

   • BukuWarung provides digital bookkeeping and payment services to SMEs, raising $20 million in funding. Their recent launch of Tokoko allows merchants to create online stores, further enhancing their service offerings.

2. Rafi Putra Arriyan & Team, Co-Founders of Flip (Indonesia)

   • Initially a P2P payment app, Flip has transformed into a comprehensive financial app, attracting millions of users and significant investments from Sequoia India and Insignia Venture Partners.

3. Tushar Aggarwal, Founder of Persistence One (Singapore)

   • Persistence One leverages blockchain technology for asset transactions, including commodity trading and debt financing. Aggarwal’s previous experience at LuneX Ventures adds depth to his venture.

4. Vishvesh Suriyanarayanan & Dylan Tan, Co-Founders of Split (Singapore)

   • Split is a leading buy-now-pay-later provider in Malaysia and Singapore, generating $4 million in sales for 300 brands since April 2020.
5. Yin Likun, Founder of RootAnt (Singapore)
   • RootAnt specializes in embedded supply chain finance solutions across Asia, with a strong presence in Singapore, China, and Japan. Yin’s recognition as an Asia Fintech Leader underscores the firm’s impact.

Notable Fintech Executives and VCs

1. Vardhan Kapoor, Head of APAC at Remitly (Singapore)

   • Kapoor leads Remitly’s expansion in the Asia Pacific region, contributing to the unicorn’s valuation of $1.5 billion. His mentorship roles further emphasize his commitment to the fintech ecosystem.

2. Jeff Young, CEO of BitWell (Singapore)

   • Young heads BitWell, a leading digital currency derivatives platform, bringing experience from investment firm Block Vision Capital and tech giants like Tencent.

3. Chia Jeng Yang, Principal at Saison Capital (Singapore)

   • Yang is instrumental in investing in emerging markets, with a portfolio that includes significant players like Grab and Shopback.
4. Ishan Sinha, Senior Principal of Growth Investment at Human Capital (India)
   • Sinha leads a $500 million VC fund, focusing on fintech and consumer investments, showcasing the growing interest in the sector.

The Future of Fintech in Singapore and Beyond

With a vibrant mix of founders, executives, and investors, the fintech landscape in Singapore and the broader Asia region is poised for continued growth and innovation. The diverse range of startups and established players reflects a dynamic ecosystem that is not only addressing local needs but also setting trends on a global scale.

Stay tuned for more updates and insights in our monthly newsletter, where we delve deeper into the stories and innovations shaping the fintech world.