Summary:
Sea, Grab, and GoTo climbed the Southeast Asia 500 rankings, driven by their fintech businesses
Sea’s Monee grew by 35% last year, with Q1 2025 revenue up 57.6%
Grab’s financial services revenue rose by 44% last year, with 36% growth in Q1 2025
GoTo’s financial services revenue almost doubled, reaching 3.7 trillion Indonesian rupiah ($230 million)
Financial services offer higher gross margins and serve an underbanked population
Tech has a minimal presence on the Southeast Asia 500, contributing just under 3% of the list’s total revenue. However, the region’s most prominent internet platforms have seen significant growth this year, thanks in part to their fast-growing fintech businesses.
Sea, Grab, and GoTo Lead the Charge
- Sea, ranked No. 15, saw a 30% year-on-year revenue increase, reaching $16.8 billion.
- Grab rose 24 places to No. 128, with revenue of $2.8 billion.
- GoTo jumped 13 spots, achieving sales of $1 billion.
The Fintech Factor
None of these companies started as fintech firms. Sea focuses on gaming and e-commerce, while Grab and GoTo began with ride-hailing and delivery. Yet, financial services have become a lucrative path for these tech giants.
Sea’s Financial Services
- Sea’s digital financial services arm, Monee, grew by 35% last year, reaching $2.4 billion.
- In Q1 2025, Monee’s revenue grew by 57.6%, hitting $787.1 million.
- Sea owns two digital banks: Maribank in Singapore and Seabank in Indonesia and the Philippines.
Grab’s Financial Services
- Grab’s financial services revenue rose by 44% last year, reaching $253 million.
- In Q1 2025, it grew by 36% year-on-year.
- Grab offers loans to drivers and merchants and operates digital banks in Singapore and Malaysia.
GoTo’s Financial Services
- GoTo’s financial services revenue almost doubled last year, reaching 3.7 trillion Indonesian rupiah ($230 million).
- GoPay, launched in 2023, uses less mobile data, making it accessible to users with less powerful phones.
- GoTo holds a 22% stake in Bank Jago, an Indonesian digital bank.
Why Financial Services?
Financial services offer higher gross margins compared to e-commerce or ride-hailing. These platforms leverage user data from their main services to assess creditworthiness, serving an underbanked population that traditional banks often overlook.
Digital banks provide another avenue for customer acquisition, enabling these companies to offer additional services like investment and insurance products.
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