Led by $250m venture financing of PT Espay Debit Indonesia Koe, total payments industry venture financing deals worth $1.2bn were announced in Asia-Pacific in Q3 2022, according to GlobalData’s deals database.

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The value marked a decrease of 3.9% over the previous quarter and a drop of 26.5% when compared with the last four-quarter average of $1.66bn.

Asia-Pacific held a 40.13% share of the global payments industry venture financing deal value that totalled $3.04bn in Q3 2022. With a 17.62% share and deals worth $535.5m, Republic of Korea (South Korea) was the top country in Asia-Pacific’s venture financing deal value across payments industry.

In terms of deal activity, Asia-Pacific recorded 34 deals during Q3 2022, marking a decrease of 20.93% over the previous quarter and a drop of 21.84% over the last four-quarter average. India recorded 15 deals during the month.

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Asia-Pacific payments industry venture financing deals in Q3 2022: Top deals

The top five venture financing deals accounted for 61.5% of the overall value during Q3 2022.

The combined value of the top five payments venture financing deals stood at $748m, against the overall value of $1.2bn recorded for the quarter.

The top five payments deals of Q3 2022 tracked by GlobalData were:

1) Lazada Group and Sinar Mas’s $250m venture financing deal with PT Espay Debit Indonesia Koe

2) The $228m venture financing of Viva Republica by Altos Ventures, DAOL Investment, Goodwater Gap Partners, Greyhound Capital Europe, KDB Development Bank, Kwangju Bank and Mirae Asset Securities

3) Norwest Venture Partners, Piramal Capital and Housing Finance and The Rise Fund’s $110m venture financing deal with Early SalaryLtd.

4) The $102m venture financing of FPL Technologies by Hummingbird Ventures, Matrix Partners, QED Investors, Sarv Investments(Inactive), Sequoia Capital Operations and Temasek Holdings

5) Info Edge Ventures, Naya Capital Management, PayU and Temasek Holdings (Private)’s $58m venture financing deal with DotPe