While many fintechs across Asia are tightening belts or stalling on expansion, Chocolate, a Singapore-based fintech startup, is doubling down on growth, with the backing of investors who see a rare combination of technical scalability, product-market fit, and regional relevance. The capital injection is more than a financial milestone. It reflects a renewed confidence in the company’s ability to serve a growing demographic of digital-first users looking for low-friction, high-yield alternatives to traditional savings products.
Chocolate Finance’s appeal lies in its simplicity. The platform offers users a way to earn better returns on their idle cash, with no lock-ins, complicated terms, or confusing fine print. As consumers across Asia grow increasingly financially literate and discerning, demand for transparent and user-centric solutions has surged. In 2024, assets under management (AUM) on digital wealth platforms in the region surged an impressive 24 per cent year‑on‑year, reaching an estimated US$69 billion, up from just 8 per cent of total AUM in 2022. Chocolate has leaned into that demand, focusing on usability and a trust-first model built around clear communication and liquidity confidence.
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The startup’s regional strategy is also gaining momentum. With regulatory approval secured for Hong Kong and a targeted launch in early 2026, Chocolate is creating a strong two-market foundation in Asia’s key financial hubs. This expansion is purposeful. While many fintechs rush to scale, Chocolate’s model centres on measured growth, technical efficiency, and user trust — traits that have become increasingly important as digital banking markets mature.
Yet, the journey has not been without its challenges. Earlier this year, a temporary disruption in payment channels tested Chocolate’s liquidity infrastructure and communications strategy. But rather than buckle, the company used the incident as a proving ground, demonstrating both its platform’s resilience and its commitment to user clarity.
With disciplined investment strategies, strong institutional partnerships, and a mission-driven team, Chocolate Finance appears well-positioned to redefine how people across Asia grow their spare cash. We spoke to Walter de Oude, the CEO of Chocolate Finance, to find out more about their journey.
You closed a US$15 million Series A+ in July 2025 – what were the key drivers that convinced investors that now was the right moment to double down on Chocolate Finance?
This latest round is a strong vote of confidence, not just in the business, but in the fundamentals we’ve built. Chocolate just works. And it’s growing from strength to strength. In today’s capital environment, investors are being selective and backing companies that show real traction, clear value to users, and resilience under pressure.
We’ve demonstrated that our model works not just in good times, but through stressful times too. Chocolate solves a real problem for many people. Chocolate delivers on its promise to deliver happy returns, and investors see the potential for our growth both in Singapore and beyond.
You recently secured regulatory approval for Hong Kong and have plans to launch in early 2026. How does Hong Kong fit into your broader regional roadmap, and what other markets are you eyeing next?
Securing regulatory approval in Hong Kong is a logical milestone for us, both from an operational and strategic point of view. Our expansion to Hong Kong as the first market outside of Singapore was chosen since it complements what we’ve already built in Singapore. Together, they give us a strong dual-market foundation across two of Asia’s most important financial hubs.
Hong Kong shares similarities with Singapore in having a sophisticated regulatory framework, a deep financial culture, and a digitally engaged population. It’s an ideal environment for Chocolate to grow, and more importantly, be a springboard in our ambitious, eventual expansion plans.
As for what’s next, we’re in no rush. Our expansion will always be purposeful, as we continuously assess new opportunities – but we’re actively planning for further growth.
With other fintechs and digital banks offering cash‑management solutions, how do you differentiate Chocolate’s yield, usability, and trust stack compared to incumbents like digital banks or neobanks?
We offer great returns on spare cash with no hoops or complexity. Everyone loves Chocolate and the simple Chocolate experience. That makes us different from everyone else, and will keep propelling our growth.
And we can do this in a very technically advanced way, which allows us to scale at very low cost, which makes what we do very difficult to replicate and gives us a huge advantage as we scale.
Following the suspension of AXS payments and an inflow of withdrawals in March 2025, you made public assurances that customer funds are safe. How has that experience reshaped your liquidity risk strategy and communication playbook? What learning can you share about balancing attractive incentives with program sustainability?
All growing startups face challenges as they grow, and we learn from everything we do. The brilliance is that experiencing a high withdrawal period was an opportunity to showcase how truly safe customers’ money is! It tested not just how well our product performs, but also how we show up for users when things get challenging. While the experience wasn’t ideal, we’re proud that every customer made great returns and continues to do so. It proves again that what we have built is awesome and resilient and works really, really well, validating and demonstrating the safety and security of customer money!
While we’d love to bring instant withdrawals back, it’s pretty clear that there needed to be better communication around the limits of that. We’ve taken the lessons seriously. Communications are now faster, clearer, and more aligned with where users usually are, not just what’s been disclosed. We’ve updated our internal processes to ensure we’re anticipating questions before they’re asked, and educating in a way that builds confidence and clarity and a clear understanding of how our unique proposition operates..
When it comes to incentives, the learning is simple: They have to be backed by clarity and long-term sustainability. They need to be sustainable. We miscalculated and course-corrected. We’ve always believed in delivering real value without smoke and mirrors, and staying focused on that is what makes our platform great. Going forward, every programme and product we launch will be designed with that balance in mind.
Your managed account invests in fixed‑income vehicles across currencies. In the backdrop of rising global interest rates and volatile credit spreads, what controls and frameworks guide your risk‑adjusted allocation?
At Chocolate, we’ve always been focused on helping users make their spare cash work harder, without the complexity or lock-ins that typically come with higher-yield products. As mentioned, Chocolate is built to be super simple – you put your money in a Chocolate Account, and your money starts earning – it’s that simple.
Behind the scenes, we work with experienced institutional asset managers who apply a disciplined, market-wary approach to how these funds are allocated. The strategy takes into consideration that allocations are rebalanced based on market signals, interest rate trends, and currency dynamics, but always with a clear risk-reward lens. And it’s been working fabulously.
Yes, Chocolate Managed Accounts are invested in fixed-income instruments to deliver the targeted returns. We managed that very, very actively. Since we put our money where our mouth is, and top up returns where required, investment management is correct to what we do. Our role is to ensure that people know where their money is going, how it’s working, and what to expect, to ensure that there are no surprises for customers.
What is your long‑term ambition for Chocolate Finance as a standalone fintech, or do you envision being acquired by a larger financial institution? How do you see your role evolving as the company scales to serve multiple markets?
The ambition has always been to build something that lasts and is synonymous with being a platform people instinctively trust to grow their spare cash, and one they can’t imagine a life without. If we can become the go-to solution for idle cash across Asia, that’s the legacy I’d be proud to leave.
Our expansion into Hong Kong was the best step in proving that. It showed that what we built, grounded in simplicity, clarity and trust, translates across markets with similar regulations but different behaviours. Of course, we couldn’t do it alone, and strategic partners like Nikko Asset Management have been instrumental in helping us scale the right way, without diluting what makes Chocolate work.
As for what’s next, whether it’s staying independent or becoming part of something bigger, it’ll come down to whether the outcomes help us, to help more people with growing their spare cash. We’re not chasing an exit as we still remain focused on reach, impact and doing right by the people who trust us.
My role has evolved as the business has; from building the product hands-on, to now focusing on guiding strategy and empowering the team to grow what we’ve started. The goal stays the same: keep pushing forward, to more users in more markets, with the same level of intent and integrity we’ve had since day one. And to make life richer for everyone.