The unicorn club in Southeast Asia looks very different in 2025. The easy funding cycles of the last decade are gone. Investors are more selective, founders are more cautious and the region’s top startups are learning how to scale without burning through capital.
Valuations are under pressure across the board. Funding in the region dropped to a six-year low in the first half of 2025, with only US$1.85 billion raised across 229 deals. That is nearly half of what Southeast Asian startups raised in the same period just two years ago, according to DealStreetAsia.
We explore the big VC reset from unicorn dreams to sustainable growth in Southeast Asia
In this climate, being a unicorn isn’t just about valuation. The startups that matter today are the ones demonstrating growth discipline, regional adaptability and a strategy that goes beyond expansion at all costs. They are shifting from “grow first, fix later” to solving real problems with repeatable, scalable models.
We looked at 5 of the top startup unicorns in Southeast Asia in 2025 and broke down why they stand out in the current cycle. These companies are not just staying alive; they are defining the next stage of tech in the region.
Airwallex: infrastructure that scales globally
- Valuation: US$6.2 billion
- Sector: B2B fintech, payments infrastructure
- HQ: Singapore (APAC base), global operations
Airwallex raised US$300 million in new funding in May 2025 and hit an estimated revenue run rate of US$1 billion. That puts it in a rare class of startups that are not just valuable on paper, but also commercially viable at scale. The company offers cross-border payments, treasury, embedded finance and cards infrastructure to over 150,000 businesses.
Its annualised transaction volume crossed US$130 billion, with strong growth in Europe and the Americas, not just Asia.
The key here is its positioning. Airwallex is building the kind of infrastructure that SaaS platforms, e-commerce marketplaces and global merchants can plug into without needing a patchwork of banks and payment partners. This places it closer to Stripe or Adyen than to typical consumer-facing fintechs.
Airwallex proves that Southeast Asian startups can lead in enterprise-grade fintech. Rather than targeting local consumers, it is exporting infrastructure from Asia to the rest of the world, while staying rooted in the region.
GoTo: Indonesia’s ecosystem bet pays off
- Valuation: US$5.4 billion (publicly listed)
- Sector: Super app, ride-hailing, e-commerce, fintech
- HQ: Indonesia
Formed from the 2021 merger of Gojek and Tokopedia, GoTo has finally moved past investor scepticism. The company reported its first adjusted EBITDA profit in 2024 and continues to reduce cash burn across its services.
With operations covering e-commerce, delivery, transport and financial services, GoTo still dominates the digital economy in Indonesia. Its platforms reach tens of millions of users in one of the most promising emerging markets globally.
The company trimmed non-core businesses and doubled down on profitable verticals. That included streamlining logistics and focusing more on fintech, where Gopay has become a major player.
GoTo shows that super apps are not dead, but they must justify every business line. It also reflects the limits of scale without sustainability. Indonesia is a growth engine, but without better margins, even the biggest players risk collapse.
Carro: data and distribution in auto commerce
- Valuation: Over US$3 billion
- Sector: Automotive tech, marketplace, fintech
- HQ: Singapore
Carro started as a used car platform but has evolved into a multi-service mobility business. It now integrates financing, insurance, after-sales service, AI-led vehicle inspections and logistics. Its next move is a potential US IPO, expected in late 2025 or early 2026.
The company is backed by Temasek and SoftBank and operates across Southeast Asia. By controlling more of the automotive value chain, Carro aims to improve unit economics and keep customers inside its ecosystem longer.
The used car market in Southeast Asia is still fragmented and under-digitised. Carro bets that whoever controls both the data and the distribution wins.
Carro’s path shows that tech doesn’t have to be purely digital. By tackling a capital-intensive, operationally messy industry, it is proving that vertical depth, not just digital reach, is a viable strategy.
Thunes: building trust in cross-border fintech
- Valuation: US$1.42 billion
- Sector: Payments infrastructure, remittances
- HQ: Singapore
Thunes became a unicorn in early 2025 after a US$150 million Series D round. It connects more than 130 countries via its global payments network, allowing real-time transfers between banks, wallets and payment providers.
Unlike Airwallex, which leans toward B2B tech stacks, Thunes is tackling remittances and emerging-market payouts where trust, regulation and speed are paramount. This gives it strong appeal in markets like the Philippines, India and Africa, where legacy infrastructure is patchy.
Thunes also partners with mobile wallets, expanding financial inclusion in countries that lack banking penetration. It was recently named one of the world’s top fintechs, reflecting its global recognition.
Thunes is a signal that the payments infrastructure is becoming a specialised sector. SEA startups don’t need to “own the user” to win—they can own the rails underneath.
Mynt (GCash): building financial trust in the Philippines
- Valuation: US$5 billion
- Sector: Fintech, digital wallet, financial services
- HQ: Philippines
GCash, operated by Mynt, remains the dominant fintech platform in the Philippines. With over 80 million registered users, it is deeply embedded in daily transactions across the country. It has moved into lending, insurance and investments, creating a full-stack digital finance platform.
New funding from Ayala and MUFG in 2024 boosted its valuation and positioned the company for an IPO in 2025. This would mark a major milestone for the Philippine startup scene, which has often lagged behind Singapore and Indonesia.
GCash’s approach prioritises accessibility and affordability. For many users, it is their first financial product.
Mynt proves that solving local problems at scale, such as financial access in the Philippines, is still the best growth engine. It also shows that profitability is not impossible when fintechs focus on service stickiness rather than just top-line user growth.
What these unicorns reveal about Southeast Asia’s tech future
The best-performing unicorns in Southeast Asia today share four traits:
- Operational maturity. These startups moved past growth-first thinking. They are cutting non-essential units, improving margins and reducing burn.
- Infrastructure focus. Payments, logistics and financial infrastructure have outlasted consumer delivery apps as investor favourites.
- IPO preparation. Three of the five unicorns are actively preparing for IPOs. That forces them to clean up governance and meet public-market expectations.
- Cross-border expansion. Whether through regional playbooks (Carro, GCash) or global infrastructure (Airwallex, Thunes), scale increasingly means multi-market execution.
There is a clear shift in what qualifies as a top tech company in the region. Valuation alone is no longer enough. Startups must now show real metrics, real margin and real readiness.
As funding continues to dry up for early-stage ventures, these unicorns serve as both success stories and survival manuals. They are building not just big companies, but blueprints for what Southeast Asian tech can be in the next decade.