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• We explore stakeholders perceptions on REDD+ finance in Brazil, Indonesia and Vietnam. • Actors agree that the lack of finance is not the most significant challenge. • Addressing funding gaps alone will not help to advance REDD+ policies. • Effective REDD+ implementation requires improved forest governance. • Recognizing and addressing drivers of deforestation are essential for REDD+ success. Financing REDD+ is complex, due to the need to seek answers not only to the question of who should finance REDD+, but also who should benefit from it. This paper examines the perceptions of REDD+ stakeholders in Brazil, Indonesia and Vietnam on different aspects of financing: who should finance REDD+ and who should receive REDD+ benefits for what. Our findings show these issues are political, driven by economic considerations at national level and – despite the narrative of inclusive, participatory decision making – are largely determined by governments. Lack of finance was thereby not always considered by national policy actors to be the most significant challenge during 2010–2019; rather other issues – like lack of knowledge on REDD+ by relevant actors; ineffective coordination between state agencies, the private sector and civil society; unclear tenure rights; ineffectively addressing the main deforestation drivers; low law enforcement capacity; and unclear benefit-sharing mechanisms – have also been perceived to impede REDD+ implementation and payment distributions. [ABSTRACT FROM AUTHOR]