Syfe Founder and CEO Dhruv Arora
Syfe, a Singapore-based digital wealth manager, announced today that it has closed a SG$25.2 million (US$18.6 million) in Series A funding round, led by US-based VC firm Valar Ventures.
Other participants in the round include Presight Capital and returning investor Unbound, a UK-based investment firm, which led Syfe’s seed round in July 2019.
The funds will be used by Syfe to enter new markets, develop new products and services, hire top talent, and enhance its technology platform.
Also Read: Syfe raises US$3.8M to launch digital wealth management services in Singapore
“We are currently in advanced conversations with regulators in three different markets in the Asia Pacific region and expect that we will enter new geographies within the next 18 months,” said Dhruv Arora, Founder and CEO, Syfe. “We now already have clients who are based across 23 countries, despite only advertising in Singapore.”
He also added that the need to invest for the future has become even more evident during these times of increased uncertainty. “Since the beginning of the year, we have seen our customer numbers and assets increase by ten times and this fundraising allows us to sharply accelerate our growth to help even more individuals plan, save and build their wealth for the future.”
Founded in 2017 and publicly launched in July 2019, Syfe is a digital wealth manager that helps people invest and make smarter financial decisions. Its automated platform and optional advisor support enables all users — from beginners to experienced investors — to access a range of wealth management services.
The platform has no minimum investment amounts and maintains a low annual fee, starting at 0.4 per cent of the total amount invested.
Also Read: Indonesia, Singapore, Vietnam the most attractive fintech hubs in SEA: Study
Syfe is licensed by the Monetary Authority of Singapore under a Capital Markets Services License.
Andrew McCormack, Founding Partner, Valar Ventures, said: “The potential of Asia as a region — with a fast-growing number of mass-affluent consumers aiming to grow their wealth combined with the pedigree of the team and strong traction — makes Syfe a very compelling opportunity.”
Valar Ventures was co-founded by billionaire investor Peter Thiel (co-founder of PayPal, Palantir and an early investor in Facebook), Andrew McCormack and James Fitzgerald. The firm has in the past led early funding rounds of successful global fintech companies like TransferWise, Xero and Europe’s leading digital bank N26.
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Image Credit: Syfe
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