Syfe founder and CEO Dhruv Arora
Singapore-headquartered savings and investment platform Syfe has closed a US$27 million funding round.
The money came from two unnamed UK family offices and existing investors Unbound and Valar Ventures, the US-based VC firm co-founded by Peter Thiel.
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This round brings the total funds raised by the company to US$80 million.
Syfe will use the funds to accelerate product development. This will include launching new verticals in its newest markets, Hong Kong and Australia, to match the holistic offering of managed investment portfolios, cash management solutions and full-fledged brokerage already available to customers in Singapore.
Dhruv Arora, founder and CEO of Syfe, said: “We will also be assessing strategic investment opportunities or acquisition targets aligned with our mission and growth objectives.”
Licensed and operational in Singapore, Hong Kong and Australia, Syfe aims to empower people to build their wealth for a better future. It caters to individuals’ wealth needs with diversified proprietary portfolios, cash management solutions, and brokerage.
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In Singapore, Syfe manages multiple billion dollars in assets, and over 5 per cent of adult citizens use the platform to achieve their financial goals. According to the company, its Singapore unit turned profitable in early 2024.
The startup has customers from 60-plus countries.
In 2021, Syfe announced the closing of its US$30 million Series B funding round, led by Valar Ventures. A few months earlier, the same VC firm led a US$18.6 million Series A funding round in the firm.
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Image Credit: Syfe.
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