Singapore's Digital Wealth Manager Syfe Raises $18.6 Mn in Series A Round
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Digital wealth management firm Syfe has raised USD 18.6 million in Series A funding round led by tech-focused VC firm Valar Ventures.
Other investors who participated in the round include US-based early-stage investment firm Presight Capital and existing investor Unbound, which previously led the company’s seed funding round in July 2019.
The Singapore-based fintech startup was founded by Dhruva Arora in 2017, whereas it was officially rolled out in 2019. Syfe offers a mix of robo and human wealth advisory and management services on its platform. Its automated platform and optional human advisor support allows all kind of investors, from beginners to seasoned ones, to invest and manage their wealth. The platform has no minimum investment amounts and maintains a low annual fee, starting at 0.4 percent of the total amount invested.
“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,” said CEO and founder Arora.
“We are delighted that Valar Ventures, with their wealth of experience in building successful fintech companies globally, has joined our mission. This fundraising is a pivotal moment in Syfe’s journey and reflects our investors’ confidence in our team and vision.”
Syfe will deploy the funds to enter new markets, develop new products and services, hire top talent and enhance its technology platform to continue delivering exceptional user experiences.
Commenting on the deal, 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. We look forward to partnering closely and contributing toward Syfe’s growth trajectory.”