Syfe, the Singapore-based digital wealth manager, today announced that it has successfully closed a SG$25.2 million (US$18.6 million) Series A funding round led by Valar Ventures, one of the world’s leading VC funds for high potential fintech companies.
This latest capital injection will allow Syfe to accelerate its journey toward reshaping the future of investing and saving in Asia. The funds will be used to enter new markets, develop new products and services, hire top talent, and enhance Syfe’s technology platform to continue delivering exceptional user experiences.
Other participants in the round include Presight Capital, and existing investor Unbound, the UK-based investment firm that led Syfe’s seed funding round in July 2019.
Dhruv Arora, Founder and CEO, Syfe, said: “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.”
“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,” added Arora.
Founded in 2017 and publicly launched in July 2019, Syfe’s digital wealth management platform challenges the status quo of sophisticated wealth management resources typically being available only to high-net-worth individuals or institutions. Through Syfe’s straightforward, automated platform and optional human advisor support, all users – from beginners to experienced investors – can access a wide range of wealth management services.
Valar Ventures has in the past led early funding rounds of successful global fintech companies like TransferWise, Xero, and Europe’s leading digital bank, N26. 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.”
Syfe is licensed by the Monetary Authority of Singapore (MAS) under a Capital Markets Services (CMS) License (CMS License No: CMS100837) for conducting retail and institutional fund management activities.
Shravin Bharti Mittal, Founder and CEO, Unbound, said: “Unbound invests long-term capital in disruptive technology companies and is committed to helping them create a lasting impact. Since its launch in 2019, Syfe has consistently exceeded our expectations and we are excited to double down on our partnership. We believe Syfe is “one to watch” as consumer demand for new ways to save and invest continues to grow across Asia.”