Singapore based digital wealth manager, Syfe has announced closure of a USD 18.6 million (SG$ 25.2m) Series A funding round, led by New York-based venture capital fund Valar Ventures. The round also saw participation from Presight Capital and existing investor Unbound, a UK-based investment firm, in the Series A funding round. Unbound had previously led Syfe’s seed funding round back in July 2019.
Founded in the year 2017 and publicly launched in July of 2019, Syfe is a digital wealth platform that challenges the status quo of high-end wealth management resources that were normally only available to high net worth individuals or institutions. The company has set out to make a wide range of wealth management resources available to ‘Every Man’, from beginners to experienced investors. This is something that is reflected in the absence of a minimum investment amount on the platform, and a rather minimal annual fee, starting at just 0.4% of the total amount invested.
The excitement and extent of possibilities surrounding the newly struck deal were clear in the tone of company executives. “We are delighted that Valar Ventures, with their wealth of experience in building successful fintech companies globally, has joined our mission,” said Dhruv Arora, founder, and CEO of Syfe. “This fundraising is a pivotal moment in Syfe’s journey and reflects our investors’ confidence in our team and vision.”
The Singapore-based fintech startup will use the raised capital to accelerate its journey toward “reshaping the future” of investing and saving in Asia. The company also hopes to use the funds to enter new markets, develop new products and services, hire top talents, and enhance its technology platform, all working together to ensure that the company continues to deliver the best experience to its user base.
With the world continuing to reel under the devastating economic impact of a global pandemic, the requirement for investments and savings in order to secure a stable future has increased by manifolds, something that Arora and his team are looking to capitalise on. Arora further notes, that there has been a ten-fold increase in customer numbers and assets since the beginning of the year, and the securing of this Series-A funding would allow the company to reach out and help more individuals to plan and secure their wealth for the future.
Valar Ventures, the New York based VC firm that has backed Syfe in this round, is behind some of the most successful tech companies outside of the US. Prime examples among them are Xero (now listed on the ASX with a market cap of over $14Bn), Transferwise among others.