Syfe has said that it has closed a HK$210m ($27m) funding round, increasing its valuation and bringing total funds raised to HK$615m.
The all-equity funding round includes new investment from two UK family offices with interests and investments in the fintech and banking sectors, as well as existing investors Valar Ventures and Unbound.
The investment will fund major expansion of the Hong Kong business, including further development of product offering and exploration of strategic opportunities
Dhruv Arora, founder and CEO of Syfe, said: “Securing quality investment in the current fundraising environment is not only a significant milestone for Syfe, but for consumer-facing digital wealth businesses across the region. The amount raised and the addition of new investors underscores the confidence in our vision and our ability to deliver remarkable and efficient growth.”
Shravin Bharti Mittal, founder and CEO of Unbound, which has supported Syfe in every investment round since the seed stage, added: “Syfe’s impressive growth and operational efficiency continue to make it stand out in the fintech space. In the current environment, the company’s ability to scale and reach profitability in a key market like Singapore is a testament to the strength of its business model and team.”
Despite the broader economic challenges, Syfe became profitable in its first market Singapore in early 2024, driven by a focus on efficient growth, according to a statement by Syfe.
“This approach has led to a significant increase in both new customers and assets under management, with average client assets more than doubling since 2023.”
Since launching in Hong Kong Syfe has introduced several innovative financial solutions, including the city’s first investment service for time deposits, Cash+ Fixed. The service secures preferential rates from global banks, enabling anyone to access competitive interest rates without any requirements such as minimum deposits, as is often the case with banks.
This year Syfe has also partnered with Manulife for the launch of its MPF Robo-Advisor portal, a digital tool developed to help people understand and manage their MPF investments more easily.
The new funding will accelerate development and help Syfe to offer even more innovative new products that cater to the needs of Hong Kong investors, according to the firm.
