Posted inBusiness moves

Endowus raises $35m in latest funding round

The Singapore-headquartered digital wealth adviser tapped Citi Ventures and MUFG Innovation Partners for funding.

Singapore-headquartered digital wealth adviser Endowus has raised $35m in its most recent fundraising round.

New investors comprise Citi Ventures and MUFG Innovation Partners in addition to four unnamed wealthy families in Asia.

UBS Next, Singapore-based investor EDBI and Prosus Ventures, which is owned by Naspers, are among the previous investors that continued to back Endowus.

Endowus said that its group assets now exceeded $5bn and it had also trebled its group revenue following the acquisition of multi-family office Carret Private.

In April, Endowus announced that it was expanding its digital wealth management platform, Endowus Fund Smart solution, in Hong Kong.

“This successful fundraise at a critical time in the growth of the company is a validation of what we have built so far and demonstrates the strong belief in the team’s ability to execute in building the digital wealth platform of the future,” said Samuel Rhee, co-founder and chairman of Endowus .

“Endowus is today one of the largest independent wealth managers and the fastest-growing digital wealth platform in Asia. It continues to pioneer the digitalisation of personal savings, private wealth and public pension with an unwavering belief in our vision of solving the biggest problems of an individual’s future needs, such as retirement adequacy.”

Part of the Mark Allen Group.