Syfe, a Singapore-based digital wealth management company, announced today that it has closed a S$40m ($30m) Series B funding round.
The funding was headed by Valar Ventures, a US venture capital fund co-founded by Peter Thiel, which led Syfe’s Series A round nine months ago.
“Syfe was our first investment in Asia, and we’ve been impressed by its rapid, sustained growth over the past couple of years,” Andrew McCormack, a founding partner of Valar Ventures, said in a statement.
Existing investors Presight Capital and Unbound also participated in the latest funding round.
The capital injection comes after Syfe raised S$25.2m in September 2020. It brings Syfe’s total capital financing to S$70.7m since 2019, and more than triples the firm’s valuation, according to the firm.
The funds raised will be used to expand into new markets in Asia, invest in talent and develop more investment products and services. Syfe has also pledged that everyone in the firm will become a shareholder, allowing all employees to benefit from future growth in the company, said the firm.
Launched in July 2019, Syfe is licensed by the Monetary Authority of Singapore under a capital markets services (CMS) license for conducting retail and institutional fund management activities. The platform has no minimum investment amounts and maintains a low annual fee, starting at 0.35 percent of the total amount invested.
Syfe’s assets under management have quadrupled since the start of the year, and June 2021 marked the best month in terms of user and asset growth in the company’s history, said the firm. Headcount in Singapore has doubled since the beginning of the year to 50, taking the total global headcount to over 100.
“The opportunity for the company to meet the saving and investment needs of a burgeoning mass-affluent consumer population in Asia remains significant, and we are confident that Syfe will continue to expand at pace. We are looking forward to partnering with this talented, dynamic team in its next phase of growth,” said McCormack.
Other robo-advisors competing in Singapore include Stashaway, Kristal AI and Grab Financial.
