Singapore-based wealth manager Syfe has closed a SGD $25.2m ($18.6m) in its Series A round, which was led by FinTech-focused investor Valar Ventures.
With this capital injection, the company plans on increasing its growth in the investing and savings market in Asia. This includes entering new markets, creating new products and services, hiring more staff, and enhancing the existing technology.
Other contributions to the round came from Presight Capital and Unbound.
Founded in 2017, the company launched its services to the public in 2019 and offers consumers access to sophisticated wealth management services. The app aims to make investing available to everyone and not just an option for high-net-worth individuals or institutions.
Everyone from beginners to experienced investors can access a wide range of wealth management services, including automated investment.
The company is licensed by the Monetary Authority of Singapore (MAS) under a Capital Markets Services (CMS) License.
Syfe founder and CEO Dhruv Arora said, “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.”
Singapore has a strong FinTech sector and this is partly down to the government’s support of the space. Last month, the MAS launched a SGD $250m ($182m) fund to support companies in the country.
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