WealthTech app Syfe bags $30m as it continues its expansion across Asia

Digital wealth management platform Syfe has secured $30m in its Series B round, which was led by Valar Ventures.

The series investment also received commitments from previous Syfe backers Presight Capital and Unbound.

This investment round has tripled Syfe’s valuation, but it is not clear what the figure is.

Based in Singapore, Syfe will use the capital to move into additional Asian markets, hire new staff and build new features and products.

With the close of the round, Syfe also revealed its plan to make all of its employees shareholders so everyone can benefit from its growth.

This investment comes after a strong year of growth for Syfe. Since the start of 2021, the FinTech company claims to have quadrupled its assets under management and has doubled its Singapore team to 50 – it international headcount now sits at 100.

Furthermore, Syfe stated June 2021 was its best month for user and asset growth in its history.

Valar Ventures Founding Partner Andrew McCormack said, “Syfe was our first investment in Asia and we’ve been impressed by its rapid, sustained growth over the last year.

“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.”

Syfe aims to help people make better investments and smarter financial decisions. The platform creates personalised, professionally managed portfolios.

Syfe founder and CEO Dhruv Arora said, “For our existing investors to follow up on their original investment in such a short timeframe demonstrates their confidence in our vision to make saving and investing more accessible. Managing wealth has become a necessity in this low interest rate environment, and we are seeing a significant increase in demand from customers looking for quality solutions.”

This Series B comes nearly a year after Syfe secured $18.8m in its previous round. The FinTech company has raised a total of $52.4m in equity since it launched in 2019.

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