Singapore-based wealth management platform Endowus has raised $35m in a Series C funding round.
The capital was brought in by a raft of new investors, including Citi Ventures and MUFG Innovation Partners, as well as “four of Asia’s wealthiest families,” according to the firm’s press release. Notable returning investors included UBS Next, Singapore-based global investor EDBI, Prosus Ventures owned by Naspers, Lightspeed Venture Partners, Singtel Innov8, and Endowus employees.
The move is set to see the organisation reaffirm its position as Asia’s leading digital wealth platform and allow the company to scale further in its main markets of Singapore and Hong Kong, respectively.
Samuel Rhee, Co-founder and Chairman of Endowus said, “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.
“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.
“We are ready to embark on the next stage of growth targeting exciting new opportunities that will propel Endowus into the dominant position in the digital wealth space across Asia.”
Despite challenges across the sector, Endowus has continued to experience accelerated growth with group assets now crossing $5b. In 2022, the firm delivered revenue growth of 80% organically, while tripling its group revenue.
This growth has led to strong confidence from investors toward the product that Endowus provides, prompting Everett Leonidas, Asia-Pacific Head of Citi Ventures to state: “Today’s investors are seeking tailored, data-driven, and digital-first solutions to meet their lifestyles and long-term wealth needs.
“With its strong tech and product innovation, the Endowus team has built a top-tier digital total wealth platform, and have laid the groundwork for continued success in the future. We are excited to support their next phase of growth, leveraging Citi’s tremendous experience and expertise in the global wealth business.”
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