Endowus plans to use the funding to expand its digital wealth services across Asia
Endowus, a wealthtech headquartered in Singapore, has raised US$35m in its latest funding round.
It will use the capital to expand its digital wealth services across Asia. Its platform offers personal savings, private wealth and public pension management.
New investors Citi Ventures and MUFG Innovation took part in the financing. Existing backers UBS Next, Singapore-based global investor EDBI, Lightspeed Venture Partners and Endowus Employees, also participated.
Founded in 2017, Endowus has raised a total of $95m in funding. The Endowus Group consists of its companies in Singapore and Hong Kong, as well as Carret Private, a Hong Kong-based wealth management firm, which the group bought last year.
The group has assets crossing $5b and in 2022, tripled its revenue.
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.
“Endowus is one of the largest independent wealth managers. And the fastest-growing digital wealth platform in Asia.”
Everett Leonidas, Asia-Pacific head of Citi Ventures, thinks today’s investors are looking for data-driven and digital solutions to meet their wealth needs.
Leonidas said: “With its strong tech and product innovation, the Endowus team has built a top-tier digital total wealth platform.”
Gregory Van, co-founder and chief executive officer of Endowus, added: “As Asia looks to take over as the biggest wealth market globally, embracing technology and artificial intelligence is critical to provide clients with consistent, transparent, better and more efficient advice at scale.”