Endowus, a SoftBank-backed wealthtech platform based in Singapore, has reduced its workforce by less than 10% as a result of a “sharp pullback in the financial markets and tech sector” in 2017.
The company’s CEO, Gregory Van, confirmed the layoffs to Tech in Asia, stating that the unstable economic climate had slowed the company’s growth trajectory.
On March 30, the news was delivered to the staff. On its LinkedIn page, Endowus states that it currently employs 150 to 200 people.
The severance package provided to affected employees includes career support, payment of accrued and unused leaves in 2022 and 2023, acceleration of employee stock ownership plan vesting, a total of 10 weeks’ pay, without exception.
Endowus has reduced hiring and expenses, including management salaries that were reduced voluntarily.
“With this sustained growth, and an optimized cost structure, we can build exciting technology for our clients efficiently, and we are now on an even stronger path toward profitability,” the CEO added.
Van established Endowus in 2017 after leading business development and partnerships for Grab’s payments and technology division. According to reports, it has since raised a total of US $67 million in funding.
According to the CEO, the company is one of the biggest wealthtech players in Southeast Asia and currently manages assets worth over US $4 billion.
In order to grow in Hong Kong, Endowus bought the majority of wealth manager Carret Private in October 2022.
