$35 M raised by Singapore’s Endowus from UBS, Citi Ventures, MUFG, and others
Endowus, a digital wealth platform based in Singapore, has raised $35 million in its most recent round of funding.
Four of Asia’s wealthiest families, with businesses ranging from banking to real estate across Singapore, Southeast Asia, Greater China, and Hong Kong, were among the new investors, the company said in a statement on Wednesday. Other investors include Citi Ventures and MUFG Innovation Partners.
Existing investors UBS Next, Singapore-based EDBI, Prosus Ventures owned by Naspers, Lightspeed Venture Partners, Singtel Innov8, and Endowus employees took part in this round.
In order to bring fee-only, conflict-free wealth management to a wider segment with greater penetration, Endowus will use the new funds to continue scaling and dominate its core markets of Singapore and Hong Kong.
“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,” said Samuel Rhee, Co-founder and Chairman of Endowus.
He declared that the company will continue to lead the way in the digitalization of private wealth, public pension, and individual savings with a firm belief in our mission to address the most pressing issues relating to a person’s future needs, such as retirement sufficiency.
Gregory Van, co-founder and CEO of Endowus, stated that the company’s next phase of growth will focus on scaling up personalization of a joyful and meaningful investing experience for all investors.
“As Asia looks to take over as the biggest wealth market globally, embracing technology and artificial intelligence is critical in providing clients with consistent, transparent, better, and more efficient advice at scale,” he said.
He added that Endowus, a true fiduciary and fee-only advisor, is steadfast in its commitment to assisting every person in taking charge of their wealth goals and achieving better results by methodically addressing inconsistencies in incentives and a lack of transparency.
“Doing this right will result in a sustainable and generational business that will have a far-reaching socio-economic impact on the lives of our clients and society,” he added.
The statement claims that despite the challenging financial market conditions, Endowus has continued to grow quickly, with group assets now surpassing $5 billion.
The company tripled its group revenue in 2022 and achieved revenue growth of 80% organically, all while completing the acquisition of one of the top multi-family offices in North Asia, Carret Private.
It has kept expanding throughout the recession, reaching its peak assets and revenue every quarter since it began, including a second quarter that set records.
This year, Endowus began offering its services in Hong Kong, which replaced Singapore as its second overseas expansion market.
It is currently the only independent, conflict-free, and independent low-cost fund platform and digital wealth advisor in the city.
