Existing investors including LINE’s owner, EDBI joined Endowus’ new US $27 M funding round
Endowus.com, a MAS-licensed digital wealth platform located in Singapore, has raised a new S$35 million (US $27 million) round-headed by Prosus Ventures and EDBI.
The round was co-invested in by new investor Z Venture Capital as well as current investors UBS, Singtel Innov8, and Lightspeed Venture Partners.
Wee Teng Wen (founder and CEO of The Lo & Behold Group) and K3 Ventures (established by Kuok Meng Xiong and early investors in Grab and Bytedance) were also there.
The fresh round increases Endowus.com’s total capital this year to S$67 million (US $50 million), following a strategic investment of US $22.3 million in July.
The additional funding will be used to expand the wealthtech startup’s operations in Singapore and beyond Asia, as well as to roll out new product offerings and further develop its technological platform to improve the client experience.
In addition, the firm intends to quadruple its staff across essential departments while also bolstering its technology and talent.
Endowus.com is a digital investment advisor for CPF, SRS, and cash. It provides all investors with access to investment products, personalised advice, and cheaper prices through a digital investing platform.
According to a press release, the firm has seen strong client uptake, with total assets under advice exceeding US $1.1 billion.
Endowus began offering multi-asset, multi-manager environmental, social, and governance (ESG) portfolios to individual investors in March 2021. It improved fund platform Fund Smart in September, with the goal of lowering expenses for Singapore-based investors and providing access to over 100 best-in-class unit trusts for as little as 0.3 percent per year.
“Investing and wealth management is traditionally complex, expensive and not accessible for a lot of consumers,” said Sachin Bhanot, Head of Southeast Asia Investments for Prosus Ventures. “Endowus has built a next-generation wealth platform that is democratising financial access while offering best-in-class products that cater to all types of wealth needs.”
Endowus.com introduced six new satellite portfolios earlier this month: Technology, Megatrends, Global Real Estate, China Equities, China Fixed Income, and Low Volatility Fixed Income. The Endowus Investment Office curates and builds these advised portfolios using best-in-class funds to make institutional-quality investing accessible to all retail and accredited investors at a low cost.
Prosus is a big technology investor and a global consumer internet company. Z Holdings, which owns Yahoo! Japan and LINE, has a venture capital arm called Z Venture Capital. Z Holdings is a company based in the United States. Softbank Group and Naver in Korea jointly hold Z Holdings.
