Singapore Fintech: Syfe Raises $27 Million for Growth

Syfe, a Singapore-based investment platform, has raised $27 million in Series C funding to fuel its expansion across Asia Pacific. The company aims to make wealth management more accessible to retail investors in the region, offering a variety of investment products and options through its mobile app.

The funding will enable Syfe to reach more customers and help them grow their wealth for a better future.

Syfe will use the funds to bring more innovative new products to market and continuously upgrade the user experience.

Syfe will also be assessing strategic investment opportunities or acquisition targets aligned with its mission and growth objectives.

The Opportunity in Asia Pacific Wealth Management

The Asia Pacific region presents a significant opportunity for wealth management firms, with a large and growing retail investment market. However, a considerable portion of personal financial assets in the region remain in cash and deposits.

According to a McKinsey report, about 40% to 45% of personal financial assets in the region are held in cash and deposits as of 2023.

Syfe's Approach to Accessible Wealth Management

Syfe was founded in 2017 and launched its app in July 2019. The company has amassed over 100,000 users across more than 40 countries, focusing on making it easy for retail investors to find and invest in products that are often unavailable through traditional banks or platforms.

Syfe addresses the limitations of traditional wealth managers who often have restricted product offerings and high fees.

Syfe offers a comprehensive range of investment products, including managed portfolios, fractional investing, cash management solutions, and a brokerage platform.

Syfe partners with reputable institutions like Blackrock, Pimco, and Vanguard, providing retail investors access to institutional-grade products.

Syfe removes the barrier of minimum deposits or additional requirements, making its products accessible to a broader audience.

Syfe's Growth and Profitability

Syfe's strategy has proven successful, achieving profitability in its home market of Singapore. The company's average client's assets on the platform have more than doubled since 2023, with its Assets Under Management (AUM) in the billions of U.S. dollars.

Syfe's latest Series C funding brings its total amount raised to $79 million.

The funding round involved participation from two U.K.-based family offices and returning investors, Valar Ventures and Unbound.

Syfe's Expansion Strategy in Asia Pacific

With this latest funding, Syfe plans to accelerate its growth in Singapore, Hong Kong, and Australia. The company aims to reach more customers and provide them with the tools and products necessary to build a strong financial future.

Syfe's expansion plans are part of a larger trend of financial innovation in the Asia Pacific region, driven by increasing demand for accessible and affordable investment solutions.

The company faces competition from other investment apps in the region, including Pintu, Ajaib, Bibit, and Pluang in Indonesia, as well as Endowus and StashAway in Singapore.

Syfe's Founder and Experience

Dhruv Arora, CEO and founder of Syfe, brings extensive experience from the financial services and technology industries. He previously worked as an investment banker at UBS in Hong Kong and led product development, growth, and consumer services at Indian grocery delivery startup Grofers, which was acquired by Zomato for $570 million.