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September 24, 2020

Singaporean robo-adviser Syfe raises $18.6m to support growth plans

Syfe, a Singaporean robo-adviser, has secured S$25.2m ($18.6m) investment in a Series A financing round to fuel its growth.

Fundraising details

Valar Ventures, a fintech-focused investment firm, led the fundraising.

Unbound, a British investment firm and an existing Syfe backer, as well as Presight Capital joined Valar.

Using the infusion, Syfe plans to speed up its plans of investing and saving in Asia.

It will utilise the capital to foray into new geographies and upgrade its technology platform.

It also intends to use the money for expanding staff headcount and developing its product line-up.

About Syfe

Founded in 2017, Syfe offers retail and institutional fund management activities in Singapore.

The firm officially launched in Singapore after receiving the Capital Markets Services Licence from the Monetary Authority of Singapore and a seed funding round.

Through the seed round, led by Unbound, Syfe raised S$5.2m.

The robo-adviser also received various personal investments in the seed round.

These were from State Street Global Advisors MD David Rogers, UBS Japan MD and head of equities Paul Redbourn, and KKR partner Philip Freise.

Syfe runs on a risk-based system, integrating proven investment strategies with an algorithm that is backtested to offer diversified portfolios to investors in line with their personal risk profiles.

The robo-adviser charges a yearly management fee starting from 0.4%, with no minimum investment amount.

Syfe founder and CEO Dhruv Arora said: “The need to invest for the future has become even more evident during these times of increased uncertainty.

“Since the beginning of the year, we have seen our customer numbers and assets increase by ten times and this fundraising allows us to sharply accelerate our growth to help even more individuals plan, save and build their wealth for the future.”

Developments in Singapore’s robo-adviser space

In July this year, UOB Asset Management launched a robo-advisory app for retail investors in Singapore.

Meanwhile, earlier this year, Smartly – a Singapore-based robo-adviser owned by VinaCapital – closed doors due to intense competition in the sector.

Last year, digital wealth manager StashAway raised $12m in a Series B round.

This year, StashAway tapped Calastone to automate investment funds processing.

 

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