Singapore-based wealthtech platform Endowus has reportedly raked in $17.1m (S$23m) through its Series A financing round.
The round was led by Lightspeed Venture Partners with participation from SoftBank Ventures Asia, the early-stage venture arm of Softbank.
Founded in 2019, Endowus allows retail, accredited, and institutional investors to invest in the Singapore’s Central Provident Fund and other supplementary retirement scheme savings. Additionally, it offers personalised advice and access to funds with no sales fees and trailer fee rebates.
The firm will utilise the new capital to fuel its expansion in the Asian region, with Hong Kong being first in the list.
Endowus founding partner and chairman Samuel Rhee said: “Endowus will use the additional resources and the support of our VC partners to go deeper and broader in the Asia market where we want to continue helping all investors achieve their investment goals.”
The company is said to have grown its assets under advice by eight times despite the effects of the Covid-19 pandemic and also increased its client base by 20 times.
Endowus founding partner and CEO Gregory Van said: “The success we’ve seen in Singapore this past year proves that our solutions are meeting the needs of investors, with one in two clients acquired on our platform investing across multiple wealth streams.”
SoftBank Ventures Asia partner Cindy Jin said: “As the first-and-only CPF digital adviser, Endowus is clearly the leader in digital wealth, has a differentiated business model, and the strongest team in the WealthTech space in the region.”
In December last year, B2B wealthtech company InvestSuite raised €3m in a new funding round to drive its growth.