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July 1, 2021

Wealthtech firm Endowus secures funding from UBS, Samsung

By Verdict Staff

Singapore-based digital wealth platform Endowus has secured strategic investments from UBS, Samsung Ventures Investment , and Singtel Innov8.

UBS invested in the firm through its $200m strategic initiative, UBS Next.

Endowus said that UBS will be an important strategic partner to the firm as it looks to create a seamless digital platform for wealth management.

The company intends to use the partnership with Samsung and Singtel to enhance its mobile technology expertise and customer acquisition.

Samsung Venture Investment is the venture investment arm of Samsung Group. Singtel Innov8 is corporate venture capital fund, wholly-owned by Singtel Group.

Endowus CEO Gregory Van said: “We are thrilled to count UBS, Samsung and Singtel as our strategic investors, and are humbled by their recognition of Endowus as an innovator in WealthTech.

“Combining their expertise in wealth management, consumer technology, and digital infrastructure, we are confident in delivering on our promise to democratise wealth management through technology.”

Endowus said that its Series A investors Lightspeed Venture Partners and SoftBank Ventures Asia also invested in the firm alongside UBS, Samsung and Singtel.

According to the firm, its assets under management has exceeded S$1bn in the Singapore market alone in just over 18 months after its full-service launch.

Founded in 2017, Endowus enables retail, accredited, and institutional investors to invest their cash, SRS and CPF savings through its platform. It also offers personalised advice to clients.

Endowus chairman and chief investment officer Samuel Rhee remarked that the commitment from its new suite of investors will further fuel its mission of changing the face of wealth management.

Rhee said: “We are excited to propel Endowus forward with our new strategic partners to enhance the leadership position Endowus has in the digital wealth industry.”

“With the combined synergies, Endowus will continue to pioneer the path towards the best digital experience for individual investors to meet their growing needs in saving and investing for the future.”

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