Kristal.AI, a Singapore-based digital private wealth management platform, has secured an investment of more than $10m in its pre-series B round.

The fundraising was joined by the company’s existing investors such as Chiratae Ventures, Sanadhya family, and Desai Family Office.

It also saw participation from new investors like Stride Ventures and several high net-worth individuals (HNWIs).

Kristal.AI founders also joined the investment round, which has increased the company’s total fund to over $27m.

The latest investment is in addition to the previous $6.3m funding round in March 2022.

It comes shortly after Kristal.AI purchased Indian investment platform Globalise in April this year.

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By GlobalData

Kristal.AI plans to use the fresh capital to foray into new markets as well as develop fresh products for the wealth-management sector.

Kristal.AI founder and CEO Asheesh Chanda said: “The mass affluent and emerging high-net-worth individual (HNWI) investor class in Asia continues to grow exponentially, with total financial assets in Asia set to hit $68tn by 2025.

“This funding round will be crucial in helping us continue to innovate, digitalize, and tailor our solutions for current and prospective clients.”

Meanwhile, Kristal.AI revealed that it has applied for an Abu Dhabi Global Market (ADGM) licence for entering into the United Arab Emirates.

The licence application is yet to receive nod of the Financial Services Regulatory Authority (FSRA).

Kristal.AI chief growth officer Gaurav Rustagi said: “We are thrilled to have initiated our journey in the Middle East with the application for an ADGM license.

“The region has at least $35bn AUM and is home to a large population of mass affluent and HNWIs.

“Over the years, the UAE has steadily built its reputation as a wealth management hub bolstered by factors like an open economy, strict compliance and governance, progressive regulatory environment, a welcoming environment for businesses and an abundance of talent.”