Digital wealth manager Syfe lands $30m Series B funding
Singapore-based digital wealth management company Syfe has closed a $30 million Series B funding round. This comes nine months after an $18.6 million Series A round.
Syfe has raised a total of $52.4 million since launch
As with the Series A funding, the latest round was led by US-based venture capital fund Valar Ventures. Existing investors Presight Capital and Unbound also participated. Syfe was Valar Ventures’ first investment in Asia.
It brings Syfe’s total capital raised since it launched in July 2019 to $52.4 million, and more than triples the firm’s valuation.
The funds raised will be used to expand into new markets in Asia, increase headcount and broaden its products and services. Syfe has also pledged that all employees will become shareholders.
The firm says headcount in Singapore has doubled since the start of the year, taking the company’s total staff to over 100.
Dhruv Arora, founder and CEO of Syfe, says: “For our existing investors to follow up on their original investment in such a short timeframe demonstrates their confidence in our vision to make saving and investing more accessible.”
He adds: “Managing wealth has become a necessity in this low interest rate environment, and we are seeing a significant increase in demand from customers looking for quality solutions.”
Syfe’s assets under management have quadrupled since the start of the year, and June 2021 marked the best month in terms of user and asset growth in the company’s history.
Syfe is licensed by the Monetary Authority of Singapore (MAS) and, backed by its financial research team, offers investment strategies to consumers.
