Singapore’s Endowus raises $35m as it eyes regional expansion
Singapore-headquartered digital wealth platform Endowus has raised $35 million in its latest funding round as it seeks expansion within the regional wealth market.
Endowus raises $35m in latest funding round
The round saw participation from existing investors including UBS Next, Singapore’s EDBI, Naspers-owned Prosus Ventures, Lightspeed Venture Partners and Singtel Innov8, as well as participation from the company’s employees.
Citi Ventures and MUFG Innovation Partners were also active in the round as new investors, alongside contributions from four of Asia’s wealthiest family offices.
The company confirmed via a statement that it intends to apply the new funding to “continue scaling and dominate its core markets of Singapore and Hong Kong”, where it hopes its wealth management services will be able to capture a wider audience.
Despite reduced funding worldwide, Endowus claims to be riding significant commercial success while serving both private wealth and public pensions.
According to its financial results, its group assets have now exceeded $5 billion, while as digital advisor for Singapore’s Central Provident Fund Investment Scheme (CPF-IS), its pension assets have also exceeded S$1 billion.
This growth has predominantly been led by the expansion of the company’s service offerings, which have recently extended to the launch of passive index funds in Singapore and the Endowus Private Wealth service for high-net-worth clients.
The company also launched in Hong Kong last April, where it has positioned itself as “the only independent, commission-free, and conflict-free digital wealth advisor and low cost fund platform”.
Gregory Van, co-founder and CEO of Endowus, confirms that the company’s next stage of growth will “hone in on the personalisation of a joyful and meaningful investing experience for all investors at scale”.
With Asia poised to become the world’s latest wealth market, Van emphasises how technology and AI are “critical” to connecting clients with “advice at scale”.
“Endowus remains resolute in helping every individual take control of their wealth goals and achieve better outcomes by systematically fixing misaligned incentives and lack of transparency as a true fiduciary and fee-only advisor,” Van concludes.
