Wealthtech Endowus Raises S$23 Million to Fuel Its Expansion Plans in Asiaby Fintech News Singapore April 1, 2021
Singapore-based digital wealth advisor Endowus announced that it has completed a S$23 million first close of its Series A funding round.
It was led by Lightspeed Venture Partners, a global venture capital firm, with participation from SoftBank Ventures Asia.
Endowus said that it will use the additional resources and support from its VC partners for its expansion plans in Asia.
This is the first external fundraise for Endowus, which to date has been fully owned and funded by its employees.
Endowus is a MAS-licensed investment platform and the digital advisor for Central Provident Fund (CPF), Supplementary Retirement Scheme (SRS) and cash investing.
Endowus recently launched the industry’s first multi-asset, multi-manager globally diversified Sustainable ESG (Environmental, Social & Governance) investment portfolios for retail investors in Singapore.
In the past year, it has also launched Cash Smart, a cash management solution, and Fund Smart, which allows investors to build custom portfolios from a selection of institutional share-class and trailer-fee free funds curated by the Endowus Investment Office.
Gregory Van, Founding Partner and Chief Executive Officer of Endowus said,
“We are humbled but excited to have the confidence of Lightspeed and SoftBank Ventures Asia with their new investment in Endowus in support of our mission to help Singaporeans invest better across all their wealth – Cash, CPF & SRS.
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. And with the same rigour, we will expand our offerings to other key markets in the region, starting with Hong Kong.”
Samuel Rhee, Founding Partner and Chairman of Endowus said,
“We began “Day 1” with the mission to solve the greatest challenges and problems of wealth and finance such as retirement adequacy.
As the first-and-only CPF digital advisor and now the fastest growing digital wealth platform in Singapore, Endowus is achieving that goal and the new fundraising will help us bring that mission of the company and vision of the future into reality for all Singapore-based investors.”
Featured image credit: Endowus