Wealthtech Endowus Secures Investment From UBS, Samsung and Singtelby Fintech News Singapore July 1, 2021
Endowus, a Singaporean MAS-licensed digital wealth platform, announced that it has received an undisclosed sum from strategic investors UBS AG, Samsung Ventures and Singtel Innov8.
They were joined by venture capital investors Lightspeed Venture Partners and SoftBank Ventures Asia.
UBS will be an important strategic partner as the largest truly global wealth manager, while Samsung and Singtel Innov8 bring mobile technology expertise and access to the Singtel Group, extending reach and deepening engagement in Singapore and across the region.
The bank is making its investment through UBS Next, a US$200 million strong strategic initiative to identify new venture opportunities and target investments in the fintech and broader tech ecosystem.
Samsung Venture Investment Corporation is the venture investment arm of Samsung Group, which includes the Samsung Electronics global consumer technology brand as well as the group’s financial subsidiary companies.
Singtel Innov8 is the venture capital arm of the Singtel Group, which invests in innovative technology start-ups globally and has a fund size of US$250 million.
Endowus reported that its assets had surpassed S$1 billion in the Singapore market alone, in just over 18 months after its full-service launch.
Gregory Van, Chief Executive Officer of Endowus said,
“We are thrilled to count UBS, Samsung and Singtel Innov8 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 venture scaling, we are confident in delivering on our promise to democratise wealth management through technology.”
Samuel Rhee, Chairman and Chief Investment Officer at Endowus said,
“We are excited to propel Endowus forward with our new strategic investors 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.”