Singaporean robo advisor Syfe announced that it has secured SG$40 million (US$30 million) during its Series B funding round.

The fundraise was led by US-based Valar Ventures, the venture capital fund co-founded by Peter Thiel, which led Syfe’s Series A. Existing investors Presight Capital and Unbound also participated in the round.

This latest capital injection comes just nine months after Syfe’s Series A funding round in September 2020. It brings Syfe’s total capital raise to SG$70.7 million (US$52.6 million) since 2019, and more than triples the firm’s valuation.

The funds raised will be used to expand into new markets in Asia, invest in top talent and develop more high-quality investment products and services.

Additionally, Syfe has also pledged that everyone in the firm will become a shareholder, allowing all employees to benefit from future growth in the company.

The firm reported that its assets under management have quadrupled since the start of the year, and June 2021 also marked the best month in terms of user and asset growth in its history.

Syfe’s headcount in Singapore has doubled since the start of the year to 50, taking the total global headcount to over 100.

Launched in July 2019, Syfe is licensed by the Monetary Authority of Singapore (MAS) under a Capital Markets Services (CMS) License for conducting retail and institutional fund management activities.

Dhruv Arora, Founder and CEO of Syfe said,

“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.

 

The closure of this round is also a testament to the hard work and commitment of our team. Everyone in the company has played a part in securing this latest funding, which is why we are making every employee in the company a shareholder.”