Singaporean digital wealth app Endowus announced it has raised an additional S$35 million (US$27 million) to accelerate its growth across Asia.
This brings the company’s total funding this year to S$67 million (US$50 million).
The investment by Prosus Ventures and EDBI, who are co-leading the round, as well as Z Holdings adds to the roster of existing investors Softbank Ventures Asia, Lightspeed Global Ventures, UBS, Singtel Innov8, and Samsung.
Employees of Endowus, who remain the largest shareholders of the company, also added to their investments.
New investors include clients of Endowus namely K3 Ventures (founded by Kuok Meng Xiong and early investors in Grab and Bytedance) and Wee Teng Wen (Founder and CEO of The Lo and Behold Group, a Singapore lifestyle and F&B group).
This bolsters Endowus’ key growth initiatives, including geographic expansion, roll-out of new product offerings, and further development of its technology platform to enhance client experience.
The company also plans on doubling headcount across core functions and strengthen its technology and talent.
Endowus is a digital advisor in Asia that has heavily invested in the technology that enables end-to-end investing of both private wealth and public pension assets, including in Singapore all cash savings, the Central Provident Fund (CPF) and Supplementary Retirement Scheme (SRS).
The company’s total assets under advice surpassed S$1.5 billion less than two years after its full service launch.
Samuel Rhee
“We are excited to strengthen our investor base with new and returning investors who believe in the long-term, strategic vision of building a digital wealth platform aligned to the best interests of clients and their success.
The permanent capital they bring will help us to stay focused on our long-term aim of solving the meaningful pain points consumers face when managing their money, including retirement”,
said Samuel Rhee, Co-founder and Chairman, of Endowus.
Gregory Van
“The new investments are a validation of our achievements in establishing Endowus as a leading digital wealth platform in Singapore.
We will continue to transform the wealth industry by strengthening the key building blocks of long-term investment success – advice, access and cost – so that our clients can live easier today and better tomorrow”,
said Gregory Van, Co-founder and CEO of Endowus.
