04.10.2020, 14:43

Singapore’s fintech firm Syfe bags $18.6m in series A money from Valar Ventures

Syfe , a Singapore-based digital wealth manager, today announced that it has closed US$18.6 million in a series A funding round led by US-based VC fund Valar Ventures.

Presight Capital and existing investor Unbound, a UK-based investment firm, also participated in the round.

Singapore’s fintech firm Syfe bags $18.6m in series A money from Valar Ventures

Syfe founder and CEO Dhruv Arora /Photo credit: Syfe

Founded in 2017 and publicly launched in July last year, Syfe aims to challenge the current wealth management system, which is “typically available only to high-net-worth individuals or institutions.”

With its platform, the company said it offers a “straightforward, automated platform and optional human advisor support” to all users, from beginners to experienced investors, to access wealth management services.

The platform has no minimum investment amount and charges an annual fee starting at 0.4 % of the total amount invested.

How much traction has it gotten? Although Covid-19 has hit the global business, Syfe founder and CEO Dhruv Arora noted that his company has seen accelerated growth as the pandemic has also reminded people of importance of building passive income streams and accelerated digital adoption.

It has seen its customer numbers and assets increase by 10x since the beginning of the year, said the CEO.

The fintech startup serves clients across 23 countries, and 95% of its users are active, with a funded portfolio. It generates 0.4% to 065% in all-inclusive management fees per year, he added.

What are its future plans? With the new funds, the company plans to enter three new markets in the Asia-Pacific region within the next 18 months, develop new products and services, double its team size, and enhance its technology platform.

“Moving forward, our goal is to accelerate growth while continuing to be a sustainable, revenue-generating business,” said Arora.

What is its funding history?

Seed round : US$3.8 million led by Unbound, along with State Street Global Advisors managing director David Rogers, UBS Japan managing director and head of equities Paul Redbourn, and KKR partner Philip Freise.