Syfe, a Singapore-based digital wealth manager, said it has closed a S$25.2 million ($18.6 million) early funding round that was led by Valar Ventures, a venture capital firm known for investments in fintech companies.
Other participants in the so-called Series A funding round included Presight Capital, and existing investor Unbound, which had led Syfe’s seed funding round in July 2019.
Syfe, which was founded in 2017 and publicly launched since July 2019, said it intends to use the funds raised to enter new markets, develop more products and services, hire talent and enhance its technology platform. The company has a Capital Markets Services license to conduct retail and institutional fund management activities from the Monetary Authority for Singapore.
Syfe’s platform has no minimum investment amount and annual fee start at 0.4% of the total amount invested.
“Since the beginning of the year, we have seen our customer numbers and assets increase by ten times and this fundraising allows us to sharply accelerate our growth to help even more individuals plan, save and build their wealth for the future,” said Dhruv Arora, founder and chief executive of Syfe.
It didn’t share specific customer or asset details.
“We look forward to partnering closely and contributing toward Syfe’s growth trajectory,” said Andrew McCormack, founding partner at Valar Ventures.
Valar was an early investor in cloud accounting software and services company Xero, peer-to-peer currency exchange service TransferWise and European digital bank N26.
