Singapore based Digital wealth manager Syfe has closed on a SG$ 25.2 million (USD $18.6 million) Series A funding round led by Valar Ventures. Other investors in the round include Presight Capital, and existing investor Unbound, the UK-based investment firm that led Syfe’s seed funding round in July 2019. Syfe said the additional funds will enable it to expand into other markets and further develop it s tech stack.
Valar Ventures has in the past led early funding rounds of successful global fintech companies like TransferWise, Xero, and Europe’s leading digital bank, N26.
“This fundraising is a pivotal moment in Syfe’s journey and reflects our investors’ confidence in our team and vision. The need to invest for the future has become even more evident during these times of increased uncertainty. 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.”
Syfe was founded in 2017 and launched in July 2019. Syfe seeks to provide sophisticated wealth management tools to all users – not just high net worth individuals. The platform has no minimum investment amounts and maintains a low annual fee, starting at 0.4 percent of the total amount invested. 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.
Andrew McCormack, Founding Partner, Valar Ventures, stated:
“The potential of Asia as a region – with a fast-growing number of mass-affluent consumers aiming to grow their wealth, combined with the pedigree of the team and strong traction makes Syfe a very compelling opportunity. We look forward to partnering closely and contributing toward Syfe’s growth trajectory.”