Endowus, a digital wealth app based in the Fintech hotbed of Singapore, this week announced it has raised $27 million. The new capital infusion brings its total 2021 raise to $50 million. Prosus Ventures and EDBI led the round, with contributions from Z Holdings and existing investors Softbank Ventures Asia, Lightspeed Global Ventures, UBS, Singtel Innov8, and Samsung. Endowus employees, who cllectively are the largest shareholder, also upped their stake. New investors include Endowus clients 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).
The funds are earmarked for regional expansion, product development, hiring, and technology enhancements designed to improve the client experience.
Endowus enables the end-to-end investing of public pensions and also private wealth, which in Singapore includes cash, the Central Provident Fund and Supplementary Retirement Scheme. Their total assets under advisement are more than S$1.5 billion and they have been in operation for less than two years.
“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,” Endowus co-founder and chairman Samuel Rhee said. “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.”
“The new investments are a validation of our achievements in establishing Endowus as a leading digital wealth platform in Singapore,” co-founder and CEO Gregory Van added. “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.”