Wealthech Endowus has raised $35 million in funding, with multiple prominent investors participating in the round. Citi Ventures and MUFG Innovation partners, along with “four of Asia’s wealthiest families,” backed the firm, according to a company release. Existing investors that participated include UBS Next, Singapore’s EDBI, Prosus Ventures, Lightspeed Venture Partners, Singtel Innov8, and Endowus employees. Founded in 2017, Endowus has raised a total of $95 million in funding.
The company noted that the capital injection arrived during a time when Fintech growth and funding were slowing.
Endowus reports assets now topping $5 billion and revenue growth of 80%. At the same time, the acquisition of an Asian multi-family office Carret Private, helped to boost results.
Endowus is a digital wealth platform that serves both private wealth and public pensions and claims to be the first digital advisor for Singapore’s CPF-IS (Central Provident Fund Investment Scheme).
Samuel Rhee, Co-founder and Chairman of Endowus, said the funding arrives at a critical time and is validation of their success to date.
“Endowus is today, one of the largest independent wealth managers and the fastest-growing digital wealth platform in Asia. It continues to pioneer the digitalisation of personal savings, private wealth, and public pension with an unwavering belief in our vision of solving the biggest problems of an individual’s future needs, such as retirement adequacy. We are ready to embark on the next stage of growth targeting exciting new opportunities that will propel Endowus into the dominant position in the digital wealth space across Asia.”
Investor Everett Leonidas, Asia-Pacific Head of Citi Ventures, said the company has built a top tier digital total wealth platform.
Endowus CEO and co-founder Gregory Van said the next stage of growth will be personalization, leveraging tech and AI.
Beyond more traditional assets, Endowus offers access to hedge funds, private equity, private credit, private real estate, and other alternatives.