Singapore-based robo adviser Endowus has secured funding from three new strategic investors – units of Switzerland’s UBS AG, Korea’s Samsung Group and local telecommunications giant Singtel Group – and an additional sum from existing investors Lightspeed Venture Partners and SoftBank Ventures Asia.
Endowus did not disclose the amount of new money, which came after it raised S$23 million (US$17.10 million) in April from a group of investors, including Lightspeed and Softbank.
Chief Executive Officer Gregory Van says the company is “thrilled” to have UBS Next, Samsung Ventures and Singtel Innov8 on board.
“Combining their expertise in wealth management, consumer technology and venture scaling, we are confident in delivering on our promise to democratise wealth management through technology,” he says in a statement on July 1.
UBS Next is responsible for identifying new venture opportunities in financial technology for the Swiss banking group. Samsung Ventures is the venture investment arm of Samsung Group, and Singtel Innov8 is the venture capital arm of Singtel Group, the largest telecommunications company in Asia.
According to Endowus Chairman and Chief Investment Officer Samuel Rhee, the commitment from the new investors “will further fuel our mission of changing the face of wealth management”.
“We are excited to propel Endowus forward with our new strategic investors to enhance the leadership position Endowus has in the digital wealth industry,” he says in the statement.
Established in 2017, Endowus has now breached the S$1 billion assets under management mark.
But the company is competing in an increasingly crowded industry. Singapore now has more than ten robo advisers serving a population of 5.7 million. Endowus’s rivals include StashAway, AutoWealth, and MoneyOwl.
The robo advisers are also competing against traditional banks such as Oversea-Chinese Banking Corp and DBS Bank that offer digital investment services.
