Singapore robo adviser Endowus has raised US$35 million in a funding round that drew a mix of new and old investors.
The new investors include Japan’s MUFG Innovation Partners, US venture capital Citi Ventures, and “four of Asia’s wealthiest families with various operating businesses spanning banking to real estate across Singapore, Southeast Asia, and Greater China including Hong Kong”, the company says in a statement on August 9.
Existing investors that participated in the funding round include Swiss lender UBS, Singapore state-owned venture capital firm EDBI, and US venture capital firm Lightspeed Venture Partners.
“Endowus will use the new funds to continue scaling and dominate its core markets of Singapore and Hong Kong to bring fee-only, conflict-free wealth management to a broader segment with greater penetration,” according to the robo-advisory firm.
Figures compiled by Asia Asset Management show that Endowus has now raised $95 million in three funding rounds since it was established in 2017.
“This successful fundraise at a critical time in the growth of the company is a validation of what we have built so far, and demonstrates the strong belief in the team’s ability to execute in building the digital wealth platform of the future,” Samuel Rhee, co-founder and chairman of the firm, says in the statement.
The Endowus Group says it currently manages more than $5 billion of assets from retail and high-net-worth investors, family offices, and institutions.
