Singapore robo adviser Endowus has raised over US$70 million in its latest funding round, which was led by UK venture capital firm Illuminate Financial.
Existing investors that participated in the fundraising included Dutch venture capital firm Prosus Ventures and US venture capital firm Citi Ventures, Endowus says in a statement on October 22.
The company, which has now raised more than $130 million since inception in 2017, plans to use the fresh capital to grow its business in Singapore and Hong Kong.
According to Endowus, its assets under management have surpassed $10 billion, driven by the high-net-worth segment and growth in alternative investments.
Wealth management is “undergoing a generational transformation” driven by demand for new solutions and greater transparency, says Samuel Rhee, co-founder and chairman of Endowus.
“We are at the forefront of this change by aligning only to the best interests of clients and leveraging technology to enable better experiences and achieve better outcomes,” he says.
