Singapore wealth app Endowus has raised an additional $27m (S$35m) to fund its growth in the country as well as in other markets across Asia.
Co-led by Prosus Ventures and EDBI, the latest financing round takes the firm’s total raised capital to $50m (S$67m).
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The round was also joined by Japanese technology conglomerate Z Venture Capital alongside returning investors including UBS, Innov8, and Lightspeed Venture Partners.
K3 Ventures and The Lo & Behold Group CEO Wee Teng Wen were among the new investors who participated in the fundraising round.
Endowus co-founder and chairman Samuel Rhee said: “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.
“But more importantly, each investor will uniquely contribute to shape the future growth of Endowus. 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.”
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By GlobalDataThe Endowus platform offers savings, wealth, and retirement solutions, enabling individuals to invest expert advice at a low and fair cost.
This March, the firm introduced multi-asset, multi-manager environmental, social and governance (ESG) portfolios for retail investors.
Said to be a first its kind initiative in Asia, the move provided retail investors advice and access to solutions which historically available to only private banking clients.
Endowus co-founder and CEO Gregory Van said: “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.”
Commenting on the funding round, EDBI CEO and president Chu Yeok said: “Our goal is to make strategic investments in companies which are at the forefront of innovation and disruption, especially home-grown leaders such as Endowus.
“The company is primed to capture strong growth opportunities in Asia’s burgeoning Wealthtech sector, and EDBI is pleased to partner and support Endowus as it continues to strengthen Singapore’s position as the wealth and financial service center and the fintech capital of the region.”
In July this year, Endowus secured strategic investments from UBS, Samsung Ventures Investment, and Singtel Innov8.
