Singapore-based digital wealth platform Endowus has raised US$35 million ($47 million) in its latest funding round participated by Citi Ventures and MUFG Innovation Partners, aside from four of Asia’s wealthiest families.
Existing investors that have participated in this round include UBS Next, EDBI, Naspers’ Prosus Ventures, Lightspeed Venture Partners, Singtel Innov8, as well as Endowus employees.
Despite the difficult financial market conditions, Endowus has managed to accelerate its growth with group assets now crossing US$5 billion.
In 2022, the firm delivered revenue growth of 80% organically, while tripling its group revenue as it completed the acquisition of multi-family office Carret Private. Endowus continued to grow in the downturn, achieving peak assets and peak revenue every quarter throughout its history including a record-breaking 2Q2023.
Endowus is the only digital wealth platform to serve both private wealth and public pension as the first digital advisor for Singapore’s CPF-IS (Central Provident Fund Investment Scheme), having crossed a milestone of over $1 billion of pension assets managed through its platform in Singapore.
Its recent launches include the lowest cost passive index funds in Singapore and CPF, as well as the Endowus Private Wealth for high-net-worth clients. The firm had also started its services in Hong Kong as the only independent, commission-free and conflict-free digital wealth advisor and low-cost fund platform.
See also: Asia Pacific VC flow into fintechs dropped 27% y-o-y in 2023: S&P Global Market Intelligence
The next stage of Endowus’ growth will hone in on the personalisation of an investing experience for all investors at scale, says co-founder and CEO Gregory Van.
“As Asia looks to take over as the biggest wealth market globally, embracing technology and artificial intelligence is critical in providing clients with consistent, transparent, better, and more efficient advice at scale,” he adds.
