Digital wealth platform Endowus announced on July 1 that it has received investments from strategic investors, UBS AG, Samsung Ventures and Singtel Innov8.
The platform also received investments from their venture capital investors – Lightspeed Venture Partners and SoftBank Ventures Asia.
Samsung Ventures is the venture investment arm of Samsung Group, while Singtel Innov8 is the venture capital arm of the Singtel group.
According to Endowus, UBS will be an “important strategic partner” as the world’s largest global wealth manager.
Samsung and Singtel Innov8 will bring their know-how in mobile technology, as well as access to the Singtel group to the table.
UBS is making its investment through UBS Next, a strategic initiative with US$200 million ($268.9 million) used to identify new venture opportunities and target investments in the fintech and broader tech ecosystem.
The new funds come on the back of rapid growth in Endowus in 2020.
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The fintech platform has continued its ascent in 2021 with assets surpassing $1 billion in the Singapore market alone.
“We are thrilled to count UBS, Samsung and Singtel Innov8 as our strategic investors, and are humbled by their recognition of Endowus as an innovator in WealthTech. 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,” says Gregory Van, CEO of Endowus.
Samuel Rhee, chairman and chief investment officer at Endowus adds, “We are excited to propel Endowus forward with our new strategic investors to enhance the leadership position Endowus has in the digital wealth industry. With the combined synergies, Endowus will continue to pioneer the path towards the best digital experience for individual investors to meet their growing needs in saving and investing for the future.
“The commitment from our new suite of investors, who are global leaders in their respective fields, will further fuel our mission of changing the face of wealth management, from solving for retirement to preserving a legacy.”
