News

Syfe completes USD 27 million Series C funding round

Friday 16 August 2024 14:10 CET | News

Singapore-based investment platform Syfe has completed a USD 27 million Series C funding round to fuel its expansion efforts.

 

Founded in 2017, Syfe launched its app in July 2019 and has since attracted over 100,000 users across more than 40 countries according to TechCrunch. The platform targets retail investors, providing access to investment products often unavailable through traditional banks or financial platforms. 

Regarding this new funding development, Syfe officials noted that traditional wealth managers typically restrict their advice to the investment products their institutions offer, which may limit options and involve high fees. In contrast, Syfe aims to offer a wider range of products at lower costs. 

The Series C funding round increases Syfe's total capital raised to USD 79 million, following a USD 30 million Series B round in 2021. The recent funding was contributed by UK-based family offices and existing investors, Valar Ventures and Unbound. It’s worth noting that Syfe has not disclosed its current valuation.

 

Singapore-based investment platform Syfe has completed a USD 27 million Series C funding round to fuel its expansion efforts.

 

Services provided by Syfe 

The platform provides various services, including managed portfolios, fractional investing, cash management, and a brokerage service. By partnering with institutions such as Blackrock, Pimco, and Vanguard, Syfe offers retail investors access to institutional-grade products without minimum deposit requirements.  

Syfe has achieved profitability in Singapore this year, and the average assets of its clients have more than doubled since 2023. In Southeast Asia, Syfe competes with other investment apps such as Pintu, Ajaib, Bibit, and Pluang, all based in Indonesia, as well as Singapore-based competitors like Endowus and StashAway. 

Syfe officials highlighted that the new funding would support efforts to reach more customers and enhance their wealth-building opportunities. The company plans to invest further in product development and user experience and may explore strategic investments or acquisitions aligned with its growth objectives. 

According to TechCrunch, the Asia Pacific region remains a significant market for wealth management, driven by its diverse economies and growing retail investment sector. Despite these opportunities, a substantial portion of personal financial assets in the region, approximately 40% to 45% as of 2023, is still held in cash and deposits according to a McKinsey report.


Source: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: funding, investment, expansion, cash management
Categories: Banking & Fintech
Companies: Syfe
Countries: Singapore
This article is part of category

Banking & Fintech

Syfe

|
Discover all the Company news on Syfe and other articles related to Syfe in The Paypers News, Reports, and insights on the payments and fintech industry:





Industry Events