Syfe, a Singapore-based investment platform founded in 2017, has successfully raised $27 million in its Series C funding round.
The latest capital injection was led by two UK-based family offices, with participation from existing investors Valar Ventures and Unbound, TechCrunch reported.
This funding round brings Syfe's total raised to $79 million.
Syfe has carved out a unique position for itself in the WealthTech space by democratising access to a range of investment products through a user-friendly smartphone app. Launched in July 2019, the platform has garnered over 100,000 users from over 40 countries and offers services such as managed portfolios, fractional investing and cash management solutions, as well as its own brokerage platform.
The new funding will be used to expand the company's product lineup and strengthen its presence in key markets such as Singapore, Hong Kong and Australia. Syfe's approach to asset management challenges the traditional model by partnering with leading financial institutions such as BlackRock, Pimco and Vanguard to give retail investors access to institutional products without the typical barriers to entry.
Dhruv Arora, CEO and founder of Syfe and a former investment banker at UBS in Hong Kong, emphasised that “many have tried traditional asset management firms, but the advice they were given was always limited to the investment products offered by the institution.”
“Even if there were better products on the market, asset managers couldn't offer them. Plus, traditional asset managers' fees are so high.”
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