Syfe, a Singapore-based digital wealth management app, announced today that the company has secured SG$40 million ($30 million) in a Series B Funding Round . The company is planning to use fresh capital for global expansion.
In the press release, Syfe mentioned that the US-based Valar Ventures, co-founded by Peter Thiel, led the latest investment round. Syfe aims to accelerate its expansion into new Asian markets. Moreover, the company is planning to develop additional investing products and services with the use of recent funds.
The latest Series B funding round came nearly nine months after the company raised SG$25.2 million ($18.5 million) in its Series A financing. Since its launch in July 2019, Syfe has raised a total of approximately SG$70.7 million ($52.6 million).
Existing investors of Syfe, including Presight Capital and Unbound, also participated in the latest investment round. Based in Singapore, Syfe is a MAS-licensed digital wealth manager that offers different investment management services.
Commenting on the recent Series B funding round, Dhruv Arora, Founder and CEO of Syfe, said: “For our existing investors to follow up on their original investment in such a short timeframe demonstrates their confidence in our vision to make saving and investing more accessible. Managing wealth has become a necessity in this low-interest-rate environment, and we are seeing a significant increase in demand from customers looking for quality solutions.”
Growth
In the latest announcement, Syfe mentioned that the company’s total assets under management quadrupled since the start of this year. June 2021 became the best month in the company’s history in terms of user and asset growth. “Syfe was our first investment in Asia and we’ve been impressed by its rapid, sustained growth over the last year. The opportunity for the company to meet the savings and investment needs of a burgeoning mass-affluent consumer population in Asia remains significant, and we are confident that Syfe will continue to expand at a pace. We are looking forward to partnering with this talented, dynamic team in its next phase of growth,” Andrew McCormack, Founding Partner of Valar Ventures, commented.
