Singapore-based digital wealth app Endowus has raised $27m in its mission to make expert wealth management accessible, affordable and convenient to everyone in Singapore and across Asia.
The round, which brings the company’s total funding this year to $50m, was co-led by Prosus Ventures, the venture investing arm of Netherlands-listed Prosus which is majority-owned by Naspers (the largest shareholder of Tencent), and Singapore-based global investor EDBI.
Z Venture Capital, the Japan-based technology conglomerate that owns the LINE messaging app and is owned by SoftBank of Japan and Naver of Korea, also participated in the round. Returning investors included UBS, Singtel Innov8, and Lightspeed Venture Partners.
The digital wealth platform, which also received funding earlier this year, claims to be the only digital adviser in Asia that has heavily invested in the technology that enables end-to-end investing of both private wealth and public pension assets, including in Singapore all cash savings, the Central Provident Fund (CPF) and Supplementary Retirement Scheme (SRS), which are all integrated for the convenience of the user on a single easy-to-use app.
The Endowus platform provides savings, wealth and retirement solutions, allowing individuals to invest holistically, conveniently and with expert advice at a low and fair cost.
The company said it has experienced significant customer adoption and experiences strong growth in Asia, with total assets under advice meaningfully surpassing $1.1bn, less than two years after its full service launch.
Now, Endowus said it plans to boost its human capital by doubling headcount across core functions and strengthen its technology and talent.
Gregory Van, Endowus co-founder and CEO, said, “We will continue to transform the wealth industry by strengthening the key building blocks of long-term investment success – advice, access and cost – so that our clients can live easier today and better tomorrow.”
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