SINGAPORE, July 14, 2021 /PRNewswire/ -- Syfe, a high-growth digital wealth management company, announced today that it has closed a US$30 million Series B funding round.
The Syfe team - July 2021
The fundraise was led by US-based Valar Ventures, the venture capital fund co-founded by Peter Thiel, which led Syfe's Series A. Existing investors Presight Capital and Unbound also participated in the round.
This latest capital injection comes just nine months after Syfe's Series A in September 2020. It brings Syfe's total capital raise to US$52.4 million since it launched in July 2019, and more than triples the firm's valuation.
The funds raised will be used to expand into new markets in Asia, invest in top talent and develop more high-quality investment products and services. Syfe has also pledged that everyone in the firm will become a shareholder, allowing all employees to benefit from future growth in the company.
Dhruv Arora, Founder and CEO, 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."
"The closure of this round is also a testament to the hard work and commitment of our team. Everyone in the company has played a part in securing this latest funding, which is why we are making every employee in the company a shareholder."
Syfe's assets under management have quadrupled since the start of the year, and June 2021 also marked the best month in terms of user and asset growth in the company's history. Headcount in Singapore has doubled since the start of the year to 50, taking the total global headcount to over 100.
Andrew McCormack, Founding Partner, Valar Ventures, said: "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 saving 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 pace. We are looking forward to partnering with this talented, dynamic team in its next phase of growth."
Launched in July 2019, Syfe is licensed by the Monetary Authority of Singapore (MAS) under a Capital Markets Services (CMS) License (CMS License No: CMS100837) for conducting retail and institutional fund management activities.
About Syfe
Syfe is a MAS-licensed digital wealth manager that helps people invest better and make smarter financial decisions. Grounded in the deep expertise of our financial research team, Syfe offers investment strategies for the most important goals in life, from purchasing your first home to retiring comfortably. Creating personalised, professionally managed portfolios takes only a few minutes with Syfe's mobile and web applications. Clients enjoy access to Syfe's wealth advisors and an intuitive investing experience that is low cost and hassle-free. The platform has no minimum investment amounts and maintains a low annual fee, starting at 0.35 percent of the total amount invested.
For more information on Syfe, please visit: www.syfe.com
