The investment market of wealth and asset managers were deemed too «elitist», says Singapore-based fintech Syfe which recently raised $3.8 million from seed funding.
UK-based fund Unbound VC led the fundraising and private investors in the business include David Rogers (State Street managing director), Paul Redbourn (UBS managing director) and Philip Freise (KKR partner).
Syfe’s wealth management proposition is a risk-based system that combines investment strategies with strong track records with an algorithm to deliver customized, globally diversified portfolios with varying risk profiles.
Low-cost access
«For too long the investment market has been too confusing and elitist,» said Syfe’s founder and CEO Dhruv Arora said. «We believe wealth management should be accessible to as many people as possible.»
Syfe's current offering allows clients to access its services at a 65 basis point fee per year with no minimum amount required.
Digital disruption is occurring throughout the global economy and wealth management is no exception. Aside from dealing with wealthy clients that have the appetite for high fees and the need for high touch services, onlookers expect the masses to seek alternatives to traditional players like banks that operate on high overhead costs like rent and salary.
«We strongly believe the region is ripe for disruption in the retail finance space,» said Shravin Bharti Mittal, founder and CEO of Unbound VC.
«Savings and investments are greenfield areas now, and if the proliferation of other verticals — such as digital payments — is anything to go by, the opportunity will only be bigger.»
