Singapore-based Syfe has closed one of the largest Series A funding rounds raised by a Southeast Asia-based start-up in 2020.
The digital wealth manager closed an $18.6 million Series A funding round led by Valar Ventures, a VC fund for high-potential fintech companies, it announced on Tuesday.
Led by PayPal co-founder Peter Thiel, Valar has backed several successful start-ups at an early-stage, including Xero in 2010, TransferWise in 2013, and N26 in 2015. Joining in this funding round are Presight Capital and U.K.-based investment firm Unbound, an existing investor in Syfe.
Syfe will use the funds to enter new markets, develop new products and services, hire top talent, and enhance its technology platform, the announcement said.
Rapid Growth
«This fundraising is a pivotal moment in Syfe’s journey and reflects our investors’ confidence in our team and vision,» Dhruv Arora, Syfe founder and CEO, said.
Syfe’s growth since its launch in mid-2019 has «exceeded expectations,» the announcement said, noting that the number of customers and assets under management (AUM) have increased tenfold since the start of the year, with almost half of its new customers being referred by existing users.
