The company has closed a fundraising round led by U.S.-based Valar Ventures, the venture capital fund co-founded by Peter Thiel, which also led its Series A.
Singapore-based digital wealth management platform Syfe has announced the close of its S$40 million ($30 million) Series B funding round, led by Valar Ventures, with participation by existing investors Presight Capital and Unbound.
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 said in an announcement on Wednesday. It also said that all employees will become a shareholder, which will allow them to benefit from the company's future growth.
More Demand
«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,» Dhruv Arora, Syfe founder and CEO, said.
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, Syfe noted. The company also doubled its headcount in Singapore since the start of the year to 50, taking the total global headcount to over 100.
This latest capital injection comes just nine months after Syfe’s Series A in September 2020. It brings Syfe’s total capital raise to S$70.7 million ($52.6 million) since it launched in July 2019, and more than triples the firm’s valuation.
