Singapore-based digital wealth manager Endowus has completed its latest funding round with new investors including Citi, MUFG and a few of Asia’s billionaire families.
Endowus has completed its latest funding round and raised $35 million, according to a statement. New investors include Citi Ventures, MUFG Innovation Partners and four of Asia’s wealthiest families, which were not named. Existing investors that also participated this round include UBS Next, the investment arm of Singapore’s Economic Development Board, Endowus employees and more.
The Singapore-based digital wealth manager will use the new funds to «continue scaling and dominate its core markets of Singapore and Hong Kong» to bring its «fee-only, conflict-free» offering to the broader market.
«The next stage of Endowus’ growth will hone in on personalization […] for all investors at scale. As Asia looks to take over as the biggest wealth market globally, embracing technology and artificial intelligence is critical in providing clients with consistent, transparent, better, and more efficient advice at scale,» added Endowus co-founder and CEO Gregory Van.
Asset, Revenue Growth
The latest funding round follows recent growth at Endowus, including in its group assets which has now exceeded $5 billion. It also delivered revenue growth of 80 percent organically and 200 percent after the acquisition of multi-family office Carret Private.
In addition, the firm has introduced various new offerings, including the launch of the «lowest cost passive index funds» in Singapore as well as the introduction of Endowus Private Wealth, which allows democraticized access to alternatives by high net worth individuals. It also launched services in Hong Kong this year.
Endowus was founded in 2017 and since then, it has raised a total of $95 million in funding from various investors.
