Asia-Pacific has long been an important market for wealth managers, thanks to its many developing countries and a fast-growing retail investment market. But there is still a huge market to be captured: About 40% to 45% of retail financial assets in the region will be held in cash and deposits as of 2023, according to a McKinsey report.
Singapore-based investment platform Syfe has been working to make wealth management more accessible in the region by offering a range of investment products and options through its smartphone app. The company has now raised $27 million in a Series C round to offer more products and accelerate growth in Singapore, Hong Kong and Australia.
Syfe was founded in 2017 and launched its app in July 2019. Since then, with a focus on making it easier for retail investors to find and invest in products that are not typically available through banks or traditional investment platforms, it has expanded to over 40 countries and gained over 100,000 users.
“Many have tried traditional asset managers, but the advice they were given was always limited to the investment products they offered,” says Dhruv Arora, CEO and founder of Saif. “Even if there are better products in the market, asset managers cannot offer them. Moreover, fees charged by traditional asset managers are very high.”
Syfe now offers everything from managed portfolios and fractional investing to cash management solutions and even a securities platform. The company has also partnered with banks and investment firms such as BlackRock, Pimco and Vanguard to give retail investors access to institutional products. Users are not required to make minimum deposits or meet any additional requirements to access these products. The company makes its revenue from fees, Arora says.
The strategy appears to be working: Saife turned a profit in its home base of Singapore this year, and Arora said the average assets of clients on the platform have more than doubled since 2023. The company says it has billions of dollars in assets under management.
The Series C brings the company's total funding to $79 million, about three years after its $30 million Series B funding round in 2021. Two other investors, UK-based family office and repeat investors Valar Ventures and Unbound, participated in the Series C. The company did not disclose its valuation.
Dhruv Arora, CEO and Founder, Syfe
Arora was previously an investment banker at UBS in Hong Kong, after which he led product development, growth and consumer services at Indian grocery delivery startup Grofers (now Blinkit), which was acquired by Zomato for $570 million.
Other investment apps in Southeast Asia include Pintu, Ajaib, Bibit and Pluang, all based in Indonesia. Syfe is often compared to Singapore-based Endowus and StashAway.
“This funding will enable us to reach more customers and help them grow their assets for a better future,” Aurora said. “By increasing our investments in development, we will continue to improve Syfe's user experience while bringing more innovative new products to market. We will also evaluate strategic investment opportunities and acquisition targets that are aligned with our mission and growth objectives.”