Singapore’s leading digital wealth app Endowus announced today it has raised an additional S$35 million (US$27 million) to accelerate its growth in Singapore and across Asia to make expert wealth management accessible, affordable and convenient to everyone.
This brings the company’s total funding this year to S$67 million (US$50 million).
The round is co-led by Prosus Ventures, the venture investing arm of Netherlands-listed Prosus which is majority-owned by Naspers (the largest shareholder of Tencent), and Singapore-based global investor EDBI. Endowus is EDBI’s first investment in the WealthTech sector and this is testament to Endowus’ continued leadership in digital wealth management in Asia, as well as Singapore’s thriving fintech scene.
Z Venture Capital, the Japan-based technology conglomerate that owns the LINE messaging app and is owned by SoftBank Corp. of Japan and Naver of Korea, will also participate in the round. Returning investors include UBS, the world’s largest wealth management bank, Singtel Innov8, and Lightspeed Venture Partners.
Employees of Endowus, who remain the largest shareholders of the company, added to their investments together with new investors, who are clients of Endowus, K3 Ventures (founded by Kuok Meng Xiong and early investors in Grab and Bytedance) and Wee Teng Wen (Founder & CEO of The Lo & Behold Group, a leading Singapore lifestyle and F&B group) among them.
Endowus is the only digital advisor in Asia that has heavily invested in the technology that enables end-to-end investing of both private wealth and public pension assets, including in Singapore all cash savings, the Central Provident Fund (CPF) and Supplementary Retirement Scheme (SRS), which are all integrated for the convenience of the user on a single easy-to-use app. The Endowus platform provides savings, wealth and retirement solutions, allowing individuals to invest holistically, conveniently and with expert advice at a low and fair cost.
The company has experienced significant customer adoption and scaled into one of the largest digital wealth service providers in Asia, with total assets under advice meaningfully surpassing S$1.5 billion, less than two years after its full service launch.
“We are excited to strengthen our investor base with new and returning investors who believe in the long-term, strategic vision of building a digital wealth platform aligned to the best interests of clients and their success. But more importantly, each investor will uniquely contribute to shape the future growth of Endowus. The permanent capital they bring will help us to stay focused on our long-term aim of solving the meaningful pain points consumers face when managing their money, including retirement”, said Endowus co-founder and Chairman, Samuel Rhee.
The investment by Prosus Ventures and EDBI, who are co-leading the round, as well as Z Venture Capital adds to the roster of existing …….