By Gloria Mathias
Today
- fintech APAC
- Fintech funding news
- FinTech Singapore
Syfe, Asia’s saving and investment platform, has announced that it has closed a $27 million funding round, increasing its valuation and bringing the total funds raised to $79 million.
The new funding will be used to accelerate product development, enabling Syfe to bring more innovative investment tools to market. This will include launching new verticals in its newest markets, Hong Kong and Australia, to match the holistic offering of managed investment portfolios, cash management solutions and full-fledged brokerage already available to customers in Singapore. The funding will also enable Syfe to consider strategic investment opportunities or acquisition targets.
The all-equity funding round includes new investment from two UK family offices with interests and investments in the FinTech and banking sectors, as well as existing investors Valar Ventures and Unbound.
Dhruv Arora, Founder and CEO of Syfe, shared, “Securing quality investment in the current fundraising environment is not only a significant milestone for Syfe but also for consumer-facing digital wealth businesses across the region. The amount raised and the addition of new investors underscore our confidence in our vision and our ability to deliver remarkable and efficient growth, leading to profitability in Singapore.”
“This funding will enable us to reach more customers and help them grow their wealth for a better future. Through increased investment in development, we will bring even more innovative new products to market while continuously upgrading the Syfe user experience. We will also be assessing strategic investment opportunities or acquisition targets aligned with our mission and growth objectives.”
Shravin Bharti Mittal, Founder and CEO of Unbound, a supporter of Syfe since the seed stage, said, “Syfe’s impressive growth and operational efficiency continue to make it stand out in the fintech space. In the current environment, the company’s ability to scale and reach profitability in a key market like Singapore is a testament to the strength of its business model and team. We are excited to continue supporting Syfe as it enters this next phase of growth and innovation.”
