Endowus.com, a Singapore-based MAS-licensed digital wealth platform, announced today that it has received investments from strategic investors, including UBS, Samsung Ventures, and Singtel Innov8.
Lightspeed Venture Partners and SoftBank Ventures Asia also joined the round.
The funding details were not disclosed.
According to a statement, the strategic investors will play a critical role in Endowus’s growth and ambition to become a leading robo-advisor and digital wealth manager in Singapore and Asia.
UBS, Samsung, and Singtel Innov8 bring their respective and complementary expertise across digital financial services, consumer technology, and venture scaling to support Endowus in elevating the retail investing experience.
UBS is making its investment through UBS Next, a US$200-million strategic initiative to identify new venture opportunities and target investments in the fintech and broader tech ecosystem. UBS Next complements the bank’s innovation labs, digital factories, and future financial challenges to drive client experience and operational excellence.
Also Read: StashAway raises US$25M Series D to ‘fill the gap in digital wealth management space’
Samuel Rhee, Chairman and Chief Investment Officer at Endowus, said: “With the combined synergies, Endowus will continue to pioneer the path towards the best digital experience for individual investors to meet their growing needs in saving and investing for the future. The commitment from our new suite of investors, who are global leaders in their respective fields, will further fuel our mission of changing the face of wealth management, from solving for retirement to preserving a legacy.”
Endowus is a digital investment advisor for the Central Provident Fund (CPF), Supplementary Retirement Scheme (SRS), and cash. It offers access to “superior” investment products, personalised advice, and lower costs on a digital investment platform for all investors.
The wealthtech industry in Singapore, the second wealthiest economy in Asia, has seen accelerated growth over the past two to three years. StashAway is probably the leader in this segment. The startup, which was co-founded by former Zalora CEO Michele Ferrario, raised US$25 million in Series D funding round led by Sequoia Capital India in April this year.
Bambu is another local startup. It is, however, a B2B startup that provides digital wealth technology for B2B businesses across the globe. In 2019, this firm closed a US$10 million in a Series B round of funding, co-led by third-time investor Franklin Templeton, along with new investor Chicago-based PEAK6 Strategic Capital.
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Image Credit: Endowus
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