LINE owner, EDBI, existing backers join Endowus’s new US$27M funding round

(L-R) Endowus.com co-founders Gregory Van and Samuel Rhee

Endowus.com, a Singapore-based MAS-licensed digital wealth platform, has announced a fresh S$35 million (US$27 million) co-led by Prosus Ventures and EDBI.

New investor Z Venture Capital and existing backers UBS, Singtel Innov8, and Lightspeed Venture Partners have co-invested in the round.

K3 Ventures (founded by Kuok Meng Xiong and early investors in Grab and Bytedance) and Wee Teng Wen (founder and CEO of The Lo & Behold Group) also participated.

The new round brings Endowus.com’s total funding secured this year to S$67 million (US$50 million) and follows a US$22.3 million strategic investment in July this year.

The wealthtech startup will use the fresh capital to grow in Singapore and across Asia, roll out new product offerings, and further develop its technology platform to enhance the client experience.

Also Read: Endowus snags US$17M Series A to grow its investment platform regionally

The company also plans to double the headcount across core functions and strengthen its technology and talent.

Endowus.com is a digital investment advisor for the Central Provident Fund (CPF), Supplementary Retirement Scheme (SRS), and cash. It offers access to investment products, personalised advice, and lower costs on a digital investment platform for all investors.

As per a statement, the company has experienced significant customer adoption and has total assets under advice surpassing US$1.1 billion.

In March 2021, Endowus launched multi-asset, multi-manager environmental, social and governance (ESG) portfolios for retail investors. In September, it enhanced fund platform Fund Smart, aiming to lower costs for Singapore-based investors and provide access to over 100 best-in-class unit trusts at just 0.3 per cent per annum.

Earlier this month, Endowus.com launched six new satellite portfolios — Technology, Megatrends, Global Real Estate, China equities, China Fixed Income and Low Volatility Fixed Income. These advised portfolios are curated and constructed using best-in-class funds by the Endowus Investment Office to make institutional-quality investing available for all retail and accredited investors at a low cost.

“Investing and wealth management is traditionally complex, expensive and not accessible for a lot of consumers,” said Sachin Bhanot, Head of Southeast Asia Investments for Prosus Ventures. “Endowus has built a next-generation wealth platform that is democratising financial access while offering best-in-class products that cater to all types of wealth needs.”

Prosus is a global consumer internet group and a large technology investor.

Z Venture Capital is the venture arm of Tokyo-based Z Holdings, which owns Yahoo! Japan and LINE. Z Holdings. Z Holdings, in turn, is owned by Softbank Group and Naver in Korea.

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