Singapore-based digital wealth platform Endowus has raised $35 million in its latest funding round.
The firm said in a statement on Wednesday that new investors include Citi Ventures and MUFG Innovation Partners, as well as four of Asia’s wealthiest families with various operating businesses spanning banking to real estate across Singapore, Southeast Asia, and Greater China including Hong Kong.
Existing investors that have participated in this round include UBS Next, Singapore-based global investor EDBI, Prosus Ventures owned by Naspers, Lightspeed Venture Partners, Singtel Innov8, and Endowus employees.
According to the statement, Endowus will use the new funds to continue scaling and dominate its core markets of Singapore and Hong Kong to bring fee-only, conflict-free wealth management to a broader segment with greater penetration.
“We are ready to embark on the next stage of growth targeting exciting new opportunities that will propel Endowus into the dominant position in the digital wealth space across Asia,” said Samuel Rhee, Co-founder and Chairman of Endowus.
He said the firm will continues to pioneer the digitalization of personal savings, private wealth and public pension with an unwavering belief in our vision of solving the biggest problems of an individual’s future needs, such as retirement adequacy.
Meanwhile, Endowus Co-Founder and Chief Executive Officer Gregory Van said that the next stage of Endowus’ growth will hone in on the personalization of a joyful and meaningful investing experience for all investors at scale.
“As Asia looks to take over as the biggest wealth market globally, embracing technology and artificial intelligence is critical in providing clients with consistent, transparent, better, and more efficient advice at scale,” he said.
He also said Endowus remains resolute in helping every individual take control of their wealth goals and achieve better outcomes by systematically fixing misaligned incentives and lack of transparency as a true fiduciary and fee-only advisor.
“Doing this right will result in a sustainable and generational business that will have a far-reaching socio-economic impact on the lives of our clients and society,” he added.
According to the statement, despite the difficult financial market conditions, Endowus has continued to experience accelerated growth with group assets now crossing $5 billion.
In 2022, the firm delivered revenue growth of 80 percent organically, while tripling its group revenue as it completed the acquisition of one of North Asia’s premier multi-family offices, Carret Private.
It has continued to grow in the downturn, achieving peak assets and peak revenue every quarter throughout its history including a record-breaking second quarter.
Endowus had launched its services in Hong Kong this year as its first overseas expansion market after Singapore.
It is presently the only independent, commission-free, and conflict-free digital wealth advisor and low cost fund platform in the city.
The firm has continually expanded its service offerings, including the launch of a suite of 15 professionally curated multi-fund model portfolios across themes such as passive income, cash management, global technology, and Endowus private wealth for professional investors and high-net-worth clients, actively democratizing access to private market, hedge fund, and alternative investment solutions.
“Today’s investors are seeking tailored, data-driven, and digital-first solutions to meet their lifestyles and long-term wealth needs,
“With its strong tech and product innovation, the Endowus team has built a top-tier digital total wealth platform, and have laid the groundwork for continued success in the future,” said Everett Leonidas, Asia-Pacific Head of Citi Ventures.
MUFG Innovation Partners Chief Investment Officer Takashi Sano said that Endowus’ commitment to empowering individuals in their wealth journeys aligns strategically with MUFG’s vision of promoting greater financial inclusion across Asia, where MUFG has strong business footprint.
“Their unique fee-only, digital-first business model is an industry best practice that lowers the cost of investing for many, while delivering institutional-grade solutions to the retail investor,” he said.
Headquartered in Singapore, Endowus is a digital advisor in the region to span personal savings, private wealth and public pension, helping investors grow their money with expert advice and access to institutional investment solutions at low and fair fees.
Apart from goals-based investing into automated portfolios professionally curated by Endowus’ investment office, clients in Hong Kong can also build single and multi-funds portfolios via the Fund Smart solution, where over 200 curated strategies by over 40 global fund managers are accessible at low cost across major asset classes including cash and money market, fixed income, equity, multi-asset and commodities.
Additionally, Endowus private wealth clients can gain access to hedge funds, private equity, private credit, private real estate and other alternatives at comparatively lower minimums, lower fees, and higher liquidity.
Singapore digital wealth management platform Endowus officially launches in Hong Kong