Singapore-based wealth technology startup Syfe has raised $27 million in a funding round led by existing investors including Peter Thiel’s Valar Ventures and London-based investment firm Unbound.
Two UK-based family offices also participated in the round. The latest round brings Syfe’s record fundraising to $79 million.
What does Syfe do?
Founded in July 2019 by Dhruv Arora, Syfe caters to diverse wealth needs of individuals with diversified proprietary portfolios, cash management and brokerage solutions.
The startup claims to serve customers in 60 countries, including Singapore, Hong Kong and Australia.
Purpose of fundraising
Syfe will use the capital raised to accelerate product development and bring more innovative investment tools to market.
This will include the launch of new verticals in its newest markets, Hong Kong and Australia, to match the comprehensive offering of managed investment portfolios, cash management solutions and full-service brokerage already available to clients in Singapore.
The funding would also allow Syfe to consider strategic investment opportunities or acquisition targets.
The startup will also reportedly focus on investing significantly to expand its engineering and product team and capabilities at its technology hub in Gurugram.
“Securing quality investment in the current fundraising environment is not only an important milestone for Syfe, but also for consumer-facing digital wealth management companies across the region. The amount raised and the onboarding of new investors underscores the confidence in our vision and ability to deliver significant, efficient, and profitable growth in Singapore,” said Arora.
“This funding will enable us to reach more customers and help them grow their wealth for a better future. Through further investment in development, we will bring even more innovative products to market while continuously improving the Syfe user experience. We will also evaluate strategic investment opportunities or acquisition targets aligned with our mission and growth objectives,” Arora added.
Is it profitable?
Syfe says it has seen rapid growth, especially in Singapore, where it has been profitable since early 2024.
Average client assets under management have more than doubled since 2023, with Syfe managing billions of dollars and serving more than 5% of Singapore’s adult citizens.
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