Singapore-based digital savings and investment platform Syfe has secured $27 million in its Series C funding round. That puts a total of $79 million invested in Syfe to date, following its $30 million Series B round last year. This Series C funding round was led by existing investors Valar Ventures and Unbound with participation from two unnamed family offices in the United Kingdom who have varied interests in areas such as FinTech and banking.
PC: FineTech BoostUp
In July 2019, Syfe provided a vast range of financial services, including brokerage, managed investment portfolios, cash management solutions, and many others. The company gained its control over the wealth management industry in no time. The company further states to have also achieved profitability in Singapore within the start of 2024. This financial achievement comes on the back of aggressive growth in new customers and assets under management with average client assets more than doubling since 2023.
The fresh capital from this Series C funding round would be channeled into accelerating product development and increasing Syfe’s offerings in its newest markets, Hong Kong and Australia. Its founder and CEO, Dhruv Arora, mentioned that at Syfe, innovation and growth have never stopped. He further added that the firm would also explore strategic investment opportunities or acquisition targets that best align with its mission and growth objectives.
The rapid growth of the sector where wealthtech is evolving has made digital platforms such as Syfe pioneers in the democratization of access to investments and savings solutions. Leveraging technology, Syfe aims to provide users with user-friendly financial tools that can satiate a wide array of investing needs with the power of technology.
Their participation in this fundraising round underlines their conviction in the business model and growth prospects of Syfe. Valar Ventures, cofounded by Peter Thiel, has made a name for itself in funding innovative FinTech companies, while Unbound only invests in disruptive technology businesses.
The involvement of UK Family Offices further underscores the global interest in what Syfe has to offer and the potential for synergy between markets. These investors will bring valuable insight and experience from the FinTech and banking sectors that can be harnessed to help Syfe enter new markets.
It doesn’t stop there, with the continuous growth of the firm helping to further its breadth of product suites and growing customer base. On the back of this Series C funding, Syfe will be able to strengthen its foothold in this competitive landscape of wealthtech and drive its mission to make investment more accessible and efficient for users across the Asia-Pacific.
In short, closing Series C funding is a success for Syfe, coming in its growth journey. With the strong backing of incumbent investors and a clear vision for the future, Syfe should be well placed to ride the wave of growing demand for digital wealth management solutions and continue on its upward trajectory within this dynamic industry of FinTech.
