Months after its Sequence A, Singaporean robo-advisor Endowus add $35M SGD in new funding – TechCrunch


Endowus is the most recent funding app in Southeast Asia to lift follow-on funding, including $35 million SGD (about $25.6 million US) to its struggle chest. The spherical was led by Prosus Ventures, the enterprise agency majority-owned by Naspers, and EDBI. Contributors included SoftBank Corp.-owned Japanese tech conglomerate Z Holdings.

Returning traders included UBS, Singtel Innov8 and Lightspeed Enterprise Companions.

Endowus raised its $23 million SGD Sequence A simply seven months in the past, led by Lightspeed Enterprise Companions and SoftBank Ventures Asia. The brand new spherical brings Endowus’ whole funding to $67 million SGD (about $49 million USD) and places it within the firm of different apps which have rapidly raised follow-on funding as urge for food for retail investing grows in a number of Southeast Asian markets. These embody Pintu, Syfe and Ajaib, all primarily based in Indonesia; and Singapore-based Stashaway.

Co-founder and CEO Gregory Van advised TechCrunch that Endowus raised once more as a result of it was approached by strategic traders “who actually understood our long-term objectives with a shared want to speed up our progress traction to assist extra individuals attain their monetary objectives. We consider we’ve got found a robust product-market slot in Singapore, rising by over $1 billion SGD in belongings in 2021 alone.” By way of what stage Endowus is at now, Van mentioned the brand new spherical “is between a Sequence A and B for us.”

“Till our first exterior fundraise earlier this yr, Endowus was 100% employee-owned and incubated, so we’re a bit off the usual cycle.”

Endowus, which launched full service lower than two years in the past, says it presently has $1.5 billion SGD in whole belongings below recommendation. One of many essential methods Endowus is completely different from different funding apps in Singapore is that it’s the solely digital advisor in Singapore the place customers can handle each non-public money and pension financial savings and get recommendation from monetary specialists, mentioned co-founder and CEO Gregory Van. For instance, it’s the one robo-advisor that may advise and assist individuals spend money on their nationwide pension financial savings (Central Provident Fund), which Van says is “one of many key wealth pillars for Singaporeans with as much as 37% obligatory contribution charges.”

The brand new funding can be used to speed-up Endowus’ progress in Singapore, hiring for geographic enlargement and product growth. The corporate lately surpassed 100 workers, and plans to double that over the subsequent yr.

“Whereas we are able to attain profitability at the moment by chopping again on some prices, we don’t assume it’s the proper technique. Greater than something we would like extra individuals to make use of Endowus digital wealth app to succeed in their monetary objectives,” Van mentioned. “To that finish, we’ll proceed to pursue accelerated progress, with profitability to observe as the corporate scales quickly.”

Along with Endowus’ Core and Satellite tv for pc portfolios, customers even have the flexibility to “customise and construct options with real-time recommendation on the platform with entry to over 150 best-in-class funds,” he added, and may save as much as 50% on annual funding prices with no gross sales charges and 100% trailer charge rebates.

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