Digital Wealth Administration Fintech Syfe Secures SGD 40M through Collection B led by Valar Ventures

Singapore-based Syfe, a digital or on-line wealth administration firm, has secured SGD 40 million via a Collection B spherical.

Syfe‘s funding spherical has been led by US-headquartered Valar Ventures, the VC fund co-founded by Peter Thiel, which led Syfe’s Collection A spherical and was the VC’s first funding in an Asian Fintech agency. Present buyers Presight Capital and Unbound additionally took half within the spherical.

This newest fundraise has been introduced solely 9 months after Syfe finalized its Collection A in September 2020. Syfe has now secured a complete of SGD 70.7 million (appr. $52.6 million) in capital because it launched operations again in 2019. The corporate has tripled its valuation following the increase.

Syfe’s AUM have elevated 4x because the begin of 2021, and final month marked the agency’s finest month when it comes to consumer and asset development. Headcount in Singapore has doubled throughout the previous 6 months to round 50 employees, taking the overall international headcount to greater than 100 professionals.

The funds acquired might be channeled in direction of new markets in Asia. The corporate can even be recruiting new expertise and can give attention to creating new funding services and products. Syfe has additionally stated that everybody within the agency might be a shareholder, enabling employees to profit from the agency’s future potential development.

Dhruv Arora, Founder and CEO, Syfe, acknowledged:

“Everybody within the firm has performed a component in securing this newest funding, which is why we’re making each worker within the firm a shareholder.”

Syfe, a digital wealth administration agency that’s licensed by the Financial Authority of Singapore (MAS), launched the Syfe Money+ portfolio (in January 2021) – which is the corporate’s money administration product.

Syfe Money+ goals to assist all Singapore-based shoppers with rising their financial savings whereas with the ability to conveniently entry their funds to care for day by day bills.

It has develop into fairly difficult for savers to earn a great yield on their money financial savings. That’s why Syfe has created the Money+ portfolio, which goals to supply a projected price of 1.75% each year on any steadiness quantity. There’s reportedly no lock-up interval or limits on the quantity of funds deposited.

Syfe’s Money+ portfolio is created utilizing funds from Lion International Buyers, an asset administration agency primarily based in Southeast Asia. The diversified portfolio maintains three totally different funds, which incorporates the LionGlobal SGD Cash Market Fund, the LionGlobal SGD Enhanced Liquidity Fund and the LionGlobal Brief Period Bond Fund. These funds have been chosen as a result of they’re comparatively low-risk, short-term debt devices which have been issued by high-quality or dependable issuers just like the Singapore authorities or established companies which have excessive credit score scores.