Singapore digital family office platform raises $90m
Arta Finance, a digital family office start-up established by Caesar Sengupta, the Singapore-based former head of Google’s Next Billion Users initiative, has raised USD 90m in Series A funding.
The round featured Sequoia Capital India, Ribbit Capital, Coatue Management, and more than 140 professionals from the technology and finance sectors, including Betsy Cohen, chairman of FinTech Masala, former Google CEO Eric Schmidt, and Ram Shriram, one of the earliest investors in Google.
Arta claims its technology democratises the family office space, bringing to a wider class of investors the access, personalisation, and connections typically only available to the ultra-wealthy. The initial target client base is accredited investors residing in the US who can commit at least USD 10,000. It will enter other markets and client segments once regulatory approvals are obtained.
Arta claims to use artificial intelligence (AI) and machine learning to enable intelligent investing in public market equities and alternatives. Clients will have access to credit lines against their assets, personalised AI-managed portfolios, and shared financial knowhow. They will pay no trading commissions or custody fees, and certain clients will be able to opt for performance-based pricing.
The platform has been built under the direction of a team that previously worked on Google Pay, Next Billion Users, Chrome OS, Chromebooks, and Amex Black Card. Arta also acquired Money Minx, which enables users to track all their investments in one place.
"We believe that a high-powered financial strategy and a secure, happy future shouldn't be the monopoly of the ultra-rich," said Sengupta in a statement. "Everyone should have a chance to take charge of their financial life in the same way that wealthier and financially savvier people do. So we're doing this the way we know best – by breaking down barriers to sophisticated finance with technology."
Shailendra Singh, a managing director at Sequoia India, added that the Arta team is uniquely positioned to address a "massive unsolved problem in the global fintech space” that requires “a more user-centric approach, a more delightful user experience and a more seamless and scalable platform than likely exists today.”
More on Southeast Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.