Citi, MUFG back Singapore digital wealth platform Endowus
Citi Ventures and MUFG Innovation Partners have joined a USD 35m funding round for Endowus, a Singapore-based digital wealth platform that serves high net worth individuals and public pensions.
Other participants included four wealthy Asian families with interests in banking and real estate, while existing backers UBS Next, EDBI, Prosus Ventures, Lightspeed Venture Partners, and Singtel Innov8 re-upped. Endowus – which has now raised USD 95m since its inception in 2017 – said in a statement that the fundraising “comes amidst a global slowdown in fintech growth and funding.”
Previous rounds include a SGD 23m (USD 17m) Series A led by Lightspeed and featuring SoftBank Ventures Asia in 2021, according to AVCJ Research.
The company provides financial advice and access to institutional investment solutions across cash and money markets, fixed income, equities, multi-asset strategies, and commodities. It draws on over 300 strategies offered by 50 global fund managers, enabling clients to build single and multi-fund portfolios as well as rely on automated portfolio curation.
A separate private wealth channel gives access to hedge funds, private equity, private credit, private real estate, and other alternatives.
Endowus claims to be the first digital advisor in Asia to span personal savings, private wealth, and public pensions. Of its more than USD 5bn in assets, SGD 1bn is under Singapore’s Central Provident Fund Investment Scheme. The company has entities licensed by the Monetary Authority of Singapore (MAS) and Hong Kong’s Securities & Futures Commission (SFC).
In 2022, revenue tripled thanks to the acquisition of multi-family office Carret Private. Excluding assets obtained through M&A, revenue grew by 80%.
“As Asia looks to take over as the biggest wealth market globally, embracing technology and artificial intelligence is critical in providing clients with consistent, transparent, better, and more efficient advice at scale,” said Gregory Van, the company’s co-founder and CEO.
“Endowus remains resolute in helping every individual take control of their wealth goals and achieve better outcomes by systematically fixing misaligned incentives and lack of transparency as a true fiduciary and fee-only advisor. Doing this right will result in a sustainable and generational business that will have a far-reaching socio-economic impact on the lives of our clients and society.”
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