Syfe Raises S$40 Million in A Series B Funding Round

Syfe, a MAS-licensed digital wealth management company, announced that it has raised SG$40 million (US$30 million) in a Series B round of funding. The funding round was led by US-based Valar Ventures and saw participation from exsisting investors Presight Capital and Unbound.

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Since the company started to onboard clients in 2019, Syfe’s assets under management have quadrupled this year and June 2021 also marked the best month in terms of user and asset growth in the company’s history.

Following Syfe’s Series A in September 2020, the new funding brings the company’s total capital raise to SG$70.7 million (US$52.6 million). The funds raised will be used to expand into new markets in Asia, invest in top talent and develop more high-quality investment products and services.

Syfe has also pledged that everyone in the firm will become a shareholder, allowing all employees to benefit from future growth in the company.

“For our existing investors to follow up on their original investment in such a short timeframe demonstrates their confidence in our vision to make saving and investing more accessible,”Dhruv Arora, Founder and CEO, Syfe, commented.

”The closure of this round is also a testament to the hard work and commitment of our team. Everyone in the company has played a part in securing this latest funding, which is why we are making every employee in the company a shareholder,”Arora added.