Syfe raises US$3.8M funding to launch digital wealth management services in Singapore
David Rogers, MD, State Street Global Advisors; Paul Redbourn, MD and Head of Equities, UBS Japan; and Philip Freise, Partner at KKR, also invested in this round in their personal capacity.
The startup has also received the approval of Capital Markets Services Licence from the Monetary Authority of Singapore (MAS).
Since 2018, Syfe has been building a wealth management platform to offer professionally managed portfolios to everyone. Its services are accessible for anyone, who wants to grow his/her savings through an automated platform. No minimum investment is required. The user pays an annual fee of 0.65 per cent of the total amount invested.
The company claims Syfe operates on a risk-based system, and combines proven investment strategies with an algorithm to give investors customised, globally diversified portfolios that are in sync with their personal risk profiles.
Dhruv Arora, Founder and CEO of Syfe, said: “For too long the investment market has been too confusing and elitist. We believe wealth management should be accessible to as many people as possible, which is why our products embrace both technical sophistication and an easy-to-understand interface. We are confident that Syfe will challenge the status quo and we are looking forward to having a positive impact on the ecosystem.”
Shravin Bharti Mittal, Founder and CEO of Unbound VC, noted: “We strongly believe the region is ripe for disruption in the retail finance space. Savings and investments are greenfield areas now, and if the proliferation of other verticals such as digital payments is anything to go by, the opportunity will only be bigger. We are excited to partner with Syfe.”