Singapores digital wealth management company, Syfe has reportedly raised USD 30 million in a Series B funding round. The round was led by Valar Ventures, a U.S-based capital fund, which had also led Syfe’s Series A funding.

Existing investors Unbound, and Presight Capital also participated in the event. The fresh funds will be used to build a strong talent pool for Syfe, develop top-quality investment products and services, and enter new markets across Asia.

Founded in July 2019, Syfe is a Robo advisor platform authorized by the Monetary Authority of Singapore (MAS) under a Capital Markets Services (CMS) License for running institutional and retail fund management activities.

The latest capital influx comes just nine months after Syfe’s Series A funding in September 2020. It has brought the total capital raised to USD 52.6 million since 2019 and has more than tripled the company’s valuation.

Meanwhile, Syfe has announced that all employees of the firm will become shareholders, allowing them to benefit from the future growth of the company.

Co-Founder and Chief Executive Officer of Syfe, Dhruv Arora, was quoted saying that existing investors have followed up on the original investment in such a short timespan demonstrating confidence in the company’s vision to make investing and saving more accessible.

The CEO further commended the commitment and hard work of the Syfe team, stating that all employees of the firm have played a major part in securing the latest funding.

It is also worth noting that the number of employees in Syfe has doubled to 50 since the start of the year, bringing the total global headcount to over 100.

The firm’s assets under management have nearly quadrupled since the beginning of the year, while June 2021 was recorded as the best performing month in terms of asset and user growth in its history, sources claimed.

Source Credits –

https://fintechnews.sg/53308/wealthtech/robo-advisor-syfe-secures-s40-million-in-a-series-b-funding-round/