Hong Kong – Digital wealth platform Endowus has announced that it has raised US$35m in funding, aimed at expanding its digital wealth leadership in Asia. New investors include Citi Ventures and MUFG Innovation Partners, as well as four of Asia’s wealthiest families with various operating businesses spanning banking to real estate across Singapore, Southeast Asia, and Greater China.
Meanwhile, other existing investors include UBS Next, Singapore-based global investor EDBI, Prosus Ventures owned by Naspers, Lightspeed Venture Partners, Singtel Innov8, and Endowus employees.
Endowus had recently launched its services in Hong Kong this year as its first overseas expansion market after Singapore. It is presently the only independent, commission-free, and conflict-free digital wealth advisor and low-cost fund platform in the city.
The successful large fundraiser comes amidst a global slowdown in fintech growth and funding. Despite the difficult financial market conditions, Endowus has continued to experience accelerated growth with group assets now crossing US$5b.
Samuel Rhee, co-founder and chairman of Endowus said, “This successful fundraise at a critical time in the growth of the company is a validation of what we have built so far, and demonstrates the strong belief in the team’s ability to execute in building the digital wealth platform of the future. Endowus is today, one of the largest independent wealth managers and the fastest-growing digital wealth platform in Asia.”
He added, “It continues to pioneer the digitalisation of personal savings, private wealth and public pension with an unwavering belief in our vision of solving the biggest problems of an individual’s future needs, such as retirement adequacy. We are ready to embark on the next stage of growth targeting exciting new opportunities that will propel Endowus into the dominant position in the digital wealth space across Asia.”
Meanwhile, Gregory Van, co-founder and CEO of Endowus, commented, “The next stage of Endowus’ growth will hone in on the personalisation of a joyful and meaningful investing experience for all investors at scale. 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.
He added, “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.”
