Singapore wealth management platform Endowus raises $35M In a resounding testament to its unwavering appeal, Singapore’s premier investment app, Endowus, has once again seized the spotlight by announcing an impressive $35 million infusion of fresh funding. This funding, which includes participation from esteemed investors such as Citi Ventures and MUFG Innovation Partners, propels Endowus’ total raised capital to an impressive $95 million.
Endowus, known for its innovative edge in the fintech landscape, has garnered significant attention for its unconventional approach. Notably, the company has extended its allure to even the most discerning investors, including “four of Asia’s wealthiest families.” This coveted attention further amplifies Endowus’ stature, adding to its previously esteemed investors like UBS Next, EDBI, Prosus Ventures, and Lightspeed Venture Partners.
With a strategic focus on Singapore and Hong Kong, Endowus is poised to elevate its offerings to greater heights. Currently, the platform serves a remarkable client base of over 100,000 individuals across these markets. A profound testament to its success, Endowus manages a staggering $5 billion in assets and has secured an impressive $40 million in savings for its valued clients.
In a testament to its resilience, Endowus demonstrated remarkable organic revenue growth of 80% in 2022, a year marred by macroeconomic challenges. The acquisition of Carret Private marked a transformative milestone, propelling the company’s revenue to unprecedented heights. Leveraging its newfound strength, Endowus extended its offerings, introducing services such as low-cost passive index funds and Endowus Private Wealth for high-net-worth individuals.
Endowus remains unrivaled in its commitment to independence and conflict-free advisory services. Striving to redefine wealth advisory, it offers an unparalleled blend of technological innovation and financial expertise. The launch of its commission-free digital wealth advisor and low-cost fund platform in Hong Kong showcases its steadfast determination to empower investors with unbiased guidance.
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Endowus’ pioneering spirit shines bright as it bridges the divide between private wealth and public pension management. This distinctive platform proudly serves as Singapore’s premier digital advisor for the Central Provident Fund Investment Scheme (CPF), a groundbreaking accomplishment. Managing over SGD $1 billion of pension assets, Endowus unites investors of all life stages, including retirement.
Endowus takes an innovative stride by introducing a fully automated digital process for investors, a testament to its technological prowess. It’s not just another robo-advisor; instead, Endowus leverages fund managers with proven track records to curate top-performing, institutional-share class funds, ensuring retail investors access high-quality options with ease.
Setting a new standard in transparency, Endowus monetizes solely through advisory fees, standing as Singapore and Hong Kong’s pioneering platform to offer a 100% rebate on all trailer commission fees, enhancing user value through cashbacks.
Endowus’ Chairman, Samuel Rhee, envisions an expansive future for wealthtech players, citing a McKinsey report that underscores the Asia-Pacific region’s dominance in global wealth. While consolidation is expected as the industry matures, Endowus’ unwavering commitment to scale, innovation, and client-centricity ensures its continued ascent, while smaller players may face challenges in the evolving landscape.
In the face of fintech funding slowdowns, Endowus’ resounding success stands unshaken. Bolstered by an unwavering alliance with heavyweights like Citi Ventures, MUFG Innovation Partners, and UBS, Endowus charts a resolute path forward, redefining financial prosperity for investors across Singapore and Hong Kong.