Syfe, A Singapore based digital wealth manager on the 23rd of September, 2020 announced that it has successfully closed US$18.6 Million Series A funding round led by Valar Ventures which is one of the world’s leading VC Funds for high potential fintech companies. Determined to offer proven investment strategies powered by technological advanced solutions, Syfe is all set to make investing more accessible in Asia. Presight capital and existing investor Unbound, a UK based investment firm were also part of the round.
What does Syfe do?
Founded in the year 2017 and publicly launched in 2019, Syfe is backed up by a clear motive to help individuals invest better and make smarter financial decisions. It offers assistance in making investment strategies for nearly all important decisions one has to take such as retirement plans, property buying etc. Syfe’s customer base enjoy its reliable advice that is a combination of Syfe’s highly experienced professional team and efficient algorithms that are void of any possible human biases.
With the aim of making the application more accessible to the general mass of people, Syfe’s platforms are low cost and hassle free with no minimum investment amounts and low annual fee starting at 0.4 percent of the total amount invested.
Syfe during COVID-19
The COVID-19 pandemic has surely highlighted the importance of future financial planning and also the need of generating passive income to sustain at the time of crisis. Adding to this Dhruv Arora, Founder and CEO said “The need to invest for the future has become even more evident during these times of increased uncertainty. Since the beginning of the year, we have seen our customer numbers and assets increase by ten times and this fundraising allows us to sharply accelerate our growth to help even more individuals plan, save and build their wealth for the future”. The increase of traction at Syfe indicates the growing need of financial awareness in the people and their will to have technologically empowered solutions in order to make smarter financial decisions.
The future looks good
With the recent funding, the funds will be used to accelerate the whole business towards shaping the way investment and saving is done in Asia. The funds will be used to enter into three new markets , advance the whole platform and hire a talented lot of people in order to serve its greater purposes. Currently Syfe serves customers based in 23 countries even though it primarily advertises only in Singapore. “We are currently in advanced conversations with regulators in three different markets in the Asia Pacific region and expect that we will enter new geographies within the next 18 months,” said Arora