Asian digital wealth platform Endowus has secured $35m in its latest funding round.
The infusion of funds comes from a group of investors, including Citi Ventures and MUFG Innovation Partners, alongside four of Asia’s most affluent families with diverse business interests ranging from banking to real estate across Singapore, Southeast Asia, and Greater China, including Hong Kong.
Citi Ventures Asia-Pacific head Everett Leonidas said: “Today’s investors are seeking tailored, data-driven, and digital-first solutions to meet their lifestyles and long-term wealth needs.
“With its strong tech and product innovation, the Endowus team has built a top-tier digital total wealth platform, and have laid the groundwork for continued success in the future. We are excited to support their next phase of growth, leveraging Citi’s tremendous experience and expertise in the global wealth business.”
Headquartered in Singapore, Endowus stands as a trailblazing digital advisor, uniquely positioned to cater to both private wealth and public pension savings. The platform facilitates investor growth by providing expert guidance and access to institutional investment solutions, all while maintaining an equitable fee structure.
Despite challenging financial market conditions, Endowus has demonstrated exceptional growth, with group assets surging past the $5bn mark. The year 2022 witnessed an 80% organic revenue growth for the firm, which further tripled its group revenue through the acquisition of Carret Private, a multi-family office in Asia.
The company’s resilience shines through, as it continuously expands, achieving record-setting assets and revenue in every quarter of its history, including a remarkable Q2 2023.
Endowus has positioned itself as a pioneer in the industry, serving both private wealth and public pension needs. Its distinction as Singapore’s inaugural digital advisor for the CPF-IS (Central Provident Fund Investment Scheme) reflects its commitment to innovative financial solutions.
The company celebrated a significant milestone, managing over S$1bn of pension assets through its platform in Singapore.
Driven by an unwavering commitment to democratizing access to financial markets, Endowus has unveiled a series of strategic service expansions.
These include the introduction of Singapore’s most cost-effective passive index funds, the initiation of Endowus Private Wealth for high-net-worth clients, and the establishment of its presence in Hong Kong as the region’s only independent, commission-free, and conflict-free digital wealth advisor and low-cost fund platform.
This latest investment exemplifies Endowus’ leadership in the wealthtech sector and underscores its success in building a sustainable business model tailored to the burgeoning multi-trillion-dollar wealth market in the region.
With the newly acquired funds, Endowus is poised to further scale its operations and solidify its dominance in its core markets of Singapore and Hong Kong. The company remains steadfast in its mission to extend fee-only, conflict-free wealth management to a broader segment of the population, enhancing accessibility and penetration.
Endowus co-founder and CEO Gregory Van said: “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.
“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.”
