Syfe, a robo adviser and investment platform operator based in Singapore, has announced raising $27 million, from new and existing venture capital investors.
The latest funding round brings the total funds raised by the company to date to $79 million. Syfe raised $30 million in its Series B round in 2021.
According to the announcement, the all-equity funding round includes new investment from two UK family offices, which have interests and investments in the fintech and banking sectors, as well as existing investors Valar Ventures and Unbound.
Syfe said it will use the fresh funds to accelerate product development, enabling Syfe to bring more innovative investment tools to market. This will include launching new verticals in its newest markets – Hong Kong and Australia.
“This funding will enable us to reach more customers and help them grow their wealth for a better future,” said Syfe founder and CEO Dhruv Arora.
Syfe is an investment platform offering managed portfolios, brokerage services, and cash management solutions. The company pointed out that the latest investment came amid a challenging funding environment, with financing in Asia falling to its lowest level since 2015.
“Security quality investment in the current fundraising environment is not only a significant milestone for Syfe, but for consumer-facing digital wealth businesses across the region,” Arora added.
According to a DealStreetAsia report, the volume of equity funding rounds of Southeast Asian startups fell in Q2 2024, reversing the upward trend observed in the previous two quarters.
Startups in the region sealed only 160 deals in April-June, compared with 180 in the first quarter. Equity deal value in Q2 stood at $1.29 billion—only a slight improvement from $1 billion in the previous quarter.
