Singapore-based FinTech startup, Syfe has raised US$ 18.6M in a Series A funding round held in September 2020, led by US-based venture capital firm Valar Ventures along with participation from Presight Capital and previous investor Unbound.
Capital raised in the funding round will be used by Syfe to expand its reach across new regions, develop new products and services, recruit talented individuals, and improve its technology platform.
The digital Wealth Manager
Dhruv Arora founded Syfe in 2017 and launched it in 2019. It is a digital wealth manager to provide investors with greater transparency, niftier portfolios and better investment results. The startup does this by combining smart investment strategies with innovative technology to help beginners and well-established companies grow their wealth. Unlike old-style investment management, there are no huge fees or minimum investment amount, or hidden costs involved.
Founder and CEO Dhruv Arora stated that his startup is currently in negotiations with officials in 3 different markets across the Asia Pacific region, and are expecting to enter into new areas within the next 18 months. He further added that Syfe has a roster of clients who are based in 23 different countries. He quoted, “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.”
Syfe is accredited by the Monetary Authority of Singapore under a Capital Markets Services License.
The startup had previously secured US$ 3.8M in a seed funding round held in July 2019 from various investors such as Unbound, MPGI, Tom Stafford, Rahul Mehta, Florian Hagenbuch, Mate Pencz, Jan Beckers, Philipp Freise, David Rogers and Paul Redbourn.
Andrew McCormack said that Asia has a fast-increasing number of wealthy consumers wanting to grow their wealth, making Syfe a great choice to do so.
About Valar Ventures
Valar Ventures is a US-based venture capital fund founded by Peter Thiel (co-founder of PayPal, Palantir and an early investor in Facebook), Andrew McCormack and James Fitzgerald in 2012. The VC firm has mainly funded technology startups based outside of Silicon Valley, including in Europe, the UK, the US and Canada. Valar Ventures had been spun out of Thiel Capital, Peter Thiel’s international parent company based in San Francisco, and is now headquartered in New York City.
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