- Syfe secures all-equity investment round despite funding in Asia being at lowest levels since 2015
- Investment will fund major expansion of Hong Kong business, including further development of product offering and exploration of strategic opportunities
Syfe, Asia’s leading saving and investment platform, today announced that it has closed a HKD 210 million funding round, increasing its valuation and bringing total funds raised to HKD 615 million.
The latest investment has been achieved amidst a challenging funding environment, with funding in Asia at its lowest level since 2015. Despite the broader economic challenges, Syfe became profitable in its first market Singapore in early 2024, driven by a focus on efficient growth. This approach has led to a significant increase in both new customers and assets under management, with average client assets more than doubling since 2023.
Syfe’s Founder and CEO, Dhruv Arora, started forming the idea for Syfe whilst working as an equities trader at UBS in Hong Kong. Frequently asked by friends about investing, he saw first hand that many people who wanted to invest were either being ignored by the traditional wealth industry or being underserved due to biased advice and high fees. This inspired him to launch Syfe on the pillars of access, advice and affordability, enabling anyone to easily access institutional-grade investment tools at a fraction of the cost of traditional wealth advisors.
Since launching in Hong Kong Syfe has introduced several innovative financial solutions, including the city’s first investment service for time deposits, Cash+ Fixed. The service secures preferential rates from top global banks, enabling anyone to access competitive interest rates without any requirements such as minimum deposits, as is often the case with banks. This year Syfe has also partnered with Manulife for the launch of its MPF Robo-Advisor portal, a digital tool developed to help people understand and manage their MPF investments more easily. The new funding will accelerate development and help Syfe to offer even more innovative new products that cater to the needs of Hong Kong investors.
The all-equity funding round includes new investment from two UK family offices with interests and investments in the fintech and banking sectors, as well as existing investors Valar Ventures and Unbound.
Dhruv Arora, Founder and CEO of Syfe, commented: “It was my experience as a professional investor in Hong Kong that first gave me the idea for Syfe. Since launching here we have made great progress helping people to grow their wealth for a better future, and this funding will enable us to reach even more customers. Through increased investment in development, we will bring even more innovative new products to market while continuously upgrading the Syfe user experience. We will also be assessing strategic investment opportunities or acquisition targets aligned with our mission and growth objectives.”
“Securing 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. The amount raised and the addition of new investors underscores the confidence in our vision and our ability to deliver remarkable and efficient growth.”
Shravin Bharti Mittal, Founder and CEO of Unbound, which has supported Syfe in every investment round since the seed stage, commented: “Syfe’s impressive growth and operational efficiency continue to make it stand out in the fintech space. In the current environment, the company’s ability to scale and reach profitability in a key market like Singapore is a testament to the strength of its business model and team. We are excited to continue supporting Syfe as it enters this next phase of growth and innovation.”
About Syfe
Syfe is Asia’s leading saving and investment platform, empowering people to build their wealth for a better future. Built on the pillars of access, advice and affordability, Syfe caters to the different wealth needs of individuals with diversified proprietary portfolios, cash management solutions and brokerage. In Singapore alone, Syfe manages multiple billion dollars in assets and over 5% adult citizens are using the platform to achieve their financial goals.
Licensed and operational in Singapore, Hong Kong and Australia, Syfe has customers from 60+ countries. The company has raised HKD 615 million to date and is backed by leading global investors including Peter Thiel’s Valar Ventures, Unbound and partners from DST.
For more information on Syfe, please visit: www.syfe.com.
