Endowus secures strategic investors UBS, Samsung and Singtel to bolster external fundraise to deepen WealthTech expertise and amplify growth
● Strategic investors will play a critical role in cementing Endowus’ ambition to be the #1 robo-advisor and digital wealth manager in Singapore and Asia.
● UBS, Samsung, and Singtel Innov8 bring their respective and complementary expertise across digital financial services, consumer technology and venture scaling to support Endowus in elevating the retail investing experience.
Endowus, one of Singapore’s leading MAS-licensed digital wealth platforms, announced today that it has received investments from strategic investors UBS AG, Samsung Ventures and Singtel Innov8, along with their venture capital investors— Lightspeed Venture Partners and SoftBank Ventures Asia.
These strategic investors fit squarely into the roadmap of the brand. As part of Endowus’ ambition to create a seamless, scalable, digital platform for wealth management, UBS will be an important strategic partner as the largest truly global wealth manager, while Samsung and Singtel Innov8 bring mobile technology expertise and access to the Singtel Group, extending reach and deepening engagement in Singapore and across the region.
UBS is making its investment through UBS Next, a US$200 million strong strategic initiative to identify new venture opportunities and target investments in the fintech and broader tech ecosystem. UBS Next complements the bank’s innovation labs, digital factories and future of finance challenges to drive client experience and operational excellence.
“We are thrilled to count UBS, Samsung and Singtel Innov8 as our strategic investors, and are humbled by their recognition of Endowus as an innovator in WealthTech. Combining their expertise in wealth management, consumer technology, and venture scaling, we are confident in delivering on our promise to democratise wealth management through technology,” said Gregory Van, Chief Executive Officer of Endowus.
The fundraise comes on the heels of a momentous 2020, as Endowus saw fast growth throughout last year, and that rapid ascent has continued this year with assets surpassing S$1 billion in just the Singapore market alone. This is in just over 18 months after its full-service launch, making Endowus the fastest-growing digital wealth platform in Singapore.
Samuel Rhee, Chairman and Chief Investment Officer at Endowus said, “We are excited to propel Endowus forward with our new strategic investors to enhance the leadership position Endowus has in the digital wealth industry. With the combined synergies, Endowus will continue to pioneer the path towards the best digital experience for individual investors to meet their growing needs in saving and investing for the future. The commitment from our new suite of investors, who are global leaders in their respective fields, will further fuel our mission of changing the face of wealth management, from solving for retirement to preserving a legacy.”
Samsung Venture Investment Corporation is the venture investment arm of Samsung Group, which includes the Samsung Electronics global consumer technology brand as well as the group’s financial subsidiary companies. Samsung is not only one of the largest conglomerates in the world, but also one of the top 5 global brands and the most valuable in Asia.
Singtel Innov8 is the venture capital arm of the Singtel Group, Asia’s leading communications technology group. Singtel Innov8 invests in innovative technology start-ups globally and has a fund size of US$250M.
The Singaporean wealth platform provides Retail, Accredited, and Institutional investors with a seamless digital experience to invest all their cash, SRS and CPF savings. It offers expert personalised advice, along with access to best-in-class funds, at a lower cost — with no sales charges and 100% trailer fee rebates. Endowus is at the forefront of the fast-changing wealth management industry, aggressively launching new solutions, such as the industry’s first retail-ready, multi-asset, multi-manager ESG sustainable portfolios, in its mission to help everyone invest better.
Through pioneering new solutions for the Singapore wealth market, Endowus was recently recognised as ‘WealthTech of the Year’ at the Asia Fintech Awards. This adds on the previous accolades of ‘Singapore Rising Star' and 'Singapore Fintech Innovation in Asset Management’ at Asia Asset Management’s Best of the Best Awards this year.