Endowus grows digital wealth leadership in Asia with new US$35 million fundraise from global banks UBS, Citi Ventures, MUFG, existing investors, and four Asian billionaire families
The sizable round affirms Endowus’ market leadership in digital wealth with new and existing investors strongly backing its unique business model, growth strategy, and execution amidst global market uncertainty
Endowus, Asia’s leading digital wealth platform has raised US$35 million in its latest funding round. New investors include Citi Ventures and MUFG Innovation Partners, as well as four of Asia’s wealthiest families with various operating businesses spanning banking to real estate across Singapore, Southeast Asia, and Greater China including Hong Kong. Existing investors that have participated in this round include UBS Next, Singapore-based global investor EDBI, Prosus Ventures owned by Naspers, Lightspeed Venture Partners, Singtel Innov8, and Endowus employees.
The successful large fundraise comes amidst a global slowdown in fintech growth and funding. Despite the difficult financial market conditions, Endowus has continued to experience accelerated growth with group assets now crossing US$5 billion. In 2022, the firm delivered revenue growth of 80% organically, while tripling its group revenue as it completed the acquisition of one of North Asia’s premier multi-family offices, Carret Private. It has continued to grow in the downturn, achieving peak assets and peak revenue every quarter throughout its history including a record-breaking 2Q 2023.
Endowus had launched its services in Hong Kong this year as its first overseas expansion market after Singapore. It is presently the only independent, commission-free, and conflict-free digital wealth advisor and low cost fund platform in the city. The firm has continually expanded its service offerings, including the launch of a suite of 15 professionally curated multi-fund model portfolios across themes such as Passive income, Cash Management, Global Technology, and Endowus Private Wealth for professional investors and high-net-worth clients, actively democratising access to private market, hedge fund, and alternative investment solutions.
Samuel Rhee, Co-founder and Chairman of Endowus said, “This successful fundraise at a critical time in the growth of the company is a validation of what we have built so far, and demonstrates the strong belief in the team’s ability to execute in building the digital wealth platform of the future. Endowus is today, one of the largest independent wealth managers and the fastest-growing digital wealth platform in Asia. It continues to pioneer the digitalisation of personal savings, private wealth and public pension with an unwavering belief in our vision of solving the biggest problems of an individual’s future needs, such as retirement adequacy. We are ready to embark on the next stage of growth targeting exciting new opportunities that will propel Endowus into the dominant position in the digital wealth space across Asia.”
“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,” said Everett Leonidas, Asia-Pacific Head of Citi Ventures.
This latest investment underscores Endowus’ wealthtech leadership and its success in building a sustainable business to tap into the rapidly expanding, multi-trillion-dollar wealth market opportunity in the region. Endowus will use the new funds to continue scaling and dominate its core markets of Singapore and Hong Kong to bring fee-only, conflict-free wealth management to a broader segment with greater penetration.
“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. Doing this right will result in a sustainable and generational business that will have a far-reaching socio-economic impact on the lives of our clients and society,” said Gregory Van, Co-founder and CEO of Endowus.
“Endowus’ commitment to empowering individuals in their wealth journeys aligns strategically with MUFG’s vision of promoting greater financial inclusion across Asia, where MUFG has strong business footprint. Their unique fee-only, digital-first business model is an industry best practice that lowers the cost of investing for many, while delivering institutional-grade solutions to the retail investor. We are proud to be partnering with the Endowus team to accelerate the growth of this exceptional wealthtech company that will broaden access to investment opportunities for all, and we look forward to many potential collaboration opportunities,” said Takashi Sano, Chief Investment Officer of MUFG Innovation Partners.
Endowus was recently named a World Economic Forum Technology Pioneer, earning global recognition for being at the forefront of new technologies and innovation, poised to have a significant impact on business and society. Endowus also clinched Singapore’s Best Digital Wealth Management at The Asset Triple A Digital Awards 2023, as well as Asia Asset Management’s Best of the Best Awards 2023.
Headquartered in Singapore, Endowus is the first digital advisor in the region to span personal savings, private wealth and public pension, helping investors grow their money with expert advice and access to institutional investment solutions at low and fair fees. Apart from goals-based investing into automated portfolios professionally curated by Endowus’ Investment Office, clients in Hong Kong can also build single and multi-funds portfolios via the Fund Smart solution, where over 200 curated strategies by over 40 global fund managers are accessible at low cost across major asset classes including cash & money market, fixed income, equity, multi-asset and commodities. Additionally, Endowus Private Wealth clients can gain access to hedge funds, private equity, private credit, private real estate and other alternatives at comparatively lower minimums, lower fees, and higher liquidity.
