Endowus bags $35m funding to expand its digital wealth offering in APAC

By Gloria Mathias

Endowus, an Asia-based digital wealth platform, has raised $35 million in its latest funding round.

The funding was led by new investors, namely; Citi Ventures and MUFG Innovation Partners, and four of Asia’s families with various operating businesses across Singapore, Southeast Asia, Hong Kong and Greater China,

Endowus is a digital wealth platform serving private wealth and public pensions for Singapore’s CPF-IS (Central Provident Fund Investment Scheme). The platform has expanded its service offerings continually, including launching the lowest-cost passive index funds in Singapore and CPF. Additionally, the firm launched its services in Hong Kong as an independent, commission-free, and conflict-free digital wealth advisor and low-cost fund platform.

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. 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 growth stage, targeting exciting new opportunities that will propel Endowus into the dominant position in the digital wealth space across Asia.”

‍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 home in on the personalisation of a joyful and meaningful investing experience for all investors at scale. Endowus remains resolute in helping everyone 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.