Endowus crosses S$1 Billion in assets, plans expansion
By Leandra Monteiro
Endowus, Singapore’s MAS-licensed digital wealth platform, recently announced that following a fundraise from the likes of UBS, Samsung and Singtel, the company has crossed S$1 billion in assets under advice. The firm crossed the billion dollar mark within 20 months of its full-service launch. Endowus had raised an undisclosed sum following a Series A fundraise where it secured S$23 million in April this year.
As per a statement release by the company, its client assets grew by over 670% in the last 12 months ending June 30, 2021, despite COVID-19 induced market volatility. Furthermore, the number of clients investing on Endowus grew by almost 1,000% in the same period.
Additionally the company said that it aims to double down on product development and growth to meet the needs of investors in Singapore, while seeking to implement its vision of democratising investing in another major Asian financial hub, Hong Kong.
According to media reports, Gregory Van, Chief Executive Officer of Endowus said, “We are humbled to reach this milestone in such a short time, a feat made possible by the trust placed in us by our clients. Adoption of our digital wealth services has been encouraging and far reaching. Today, our clients range from the age of 21 to over 90, with invested balances ranging from S$1,000 to millions, showing that Endowus is for all Singaporeans and for all their investing needs”.
IBSi Daily News Analysis
September 29, 2023
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