Singapore FinTech Endowus raises $17m in series A funding round

By Leandra Monteiro

Singapore-based FinTech Endowus announced that it has completed a S$23 million first close of its Series A funding round. The round was led by Lightspeed Venture Partners. SoftBank Ventures Asia also joined in the round, which the FinTech company claims is its first external fundraise. Endowus plans to use the additional resources and support from its VC partners for its expansion plans in Asia.

Launched in 2019, Endowus gives retail, accredited, and institutional investors access to invest in the Central Provident Fund – a kind of pension plan in Singapore and other supplementary retirement scheme savings. In addition, the company also provides personalized advice as well as access to funds at a lower cost with no sales fees and trailer fee rebates.

According to media reports, Gregory Van, Founding Partner and Chief Executive Officer of Endowus said, “We are humbled but excited to have the confidence of Lightspeed and SoftBank Ventures Asia with their new investment in Endowus in support of our mission to help Singaporeans invest better across all their wealth – Cash, CPF & SRS. The success we’ve seen in Singapore this past year proves that our solutions are meeting the needs of investors, with one in two clients acquired on our platform investing across multiple wealth streams. And with the same rigour, we will expand our offerings to other key markets in the region, starting with Hong Kong.”

According to media reports, Samuel Rhee, Founding Partner and Chairman of Endowus said, “We began “Day 1” with the mission to solve the greatest challenges and problems of wealth and finance such as retirement adequacy. As the first-and-only CPF digital advisor and now the fastest growing digital wealth platform in Singapore, Endowus is achieving that goal and the new fundraising will help us bring that mission of the company and vision of the future into reality for all Singapore-based investors.”