Hong Kong’s digital wealth platform, Endowus, has successfully raised $35 million in funding. This fundraise aims to further the company’s leadership in the digital wealth arena across Asia.
Several new investors have come on board. They include Citi Ventures and MUFG Innovation Partners, along with four of Asia’s richest families, with businesses ranging from banking to real estate in Singapore, Southeast Asia, and Greater China.
Existing investors, such as UBS Next, Singapore-based EDBI, Prosus Ventures owned by Naspers, Lightspeed Venture Partners, Singtel Innov8, and Endowus employees, also participated.
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Endowus has only recently expanded into Hong Kong this year. The city marks the company’s first market outside Singapore. It stands as the only independent, commission-free, and conflict-free digital wealth advisor and low-cost fund platform there.
This large funding round is a significant achievement, especially during the global slowdown in fintech growth and funding. Despite these challenges, Endowus has managed to grow quickly. Its group assets now exceed $5 billion.
Samuel Rhee, the co-founder and chairman of Endowus, expressed his enthusiasm. He sees this fundraise as a validation of the company’s hard work. It’s a sign of strong belief in the team’s ability to build the future of digital wealth platforms. He stated that Endowus is now one of the largest independent wealth managers and the fastest-growing digital wealth platform in Asia.
Rhee also pointed out that Endowus is pioneering digital personal savings, private wealth, and public pension solutions. They are targeting major problems like retirement adequacy. With this new funding, they’re poised for growth and dominance in Asia’s digital wealth space.
Gregory Van, Endowus’ co-founder and CEO, added insights into the company’s direction. The next growth phase focuses on personalizing an enjoyable and significant investing experience. With Asia potentially becoming the largest wealth market globally, technology and artificial intelligence become vital.
Endowus is committed to transparency and efficiency. They aim to empower individuals with control over their wealth goals. Their approach strives for sustainability and a broad socio-economic impact.
This fundraise underscores Endowus’ vision and determination to reshape the digital wealth landscape in Asia.
This news is based on Marketech APAC.
