Singaporean digital wealth management firm Syfe has closed a SG$40 million Series B funding round.
The fundraise was led by US-based Valar Ventures, the venture capital fund co-founded by Peter Thiel, which led Syfe’s Series A and was the VC's first investment in an Asian fintech. Existing investors Presight Capital and Unbound also participated in the round.
This latest capital injection comes just nine months after Syfe’s Series A in September 2020. It brings Syfe's total capital raise to SG$70.7 million (US$52.6 million) since its launch in 2019, and more than triples the firm’s valuation.
Syfe’s assets under management have quadrupled since the start of the year, and June 2021 also marked the best month in terms of user and asset growth in the company’s history. Headcount in Singapore has doubled over the past six months to 50, taking the total global headcount to over 100.
The funds raised will be used to expand into new markets in Asia, invest in top talent and develop more investment products and services. Syfe has also pledged that everyone in the firm will become a shareholder, allowing all employees to benefit from future growth in the company.
Dhruv Arora, founder and CEO, Syfe, says: "Everyone in the company has played a part in securing this latest funding, which is why we are making every employee in the company a shareholder.”