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Big banks back Asian wealth management platform Endowus

Big banks back Asian wealth management platform Endowus

Citi, UBS and MUFG has joined a US$35 million funding round for Asian digital wealth management platform Endowus.

The banks joined the round through their venture arms and were joined by four Asian billionaire families.

Singapore-based Endowus spans both private wealth and public pension savings, helping investors grow their money with expert advice and access to institutional investment options.

Despite difficult financial market conditions, the firm has seen strong growth over the last year, with group assets now crossing US$5 billion. In 2022, it saw revenue growth of 80% organically, while tripling its group revenue as it completed the acquisition of multi-family office, Carret Private.

Gregory Van, CEO, Endowus, says: "The next stage of Endowus’ growth will hone in on the personalisation of a joyful and meaningful investing experience for all investors at scale."

Everett Leonidas, Asia-Pacific head, Citi Ventures, adds: "Today’s investors are seeking tailored, data-driven, and digital-first solutions to meet their lifestyles and long-term wealth needs.

"With its strong tech and product innovation, the Endowus team has built a top-tier digital total wealth platform, and have laid the groundwork for continued success in the future."

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