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A wealth management startup backed by EDBI raises $35 million to grow in Hong Kong

Endowus, a wealth management firm established in Singapore and supported by the nation’s international investor EDBI, revealed on Wednesday that it had raised $35 million in a funding round that also included new investors Citi Ventures, MUFG Innovation Partners, and “four Asian billionaire families.”

Returning investors UBS Next, Prosus Ventures, Lightspeed Venture Partners, and Singtel Innov8 took part in the round. With the new cash, the six-year-old firm has now received $95 million in funding altogether. Endowus opted not to share its most recent valuation.

“Today’s investors are seeking tailored, data-driven, and digital-first solutions to meet their lifestyles and long-term wealth needs,” Everett Leonidas, Asia-Pacific head of Citi Ventures, said in a statement announcing Endowus’ most recent fundraising. The Endowus team has created a top-tier digital total wealth platform and laid the foundation for future success with its strong technological and product innovation.

Endowus, a member of the Forbes Asia 100 to Watch list from the previous year, offers investment consulting services via its website and mobile app. On the Endowus platform, users can manage their cash savings or contributions to public pensions, such Singapore’s Central Provident Fund. Following its acquisition of multi-family firm Carret Private in October, the company claims it achieved revenue growth of 80% in 2022 with group assets under guidance topping $5 billion.

Endowus plans to grow in Hong Kong, where it started operations in April. The company offers independent, fee-only wealth platforms that allow investors access to 15 multi-fund model portfolios as part of its digital wealth consulting services in the city. Additionally, Endowus provides professional investors with private wealth management services as well as Fund Smart, a self-serve fund platform with more than 200 funds from 40 fund managers.

Samuel Rhee, cofounder, chairman, and chief investment officer of Endowus, says  that his company is now the market leader in Singapore and that because to its strong talent and technological foundation, it is now able to penetrate new global markets. With a completely different go-to market approach from Singapore, we essentially constructed a separate IT stack for Hong Kong.Heavy investment has been made as a result, and the feedback so far has been very positive.