Syfe, Asia’s leading saving and investment platform, today announced that it has closed a USD 27 million funding round, increasing its valuation and bringing total funds raised to USD 79 million. 

The latest investment has been achieved amidst a challenging funding environment, with funding in Asia at its lowest level since 2015. Despite the broader economic challenges, Syfe became profitable in its home market Singapore in early 2024, driven by a focus on efficient growth. This approach has led to a significant increase in both new customers and assets under management, with average client assets more than doubling since 2023.

The new funding will be used to accelerate product development, enabling Syfe to bring more innovative investment tools to market. This will include launching new verticals in its newest markets, Hong Kong and Australia, to match the holistic offering of managed investment portfolios, cash management solutions and full-fledged brokerage already available to customers in Singapore. The funding will also enable Syfe to consider strategic investment opportunities or acquisition targets.

The all-equity funding round includes new investment from two UK family offices with interests and investments in the fintech and banking sectors, as well as existing investors Valar Ventures and Unbound.

Dhruv Arora, Founder and CEO of Syfe, commented: “Securing quality investment in the current fundraising environment is not only a significant milestone for Syfe, but for consumer-facing digital wealth businesses across the region. The amount raised and the addition of new investors underscores the confidence in our vision and our ability to deliver remarkable and efficient growth, leading to profitability in Singapore.”

“This funding will enable us to reach more customers and help them grow their wealth for a better future. Through increased investment in development, we will bring even more innovative new products to market while continuously upgrading the Syfe user experience. We will also be assessing strategic investment opportunities or acquisition targets aligned with our mission and growth objectives.”

Shravin Bharti Mittal, Founder and CEO of Unbound, which has supported Syfe in every investment round since the seed stage, commented: “Syfe’s impressive growth and operational efficiency continue to make it stand out in the fintech space. In the current environment, the company’s ability to scale and reach profitability in a key market like Singapore is a testament to the strength of its business model and team. We are excited to continue supporting Syfe as it enters this next phase of growth and innovation.”