Syfe Raises US$27 Million Funding After Achieving Profitability Earlier This Year – Fintech Singapore

Syfe, a savings and investment platform in Asia, has successfully raised US$27 million in its latest funding round, pushing its total raised capital to US$79 million.

The all-equity funding round saw participation from two UK family offices with fintech and banking interests, along with continued support from existing investors Valar Ventures and Unbound.

The newly secured funds will support Syfe in accelerating product development, with plans to introduce innovative investment tools and expand its offerings in newer markets like Hong Kong and Australia.

The funding also opens the door for Syfe to explore strategic investments or potential acquisitions.

Syfe reported that it had attained profitability in its home market of Singapore in early 2024.

This profitability was accompanied by a substantial increase in both customer numbers and assets under management, with average client assets more than doubling since 2023.

Dhruv Arora, Founder and CEO of Syfe, said,

“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.”

Shravin Bharti Mittal, Founder and CEO of Unbound, added,

“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.”

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• Source: https://fintechnews.sg/100298/wealthtech/syfe-raises-us27-million-funding/