Syfe, a Singapore-based robo monetary adviser and digital funding platform operator, has raised US$80 million in its Sequence C funding spherical, as the corporate pushes to increase its wealth administration product choices in Hong Kong.
This spherical consists of new all-equity financing value US$53 million at a considerably larger valuation, in keeping with the fintech start-up’s assertion on Thursday. The newest financing brings the corporate’s complete funding to US$132 million because it was based in 2019.
Syfe founder and CEO Dhruv Arora stated in a Submit interview that the agency’s newest fundraising transaction would assist enhance its providers and onboarding course of in Hong Kong and the broader Asia-Pacific wealth administration sector.
A robo adviser is an internet platform that gives automated monetary planning and funding steering to clients with no human involvement. It makes use of synthetic intelligence algorithms to match accessible services and products with customers’ wants.
“Personal banking providers are sometimes not in attain, but individuals need reasonably priced, high quality wealth recommendation and merchandise,” Arora stated. “Syfe throughout the area, together with in Hong Kong, is concentrated on fixing the core wants of traders with easy and revolutionary merchandise.”
The growth plans of Syfe in Hong Kong mirror the town’s place as Asia’s largest hedge fund and cross-border wealth administration hub.
Town’s asset and wealth administration market amounted to greater than HK$31 trillion (US$4 trillion) as of end-2023, with 64 per cent of the funding sourced from non-Hong Kong traders, in keeping with information from the Monetary Companies and the Treasury Bureau.
