WealthTech startup Syfe closes $18.6 million round

Syfe, a Singapore-based digital wealth manager, announced that it has successfully closed a SG$25.2 million ($18.6 million) Series A funding round led by Valar Ventures, a fintech-focused VC fund.

The funds will be used to enter new markets, develop new products and services, hire top talent, and enhance Syfe’s technology platform to continue delivering exceptional user experiences.

Other participants in the round include Presight Capital and existing investor Unbound, which led Syfe’s seed funding in 2019.

Dhruv Arora, founder and CEO of Syfe, said: “Since the beginning of the year, we have seen our customer numbers and assets increase by ten times and this fundraising allows us to sharply accelerate our growth to help even more individuals plan, save and build their wealth for the future.” Syfe holds a Capital Markets Services license in Singapore.

Valar Ventures has in the past led early funding rounds of successful global fintech companies like TransferWise, Xero, and Europe’s leading digital bank, N26. Andrew McCormack, founding partner, said: “The potential of Asia as a region combined with the pedigree of the team and strong traction makes Syfe a very compelling opportunity.”

Shravin Bharti Mittal, founder and CEO of Unbound, said: “Since its launch in 2019, Syfe has consistently exceeded our expectations and we are excited to double down on our partnership.”