Digital wealth manager Syfe launches in Singapore following $3.8m seed round

Syfe, a digital wealth manager, has officially launched in Singapore after securing US$3.8 million in a seed funding round and acquiring a Capital Markets Services license from the Monetary Authority of Singapore.

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UK-based venture capital fund Unbound led the round, which also included personal investments from State Street Global Advisors managing director David Rogers, UBS Japan managing director and head of equities Paul Redbourn, and KKR partner Philip Freise.

The Capital Markets Services license is typically reserved for financial institutions with over S$1 billion (US$734 million) assets under management and a track record of at least five years. Syfe got an approval following strict reviews and compliance with the requirements, according to a statement.

Since last year, the startup has been developing a platform that provides its users access to professionally managed portfolios. It uses its own proprietary algorithm to build personalized, ETF-based, and globally diversified portfolios for each customer. It monitors and adjusts each portfolio to maximize returns and manage risk.

Currency converted from Singapore dollars to US dollars: US$1 = S$1.36.