Ex-Grab exec’s fintech firm banks $27m in fresh funds

Endowus, Singapore-based fintech firm, has secured S$35 million (US$27 million) in a new financing round led by new investors Prosus Ventures and EDBI. The round also saw participation from Z Holdings, which is owned by SoftBank and Naver.

Endowus CEO Gregory Van (left) and chief investment officer Samuel Rhee / Photo credit: Endowus

Endowus allows retail, accredited, and institutional investors to put money into the Central Provident Fund – a kind of pension plan in Singapore – and other supplementary schemes. It also provides personalized advice as well as access to funds at a lower cost with no sales fees and trailer fee rebates.

The company also manages multiasset and multimanager environmental, social, and governance (ESG) portfolios for retail investors. This involves giving advice and access to solutions previously reserved for institutional or private-banking clients.

In November, Endowus launched six new satellite portfolios: tech, megatrends, global real estate, China equities, China fixed income, and low volatility fixed income.

The latest investment comes amid a massive surge in funding for Singapore fintech firms, which have raised US$725 million in the first half of 2021, surpassing the collective US$468 million they received during the entirety of 2020.

The new round brings the total funding Endowus has raised this year to S$67 million (US$50 million).

Launched in 2019, the company is spearheaded by Gregory Van, who previously led business development and partnerships for Grab’s payments and tech unit. He was also an investment banker at UBS, who advised private equity and VC firms in the Asia Pacific on fundraising.

See also: How Axiata’s Boost stands out in SEA’s heated fintech race

Other existing investors in the round include:

• UBS
• Singtel Innov8
• Lightspeed Venture Partners

Currency converted from Singapore dollar to US dollar: US$1 = S$1.37.