MUFG, Citi Ventures join SG wealthtech firm Endowus’ $35m round

Endowus co-founders Samuel Rhee (left) and Gregory Van / Photo credit: Endowus

Endowus, a Singapore-based wealthtech firm, has lined up a number of big-name investors in its latest US$35 million funding round. These include Citi Ventures and MUFG Innovation Partners as well as four Asian billionaire families.

This news comes after Tech in Asia reported last week that the company’s losses for 2022 jumped to US$20 million despite more than doubling its revenue to US$6.1 million compared to the previous year.

Gregory Van, co-founder and CEO of Endowus, told us at the time that the startup “has a clear path to profitability in the next two years and ample cash on hand to continue investing in its growth.”

Before this round, Endowus had raised about US$55 million in funding, according to VentureCap Insights data.

“As Asia looks to take over as the biggest wealth market globally, embracing technology and artificial intelligence is critical in providing clients with consistent, transparent, better, and more efficient advice at scale,” Van said in a statement.

Funding details

• Funding amount: $35,000,000
• Investors: Citi Ventures, MUIP, UBS, EDBI, Prosus Ventures, Lightspeed Venture Partners, Singtel Innov8
• Stage: Undisclosed

Endowus plans to use the new funds to strengthen its operations in Singapore and Hong Kong.  The firm officially expanded to the latter market earlier this year.

In March, Endowus laid off less than 10% of its staff, attributing the decision to its slower growth trajectory due to the macroeconomic environment.

See also: Mapping Southeast Asia’s key wealthtech players

More details