Syfe counts on going black in 2025

IN FOCUS

In today’s newsletter, we look at:

• Syfe’s FY 2024 financials
• GoTo’s fintech growth strategy

Welcome to The Top Up! Delivered every fortnight via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in fintech. Get it in your email inbox by registering here.

Hello,

I am grateful to my sister for introducing me to wealth management a few years ago. Initially, I had no interest in investing beyond a provident fund backed by the Indian government.

However, on my birthday, she surprised me by opening an account for me on a homegrown wealth management platform and made the first monthly installment in a Systematic Investment Plan (SIP) herself as a gift.

By the following month, I found myself investing in not just one, but three SIPs. These platforms are an excellent way for beginners like myself, who may not have a strong grasp of finance, to start investing and build assets for the future.

One such platform in Singapore is Syfe, which offers its wealth management services to the mass affluent. In this week’s Big Story, my colleague Elyssa discusses the startup’s FY 2024 financials, highlighting a 66% year-on-year increase in revenue and a sharp reduction in losses.

The company, which has also expanded its services to Australia and Hong Kong, expects to hit group EBITDA profitability by 2025.

Speaking of profits, Indonesia’s GoTo has brought forward its profitability outlook for its fintech business. In the Hot Take this week, I explore the company’s strategy of cross-selling its fintech products to drive growth.

— Samreen

THE BIG STORY

Syfe cuts losses by half, aims for group profitability by 2025

Image credit: Timmy Loen

The company says its newest products encouraged customers to increase their assets in the wealth management platform.

THE HOT TAKE

Meet the finalists