Syfe raises $27m to grow in key markets, expand in India

Syfe founder and CEO Dhruv Arora / Photo credit: Syfe

Digital wealth manager Syfe has raised US$27 million in a funding round joined by two UK family offices as well as existing investors Valar Ventures and Unbound.

The company said its valuation increased with this funding round but declined to reveal any figures. This latest round, which comes three years after its previous financing, brings the total amount of money it has raised to date to US$79 million.

Syfe pointed out that this investment came amid a challenging funding environment, with financing in Asia falling to its lowest level since 2015. According to Crunchbase, venture funding in Asia amounted to US$78.1 billion in 2023, a sharp drop from the previous year’s figure of US$125.2 billion.

“Securing quality investment in the current fundraising environment is not only a significant milestone for Syfe but also for consumer-facing digital wealth businesses across the region,” said Dhruv Arora, founder and CEO of Syfe.

The company noted that the fresh funds will be used to expand its businesses in Singapore, Hong Kong and Australia, as well as create new products that will improve user experience. It will also be expanding its workforce in India.

In the coming weeks, Syfe will be launching an investment portfolio that will help mitigate the impact of market volatility as seen in today’s economy, said Arora.

“This will enable people to enter the market with more confidence and capture the upside potential of markets as interest rates start to come down,” he added.

The firm will also use the funds to finance potential investment opportunities and acquisitions that are aligned with its growth objectives.

“This is most likely to be businesses that are digital-first, rather than traditional wealth businesses that require an army of wealth advisers to service customers,” Arora said. “Our model has always been digital-first, with human interaction for those who want it. This allows us to provide institutional-grade investment products at a fraction of the cost of traditional wealth managers.”

Arora founded the company in 2019, with the aim of making investing more accessible. Syfe’s management fees stand between 0.35% and 0.65%, and there is no minimum amount required to start investing through the platform.

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This story was republished with permission from The Business Times. It was moderately edited to reflect Tech in Asia’s editorial guidelines.