Wealthtech platform Syfe closes $80 million funding round, plans to expand tech team in India
Singapore-based wealth management platform Syfe has raised $53 million in a fresh funding round, led by two UK-based family offices.
London-based investment firm Unbound and Peter Thiel's Valar Ventures, both existing investors, also participated in the round.
In August 2024, the company had raised $27 million as part of the same round, and this extension takes the total funds raised in the round to $80 million.
Founded by Dhruv Arora, an IIT Bombay alumnus and previously a senior executive at Grofers (now Blinkit), the startup is a savings and investment platform that provides diversified proprietary portfolios, cash management solutions and brokerage services to individuals. While the platform operates in Singapore, Hong Kong and Australia, its technology centre is located in Gurugram. In a statement, the company said that it intends to use these funds to hire more talent for its tech centre in Gurugram. Over the last year, Syfe's headcount has grown by nearly 15% in India.
'Our team, based out of Gurugram Tech Headquarters in India, plays a critical role in driving this expansion and building a truly global offering,' Arora, said in a press release.
'This fundraise comes at an exciting time as we grow our presence across the region and expand our offerings,' Arora added. 'In our markets of Singapore, Hong Kong and Australia, nearly half of all adults are in the 'mass affluent' segment, meaning those who have between a few hundred to a few million dollars in investable assets, and this segment is growing fast.'Last month, Syfe acquired Australia-based online investment platform Selfwealth.
The company is also prioritising automation and artificial intelligence adoption for internal operations as well as on the client side.
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