Endowus crosses S$1b in AUM in less than two years of full launch

DIGITAL wealth platform Endowus has crossed S$1 billion in assets under management (AUM) in Singapore, achieving this within 20 months of its full-service launch.

In a statement on Wednesday, the fintech said client assets grew by over 670 per cent in the last 12 months ending June 30, 2021, despite Covid-induced market volatility.

Over the same period, the number of clients investing jumped about 10 times. These clients, aged between 21 to over 90, have invested balances of between S$1,000 and millions, said Endowus.

Meanwhile, its peer StashAway had in January crossed US$1 billion in AUM after over three years.

Individuals can invest across their private cash, Central Provident Fund (CPF) and Supplementary Retirement Scheme (SRS) savings on Endowus.

Over the last year, the firm said its CPF core portfolios - the balanced portfolio and global equities portfolio - respectively achieved 20 per cent and over 30 per cent in returns.

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Its chief executive officer Gregory Van said: "This is a clear indication that Endowus remains on track with its vision of helping all investors move towards a more secure financial future and better manage the generational challenge of retirement."

Last Thursday, the firm announced that it has secured three new "strategic investors" in UBS, Singtel and Samsung. This latest investment, of which the amount is undisclosed, comes on the heels of the successful close of its Series A funding in April, which raised S$23 million from Lightspeed Venture Partners and SoftBank Ventures Asia.

In the past year, Endowus launched a cash-management solution, Cash Smart, as well as Fund Smart - a solution that allows investors to build custom portfolios from a selection of institutional share-class and trailer-fee free funds curated by the firm's investment office.

It plans to enter the Hong Kong market this year.