S’pore digital wealth manager grows with offerings tailored to individual investors
Syfe’s CEO shares how the firm is also investing in artificial intelligence with the goal of providing personalised recommendations and insights at scale
It launched in 2019 with just 15 employees, limited offerings and a clear goal: Make investing accessible.
“Our vision is to democratise wealth generation and make the investing experience stress-free and rewarding for everyone,” said Dhruv Arora, founder and CEO of Syfe.
Today, the Singapore-based digital wealth manager has grown to 120 employees, operating in Singapore, Australia and Hong Kong. It has raised US$79 million (S$103 million) in funding to date, and achieved profitability in Singapore this year, said Arora.
Investors remain central to Syfe’s mission, he said. “What sets us apart is our wide-range of purpose-built products that cater to different investment objectives, all while keeping the user front and centre.”
It has three main categories of investment solutions: cash management, brokerage, and managed portfolios. Each caters to different investor needs, from optimising idle cash to accessing global stocks and exchange-traded funds (ETFs).
There are no minimum investment amounts or lock-in periods.
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Syfe also offers educational webinars, in-depth portfolio analysis, risk ratings, and market insights to enhance the investor experience.
Syfe now serves 5 per cent of Singaporean adults aged between 18 and 65, claimed Arora.
Expanding with new offerings
In August, Syfe secured US$27 million in a funding round led by two UK family offices, and existing investors, Valar Ventures and Unbound.
This fresh capital is fuelling innovation of new offerings tailored to individual investors, said Arora. This includes the launch of its Supplementary Retirement Scheme (SRS) offering in October.
The SRS, a voluntary scheme designed to complement the Central Provident Fund (CPF), offers tax relief for contributions.
“This is particularly relevant in the current environment,” said Arora, “as it allows users to build long-term wealth through a wide range of investment options… while enjoying tax benefits.”
Syfe is also exploring opportunities to support businesses, particularly small and medium-sized enterprises (SMEs). One example is cash management solutions that offer higher, guaranteed returns with short terms.
Growing through innovation
As Syfe scales, it’s betting on artificial intelligence (AI) to revolutionise financial advice.
Arora believes AI will enhance Syfe’s advisory capabilities: “These AI-driven solutions will allow us to understand each customer’s unique financial situation, enabling personalised recommendations and insights at scale.”
The fintech firm is also supporting the community through the ‘FinTech Gives Back’ initiative, which contributes prize money to the Singapore FinTech Festival (SFF) Global FinTech Awards.
“The fintech community has played a vital role in Syfe’s journey,” said Arora, who believes that contributing to a thriving fintech landscape with a strong talent pool benefits everyone involved.
“The growth of the industry in our home market could lead to untold opportunities to collaborate and build into our offering,” he said, “opportunities that we are excited to share with the growing community of investors on our platform.”
This was produced in partnership with the Monetary Authority of Singapore and the Global Finance & Technology Network.
For more stories, go to https://bt.sg/sff2024
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