Endowus raises more than US$70 million, client assets cross US$10 billion mark

[SINGAPORE] Wealth platform Endowus has raised more than US$70 million, with venture capital firm Illuminate Financial leading the round.

Existing investors Prosus Ventures, Citi Ventures and Asian family offices also participated in this round of fundraising, Endowus said on Wednesday (Oct 22). Of the amount raised, US$20 million came from fresh capital, with the remainder from the conversion of existing notes.

Luca Zorzino, general partner and head of Asia, Illuminate, said its network of strategic financial institution partners will support Endowus to continue building a regulated and scalable platform for the region.

The funds will be used to scale up Endowus’ market presence in Singapore and Hong Kong, with a focus on developing retirement solutions and pension platforms. Further investment into artificial intelligence is on the cards, with the wealth platform’s new foray into business-to-business solutions for financial advisers and external asset managers.

The capital will also be used for future geographic expansion across Asia.

Endowus’ assets under administration has crossed the US$10 billion mark, as Singapore and Hong Kong grew the client and asset base. The wealth platform has achieved 150 per cent client growth and a three-times increase in assets year on year in Hong Kong, which is its newest market.

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Gregory Van, co-founder and CEO, Endowus, said: “It is early days, but the impact to our clients is clear – from college grads investing their first paychecks, to sophisticated family office and charity endowment clients with over US$100 million on Endowus.”