Endowus raises US$35 million; Citi Ventures and MUFG join cap table

ENDOWUS has raised US$35 million in funding, with Citi Ventures and MUFG Innovation Partners joining the round as new investors.

The robo-adviser and digital investment platform also snapped up funding from four Asian families with businesses ranging from banking to real estate. Existing investors UBS Next, EDBI Prosus Ventures, Lightspeed Venture Partners and Singtel Innov8 participated in this round as well.

“Today’s investors are seeking tailored, data-driven and digital-first solutions to meet their lifestyles and long-term wealth needs,” said Everett Leonidas, Asia-Pacific head of Citi Ventures.

Samuel Rhee, co-founder and chairman of Endowus, noted: “This successful (fundraising) at a critical time in the growth of the company is a validation of what we have built so far, and demonstrates the strong belief in the team’s ability to execute (when it comes to) building the digital wealth platform of the future.”

The fundraising comes after a round of layoffs in March, when Endowus slashed 10 per cent of its workforce citing market downturns, according to media reports.

On the financial front, Endowus’ assets under management (AUM) crossed US$5 billion as at August; it claims that it has tripled its revenue after acquiring Carret Private, a Hong Kong-based multifamily office.

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The fintech company also crossed S$1 billion in pension assets in Singapore as at April.

Its revenue for 2022 more than doubled to S$8.3 million from S$3.3 million in 2021, based on regulatory filings accessed on data platform Venturecap Insights. Its losses for 2022 also rose by S$9 million to S$26.7 million in 2022, from S$17.7 million in 2021.

Endowus claims that it has hit peak assets and revenue every quarter, with the latest second-quarter 2023 results hitting record highs.

“The next stage of Endowus’ growth will hone in on the personalisation of a joyful and meaningful investing experience for all investors at scale,” said Gregory Van, co-founder and chief executive officer of the robo-adviser.

This funding round also comes as Singapore fintech funding plunges to a three-year low, with observers expecting recovery on the horizon.