Endowus, a digital wealth platform licensed by the Monetary Authority of Singapore (MAS), has received investments from strategic partners UBS, Samsung Ventures and Singtel Innov8, as well as their Series A investors: Lightspeed Venture Partners and SoftBank Ventures Asia.
UBS will be a strategic partner as a wealth manager, while the venture capital investment arm of the Samsung group and the venture capital fund subsidiary of the Singtel group will provide mobile technology expertise and client marketing capability. .
The additional capital brings the total size of the start-up’s Series A funding round to $ 22m (Â£ 15.9m, â¬ 18.5m), according to Endowus.
UBS’s unspecified contribution is provided through UBS Next, a $ 200 million fund that invests in early stage fintech companies.
âBy combining their expertise in wealth management, consumer technology and digital infrastructure, we are confident to deliver on our promise to democratize wealth management through technology,â said Gregory Van, Managing Director of Endowus.
Endowus, which has assets in Singapore of around S $ 1bn (Â£ 537m, $ 744m, â¬ 626m) – according to the company – is a digital investment advisor for the Central Provident Fund (CPF) and the Supplementary Retirement Scheme (SRS).
Singapore’s wealth management platform offers retail, accredited and institutional investors a digital experience to invest all of their savings in cash, SRS and CPF. It offers personalized advice and access to funds with no sales charges and 100% discounts on trailing commissions.
Endowus was established in 2017 by former UBS investment banker Gregory Van and Sun You Ning who worked at Goldman Sachs and Blackstone. They were then joined by former Morgan Stanley Investment Management executive Samuel Rhee.
The digital platform was launched 18 months ago. The company has also partnered with Singaporean broker UOB Kay Hian, which provides discreet babysitting services to clients.
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