Endowus, a fintech platform based in Singapore, said it has secured S$23 million (US$17 million) in a series A round led by Lightspeed Venture Partners.
SoftBank Ventures Asia also joined in the round, which the fintech company claims is its first external fundraise.
Launched in 2019, Endowus gives retail, accredited, and institutional investors access to invest in the Central Provident Fund – a kind of pension plan in Singapore – and other supplementary retirement scheme savings. It also provides personalized advice as well as access to funds at a “lower” cost with no sales fees and trailer fee rebates.
Despite the Covid-19 pandemic, the fintech startup claims it has experienced 20x growth in clients investing on the platform and 8x growth in assets under advice. It said it is on track to hit its target of S$1 billion (US$743.4 million) in assets under advice by Q2 2021 in the city-state.
The new funds will be used to scale up the Singapore business and expand into other key Asian markets, such as Hong Kong, said the firm in a statement.
Endowus has also recently launched its sustainable ESG (environmental, social, and governance) investment portfolios for retail investors in Singapore.
In the past year, it developed Cash Smart, a cash management solution, and Fund Smart, which allows investors to build custom portfolios from a selection of institutional funds curated by the Endowus investment office.
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