Singaporea-based fintech company, Endowus, recently secured $17 million in its Series A funding round, according to the media. The funding round for Endowus was led by Lightspeed Venture Partners. The joining of SoftBank Ventures Asia in the round is claimed by the fintech company to be its first external fundraise.
Endowus was launched in the year 2019. It provides retail, accredited and institutional access to invest in the Central Provident Fund – a Singapore pension plan along with other supplementary retirement theme savings. It conjointly offers individualised advice and access to funds at a ”lower” cost without sales fees and trailer fee rebates.
Even amidst the onset of the pandemic because of Covid-19, the startup claims it has experienced 20 fold growth in clients investing on the platform and with an eight fold increase in assets under advice. It also stated that its next target is to hit S$1 billion in assets under advice by Q2 2021 in the city-state and is presently on the favourable track.
The media reports further stated that these newly acquired funds are expected to be used to scale up the Singapore business and expand into other key Asian markets, namely Hong Kong. It is to note that Endowus has recently launched its sustainable ESG (environmental, social and governance) investment portfolios for retail investors in Singapore. In the previous year, the company developed Cash Smart, a solution to manage cash and Fund Smart, that lets investors build custom portfolios from the range of institutional funds curated by the investment office of Endowus.