Singapore wealth advisor WeInvest raises $12.3m in Series A from Schroders, others

Bhaskar Prabhakara, Co-founder and CEO, WeInvest

Singapore-based robo-advisory firm WeInvest has raised a total of S$16.5 million ($12.3 million) in a Series A Funding backed by global investment manager Schroders plc and a number of angel investors from the wealth and banking industry.

WeInvest said, Schroders acquired a minority equity stake in the company as part of its Series A funding round. The digital advisory firm, however, did not disclose how much Schroders invested in the company.

“The growth capital raise will be focussed largely on product development to expand the functional range of our platform across regional regulatory requirements, business models and products,” WeInvest Co-Founder and CEO Bhaskar Prabhakara told DEALSTREETASIA in an interaction.

WeInvest, which also operates in Malaysia, Indonesia, Hong Kong, India, and Dubai, is a wealth technology platform provider for banks, wealth and asset managers, insurance companies and independent financial advisors.

It offers three main services: TrackWealth, an aggregation as a service platform enabling clients to track their finances; AdviseWealth, a B2C robo-advisory platform; and GroWealth, a goal-based and thematic investing platform.

Susan Soh, CEO of Schroders in Singapore, said the company’s investment in WeInvest opens up opportunities for closer collaboration with distributors.

“Many of our distribution channels are actively evolving their platforms to equip their wealth advisors with digital tools to manage and service their clients more effectively, and to provide digital advice,” she said.

Prabhakara said, Schroders’ investment will “forge a great strategic fit to which will lead to higher value-add for our clients and the industry at large”.

He further told DEALSTREETASIA that part of WeInvest’s plan is to industrialise its implementation and end-to-end support setup and then expand across the key markets that the company is present in.

WeInvest has 38 employees based in Singapore and India, as well as sales partnership agreements with representatives in Malaysia and in the Middle East.

In March, another Singapore-based digital wealth advisor, StashAway, secured $5.3 million Series A funding round from a group of existing and new investors, including family offices.

Robo-advisers have been growing in popularity in Singapore, with OCBC Bank among the first to launch robo-advisory services.

According to a CB Insights report released last year, the most well-funded robo-advisor in the world is US-based Personal Capital, which has raised over $200 million in funding, while the most well-funded non-US company is China-based Wacai, which has raised $186.6 million.

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