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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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.