Singapore’s digital wealth manager Syfe raises $3.8m in seed round

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Singapore’s digital wealth manager Syfe has raised S$5.2 million ($3.8 million) in a seed round led by UK-based VC fund Unbound, according to an announcement.

Syfe also announced the official launch in Singapore following the approval of the Capital Markets Services Licence from the Monetary Authority of Singapore (MAS).

The seed round, which is one of the largest in Southeast Asia, saw the participation of industry leaders such as State Street Global Advisors MD David Rogers; Paul Redbourn, MD & head of equities, UBS Japan; and KKR partner Philip Freise. All of them invested in the company in their personal capacity.

The Capital Markets Services Licence comes after strict reviews and requirements, and is typically reserved for financial institutions with over S$1 billion assets under management and a track record of at least five years.

Syfe is a digital wealth manager offering professionally managed portfolios to everyone, which has previously only been accessible to institutional investors or high-net-worth individuals.

Syfe’s proprietary algorithm is developed in-house for each customer wherein it monitors and adjusts each portfolio to maximise returns and manage risk.

The company said that its automated platform is easy to use and affordable, with no minimum investment and a low annual fee of 0.65 per cent of the total amount invested.

“We strongly believe the region is ripe for disruption in the retail finance space. Savings and investments are greenfield areas now, and if the proliferation of other verticals – such as digital payments – is anything to go by, the opportunity will only be bigger. We are excited to partner with Syfe,” said Shravin Bharti Mittal, Founder and CEO of Unbound.

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.