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.