Singapore-based digital wealth management startup Syfe has raised S$40 million ($30 million) in a Series B funding round led by PayPal co-founder Peter Thiel’s Valar Ventures.
UK-based venture capital firm Unbound and Presight Capital – both existing investors – also participated in Syfe’s latest round, according to a company statement.
Valar Ventures is pumping nearly $22.5 million into this round, according to an ACRA filing seen by DealStreetAsia – DATA VANTAGE.
An early backer of global fintech firms such as TransferWise, Xero, and European digital bank N26, Valar had also led Syfe’s Series A round in September 2020.
Unbound invested $7.38 million in the latest round, while Presight Capital put in nearly $500,000, a regulatory filing shows.
Unbound also bought Syfe shares from former UBS equities head Paul Redbourn, who invested in the startup’s seed round, and Ampventures in secondary transactions. Redbourn has now exited his investment in the firm.
The Series B round brought Syfe’s external funding to S$70.7 million ($52.6 million) and tripled its valuation, the company said.
The latest funding comes after the startup recorded a strong performance in 2020, growing its users by 20x and assets under management (AUM) by 10x.
Other wealth management firms such as StashAway and Endowus have raised $25 million (Series D) and $30 million (combined funding of two Series A rounds) respectively between March and July this year, signalling growing investor interest in the space.