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DrWealth bags $640,000, aims to have an account for every household in Singapore
Financial planning portal DrWealth has raised S$800,000 (US$640,000) in seed funding. The investment round was led by Puffer Ventures, the venture capital unit of PhilipCapital. Strategic angel investors Huang Shao-Ning and Michelle Lim, co-founders of JobsCentral Group, and HomeLoanWhiz founder Wayne Quek participated in the funding round. The investors will form a strategic advisory team to help the company accelerate its growth.
According to Calvin Yeo, DrWealth’s managing director and co-founder, the funds will be used for hiring, feature-building, and adding more personal finance content for its users. One of the features in the pipeline is a mobile app for users to track daily expenses and stock portfolios. Yeo’s ultimate goal is “to have a DrWealth.com account for every household in Singapore.”
Thus far, the site has received roughly 100,000 visitors since its launch in May this year, and Yeo believes this number shows that there is a strong demand for the service. The number of user accounts has also increased from approximately 600 to 3000.
See: Stumped on how to manage your finances? This startup gives you a financial plan for free
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