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UBS-backed fintech Endowus snags funds from Prosus, EDBI

Bloomberg
·1-min read
A general view along Marina Bay promenade shows the city skyline in Singapore on March 31, 2021. (Photo by Roslan RAHMAN / AFP) (Photo by ROSLAN RAHMAN/AFP via Getty Images)
Digital wealth platform Endowus has raised S$35 million led by Prosus Ventures and Singapore’s EDBI.(PHOTO: ROSLAN RAHMAN/AFP via Getty Images) (ROSLAN RAHMAN via Getty Images)

By Yoolim Lee

(Bloomberg) — Digital wealth platform Endowus Pte Ltd has raised S$35 million (US$27 million), led by Prosus Ventures and Singapore’s EDBI, to bankroll an expansion in Asia’s two regional financial hubs.

SoftBank Corp.-backed Z Holdings Corp. joined existing investors UBS Group AG, Singtel Innov8 and Lightspeed Venture Partners in the latest funding round, Endowus said in a statement on Tuesday. Employees of the startup — the largest shareholder group — also added to their investment, alongside K3 Ventures and local entrepreneur Wee Teng Wen.

The Singapore-based fintech company plans to double its workforce to 200 by the end of 2022, Endowus co-founder and Chief Executive Officer Gregory Van said in an interview. The company expects to launch operations in Hong Kong in the first half of next year.

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Endowus is the only digital adviser to Singapore’s national pension plan, known as the Central Provident Fund, helping investors access their financial portfolio across cash savings, pension and retirement plans. Since launching its full service in late 2019, the total amount of assets Endowus is offering advice on has surpassed S$1.5 billion.

© 2021 Bloomberg L.P.