Singapore-based wealth management platform Endowus has raised over $70 million in fresh funding to finance expansion and AI-driven capabilities, the company said in a statement.
The funding round, led by Illuminate Financial, adds a fresh raise of $20 million to the conversion of existing notes, bringing its total funding to more than $130 million to date. The round saw participation from existing backers – Prosus Ventures and Citi Ventures – and several leading Asian family offices as well.
Endowus said the new capital will fund expansion across Asia, deepen its AI-driven advisory capabilities, and support new pension and retirement solutions in Singapore and Hong Kong. The company is also expanding its B2B offering for financial advisors and external asset managers.
“Wealth management is undergoing a generational transformation driven by demand for aligned advice, transparency, and access,” said Samuel Rhee, Endowus co-founder and chairman. “The tremendous support from our investors enables us to accelerate this mission and raise the standards of our industry.”
Regulatory filings examined by DealStreetAsia earlier this year showed that the Singapore wealth management platform and its subsidiaries trimmed losses in 2024 amid strong revenue growth and improved liquidity.
Endowus posted a net loss of S$27.4 million ($21.2 million) for 2024, narrowing from S$30.3 million the year before. Comprehensive losses eased to S$26.4 million, helped by currency gains, while revenue surged 61% to S$31.9 million ($24.7 million). The growth was driven by financial advisory and fund management fees, as well as higher retrocession and consultancy income.
As of the latest fund close, the company said its client assets have surpassed $10 billion, up from around $5 billion in 2023, driven by high-net-worth investors and growing demand for alternative investments such as hedge funds and private markets.
In Hong Kong, its second and newest market, Endowus reported a 150% increase in client numbers and a threefold rise in client assets over the past year.
Endowus’s alternative investment platform now manages over $500 million, a threefold increase year-on-year, with exposure to global fund managers such as Apollo, Carlyle, EQT, KKR, and Partners Group. The firm also said it plans to launch a private infrastructure portfolio soon.
Investors said the fresh capital underscores their confidence in Endowus’s growth trajectory and business model.
“Their [Endowus’] fee-only, conflict-free model, together with its status as the first and only digital advisor for pensions in Singapore, represents an important step forward for client-centric wealth management. With our deep network of strategic financial institution partners, we are pleased to support Endowus as they continue to build a regulated, scalable platform for the region,” Luca Zorzino, General Partner & Head of Asia for Illuminate, said.
“This is our third investment in Endowus, and a reflection of our strong belief in its mission to build an advisory-led wealth platform that meaningfully impacts the lives of individuals and families,” said Martin Tschopp, CEO of Prosus Ventures.
