Singapore robo advisor and investment platform operator Syfe has closed its Series C round at $80 million as it aims to drive regional expansion across Asia, according to a company announcement.
The round comprises a $53 million all-equity Series C2 raise, following a $27 million Series C1 in August 2024, bringing Syfe’s total capital raised to $132 million to date.
The funding round was led by two UK-based family offices and included participation from returning investors Unbound and Valar Ventures, per the announcement.
Syfe is an investment platform offering managed portfolios, brokerage services, and cash management solutions. The company, which reached profitability in early 2024, has been expanding rapidly, with more than 250,000 users in Singapore and operations in over 60 countries.
“This fundraising comes at an exciting time as we grow our presence across the region and expand our offerings”, said Dhruv Arora, founder and CEO of Syfe.
Syfe’s Top Shareholders
In Syfe’s markets of Singapore, Hong Kong, and Australia, nearly half of all adults are in the “mass affluent” segment, or those with a few hundred to a few million dollars in investable assets. Arora said this segment is growing fast.
“As a platform built in the region, for the region, we have a deep understanding of what these investors need,” Arora added.
The Series C funds will be used to accelerate product innovation, enhance the customer experience, and invest in automation and AI tools.
The firm has also made key hires, including Sanjeev Malik, a former managing director at BlackRock, and Dane Ricketts, VP of Marketing, previously at Procter & Gamble and Grab.
Last month, Syfe announced its partnership with global asset manager BlackRock to provide accredited investors in Singapore access to private credit investments focused on US middle-market direct lending.
In February, it offered to acquire Australia-listed investment platform Selfwealth for about $41 million in cash.
Syfe reported $5.35 million in revenue for its March 2024 fiscal end, while its losses dropped to $8.08 million from $16.51 million a year earlier.
