Digital Wealth Platform Endowus Raises $35 Million in its Newest Funding Round

Singapore-based digital wealth platform Endowus has raised $35 million in its latest funding round. Citi Ventures and MUFG Innovation Partners, as well as four of Asia's wealthiest families with various operating businesses ranging from banking to real estate across Singapore, Southeast Asia, and Greater China, including Hong Kong, said in a statement on Aug 9.

Existing investors in this round include UBS Next, Singapore-based global investor EDBI, Naspers-owned Prosus Ventures, Lightspeed Venture Partners, Singtel Innov8, and Endowus employees.

Endowus will use the new funds to continue scaling and dominating its core markets of Singapore and Hong Kong in order to bring fee-only, conflict-free wealth management to a broader segment with greater penetration, according to the statement.

"We are ready to embark on the next stage of growth, targeting exciting new opportunities that will propel Endowus into the dominant position in the digital wealth space across Asia," said Samuel Rhee, Endowus' Co-founder and Chairman.

He stated that the company will continue to pioneer the digitalization of personal savings, private wealth, and public pensions, with an unwavering belief in our vision of solving the most difficult problems of an individual's future needs, such as retirement adequacy.