Asia's Endowus Raises $35 Million In New Funding Round

Editorial Staff

9 August 2023

, the Asian wealth platform, has raised $35 million in its latest funding round, attracting new investors such as Citi Ventures and MUFG Innovation Partners.

Other investors include “four of Asia’s wealthiest families with various operating businesses” spanning banking to real estate across Singapore, Southeast Asia, and Greater China, including Hong Kong.

Existing investors that have participated in this round include UBS, Singapore’s EDBI, Prosus Ventures owned by Naspers, Lightspeed Venture Partners, Singtel Innov8, and Endowus employees.

“This successful fundraise at a critical time in the growth of the company is a validation of what we have built so far, and demonstrates the strong belief in the team’s ability to execute in building the digital wealth platform of the future,” Samuel Rhee, co-founder and chairman of Endowus, said.

Group assets at Endowus have surpassed $5 billion. In 2022, the firm delivered revenue growth of 80 per cent organically, while tripling its group revenue as it completed the acquisition of Carret Private, the Asian multi-family office.

Endowus has expanded its service offerings, including the launch of passive index funds in Singapore, as well as the launch of Endowus Private Wealth for high net worth clients.

The group’s entities are licensed by the Monetary Authority of Singapore, and Securities and Futures Commission of Hong Kong. It was founded in 2017 and has raised a total of $95 million in funding.