Syfe raises US$3.8 mill to launch in Singapore

• Round is led by UK-based VC fund Unbound
• Digital wealth manager raises one of the largest seed rounds in SEA

DIGITAL wealth manager, Syfe, on July 17 announced its official launch in Singapore following the approval of the Capital Markets Services Licence from the Monetary Authority of Singapore (MAS) and a successful seed funding round.

Led by UK-based VC fund Unbound, Syfe raised US$3.83 million (S$5.2 million) and is one of the largest seed rounds seen in Southeast Asia.

The raise also included personal investments from industry leaders such as David Rogers, MD, State Street Global Advisors, Paul Redbourn, MD & Head of Equities, UBS Japan and Philip Freise, Partner, KKR.

The Capital Markets Services Licence comes after strict reviews and requirements, and is typically reserved for financial institutions with over S$1 billion assets under management and a track record of at least five years.

Since 2018, Syfe has been building a platform that will appeal to passive investors.

Syfe makes this service accessible for anyone who wants to grow their savings through an automated platform that is both easy to use and affordable -- meaning no minimum investment and a low annual fee of 0.65% of the total amount invested.

Syfe operates on a risk-based system, moving away from a methodology that solely prioritises returns.

The company combines proven investment strategies with an algorithm that is backtested to give investors customised, globally diversified portfolios that are in sync with their personal risk profiles.

Built by a team of academics, traders and financial engineers, Syfe’s investment methodology keeps customer risk managed at all times. This leads to limited portfolio fluctuations or lower temporary losses, while providing benchmark-beating returns.

Syfe founder and chief executive officer Dhruv Arora (pic, right) said: “For too long the investment market has been too confusing and elitist. We believe wealth management should be accessible to as many people as possible, which is why our products embrace both technical sophistication and an easy-to-understand interface.

“We are confident that Syfe will challenge the status quo and we are looking forward to having a positive impact on the ecosystem.”

Since its launch, Syfe has been through a successful closed beta, which is now opening to the public.