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Syfe, a prominent savings and investment platform in Asia, has announced the successful closure of a USD $27 million all-equity funding round. This latest investment brings Syfe's total funding to USD $79 million. The new funding round comes at a challenging time for investments in Asia, with funding levels in the region dropping to their lowest point since 2015. Despite these broader economic challenges, Syfe reached profitability in Singapore in early 2024, focusing on efficient growth strategies.
The freshly secured funds will be channeled into accelerating Syfe's product development. This will include rolling out new verticals in Hong Kong and Australia, aimed at extending the same comprehensive offerings already available to customers in Singapore. These include managed investment portfolios, cash management solutions, and a full-fledged brokerage service. Additionally, Syfe plans to explore strategic investment opportunities and potential acquisition targets.
The all-equity funding round saw participation from two UK family offices that have interests in fintech and banking, alongside existing investors Valar Ventures and Unbound. Dhruv Arora, Syfe's Founder and CEO, remarked on the significance of securing investment during this tough fundraising environment. "Securing quality investment in the current fundraising environment is not only a significant milestone for Syfe, but for consumer-facing digital wealth businesses across the region," he said. "The amount raised and the addition of new investors underscores the confidence in our vision and our ability to deliver remarkable and efficient growth, leading to profitability in Singapore."
Arora further commented on how the funding will support Syfe's future objectives: "This funding will enable us to reach more customers and help them grow their wealth for a better future. Through increased investment in development, we will bring even more innovative new products to market while continuously upgrading the Syfe user experience." He also noted the potential for strategic investments or acquisitions that align with Syfe's mission and growth goals.
Shravin Bharti Mittal, Founder and CEO of Unbound, an investor in Syfe, emphasized the company's proven track record of operational efficiency and growth. "Syfe's impressive growth and operational efficiency continue to make it stand out in the fintech space. In the current environment, the company's ability to scale and reach profitability in a key market like Singapore is a testament to the strength of its business model and team," he stated. "We are excited to continue supporting Syfe as it enters this next phase of growth and innovation."
