New Delhi:- In 2021 and early 2022, many venture capitalists were very interested in investment apps in Southeast Asia. One of these companies was Endowus, which is based in Singapore. They first raised money in June 2021, and then just seven months later, they raised $25. 6 million in additional funding. Now, after two years, even though getting money for fintech startups has become more difficult, Endowus is saying that they are getting more funding.

This time, the company has raised $35 million from new investors, such as Citi Ventures and MUFG Innovation Partners. This brings the total amount of money raised by the company to $95 million. The startup mentioned that its participants also include "four of Asia's richest families" in their press release.

These families have businesses in banking and real estate throughout Southeast Asia and China. Returning investors in this project consist of well-known companies such as UBS Next, Singapore's EDBI, Prosus Ventures (owned by Naspers), Lightspeed Venture Partners, Singtel Innov8, and Endowus employees.

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The company will use the new money to grow in Singapore and Hong Kong, where it already has more than 100,000 customers in each market. Endowus, as a team, currently manages more than $5 billion in assets and has helped its clients save over $40 million.

Despite facing economic difficulties, Endowus reported a significant increase in revenue. They achieved this through organic growth, with revenue growing by 80% in 2022. Additionally, their group revenue tripled after acquiring Carret Private, a multi-family office. Recently, Endowus has introduced new services, such as affordable passive index funds in Singapore. They have also introduced a service called Endowus Private Wealth, which is specifically for people with a lot of money. It began offering services in Hong Kong this year. It claims to be the only digital wealth advisor and fund platform that is free from commissions, conflicts of interest, and is affordable.

Endowus, the company's co-founder and chairman Samuel Rhee, said that they are now much bigger than their closest competitor and are now competing with big banks and established players.

Other investment apps in Singapore such as Syfe and Stashaway also received significant financing from venture capitalists a few years ago.

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One way that Endowus stands out is by being the only online platform that serves both individuals with a lot of money and public pensions. It is the first digital advisor for Singapore's Central Provident Fund Investment Scheme (CPF).

Endowus has more than SGD $1 billion of retirement funds on its platform for managing. Rhee mentioned that Endowus offers services for both pension funds and personal wealth because they want to help their clients at every point in their financial journey, even during retirement.

CPF developed its own set of technology tools to create a completely automated digital process for investors. Endowus wants to do the same thing it did with CPF in Hong Kong with the Mandatory Provident Fund (MPF). Instead of using automated advice, Rhee explained that Endowus hires experienced fund managers to make high-performing investment options more easily available for regular investors.

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Endowus makes money only through advisory fees, and Rhee claims it is the first and biggest platform in Singapore and Hong Kong to give back all the trailer commission fees in the form of cashbacks.

When someone asked if investment app companies might merge together, Rhee said that the chance for these companies to make a lot of money is still very big. He mentioned a report by McKinsey that says the Asia-Pacific region now has at least 40% or $218 trillion of the world's total wealth.

However, he also mentioned that there will likely be more companies merging in the future as wealthtechs in Singapore and Asia become more developed. If a company lacks size, technological advances, or a unique advantage, they will face difficulties, just as we have observed in the recent economic decline. We might see some players leave the market, and smaller players shutting down.

During the slowdown in fintech funding and funding in general, Endowus had no difficulties getting money from its investors. "We are lucky to have some of the largest investors, like Citi Ventures, MUFG Innovation Partners, and UBS, as our shareholders," he said.

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The wealth management company Endowus in Singapore is raising more money in order to expand in Singapore and Hong Kong. They currently have over 100,000 clients.