Friday, 16 August 2024, Bengaluru, India
Syfe is a saving and investment platform offering wealthtech startup that secured 27 million USD in its fresh funding round. Valar Ventures and Unbond led the funding round with the participation of two UK family offices. The startup plans to use this fund to scale its operations, expand its services, launch new products, and expand its market presence across Asia. The company also intends to invest in expanding its product and engineering teams while improving its platform capabilities.
The wealth-tech startup provides advisory and cash management solutions to meet the wealth needs of individuals with varied proprietary portfolios. investors. The startup has secured over $85.6 million across multiple funding rounds to date, including $27 million raised during the ongoing funding round. The data intelligence platform, traxcn reported that the estimated post-money valuation of the startup was around 191 million USD as of July 2021. The platform allows users to trade, buy, or sell stocks. The company operates its services in multiple countries and has its customer reach in over 60 countries. The company offers a saving and investment platform that uses advanced technologies to enable its customers to access brokerage and other financial services.
The startup claims to have its inception and development in India while it serves customers from Hong Kong, Australia, and Singapore. The company reported that it manages multiple billion dollars of assets in Singapore. According to Syfe, over 5 percent of adults use this application to achieve their financial goals. The startup currently has 9 angel investors and 17 institutional investors including Presight Capital, Unbound, and Vala Ventures. Syfe faces competition from other wealthtech platforms in the same segment such as Groww, Tiger Brokers, Angel One, and more.
The firm mentioned that this investment will enable the company to expand its customer base and grow its wealth in the future. Economic Times reported. The company aims to bring more innovative products and services to the market with better user experience. The firm will also invest in Indian talents and grow its market presence in the country. The development came just when the wealthtech startups saw increased investor interest. The company will introduce new products in the market this year. Syfe aims to improve the working of investment platforms and make them more secure.
Conclusion:
Syfe is a Singapore-based wealthtech startup that provides an online investment and cash management platform. The startup secured a fresh capital of $27 million from Unbound and Vala Ventures with the participation of two UK family offices. The data intelligence platform Traxcn mentioned that the post-money allotment valuation of the company at $191 million in 2021. The startup claims to offer investment and cash management solutions. The startup aims to use this investment to strengthen its position, expand its engineering teams, and provide more innovative wealthtech solutions. Syfe operates in over 60 countries and it plans to expand its services across Asia. The company will use the fresh capital to invest in Indian talents and strengthen its presence in India.
