STARTUP-STORIES
Syfe Secures $27 Million in Funding to Boost Growth and Innovation
SUMMARY
1. Syfe, the Singapore-based investment platform, has secured $27 million in equity funding from investors including Peter Thiel’s Valar Ventures and London-based Unbound. The funds will be used to boost engineering and product development in India, and to introduce new products in global markets.
2. Founded in 2019, Syfe has achieved profitability in Singapore and doubled its average client assets from 2023. The company plans to leverage the new investment to enhance its offerings and expand its team, particularly focusing on Indian talent.
Syfe, a leading investment platform based in Singapore, has successfully raised $27 million in equity funding from a notable group of existing investors. This latest funding round saw participation from Peter Thiel’s Valar Ventures, London-based Unbound, and two prominent UK-based family offices.
Strategic Expansion and Investment
The newly acquired funds will be instrumental in accelerating Syfe’s engineering and product development teams, particularly within its technology centre in India. Despite being licensed and operational in Singapore, Hong Kong, and Australia, Syfe's significant technology capabilities are rooted in India. The company plans to use this investment to roll out innovative products and expand into new markets.
Founded in 2019 by Dhruv Arora, a former senior executive at Grofers (now Blinkit), Syfe provides a comprehensive savings and investment platform. It offers diversified portfolios, cash management solutions, and brokerage services to cater to individual wealth needs. With this recent funding, Syfe’s total raised capital now stands at $79 million.
Commitment to Indian Talent and Market
Syfe has demonstrated significant growth, having reached profitability in Singapore by early 2024. The company has seen its average client assets more than double from the previous year. Dhruv Arora, Syfe’s CEO, emphasized the company's commitment to investing in Indian talent and expanding its team in the country.
“This funding will enable us to reach more customers and help them grow their wealth for a better future. By increasing our investment in development, we aim to introduce even more innovative products while continuously enhancing the Syfe user experience,” Arora stated.
Support from Key Investors
Investors have expressed confidence in Syfe’s business model and growth potential. Shravin Bharti Mittal, founder and CEO of Unbound, highlighted the company’s successful scaling and profitability in Singapore as a testament to its robust business model and team strength.
Syfe’s strategic focus on innovation and market expansion underscores its ambition to enhance its global presence and provide top-tier investment solutions.