MUFG Innovation Partners participates in Endowus funding round

Endowus, Asia’s leading digital wealth platform has raised USD 35m in its latest funding round. New investors include Citi Ventures and MUFG Innovation Partners, as well as four of Asia’s wealthiest families with various operating businesses spanning banking to real estate across Singapore, Southeast Asia, and Greater China including Hong Kong. Existing investors that have participated in this round include UBS Next, Singapore-based global investor EDBI, Prosus Ventures owned by Naspers, Lightspeed Venture Partners, Singtel Innov8, and Endowus employees.‍

The successful large fundraise comes amidst a global slowdown in FinTech growth and funding. Despite the difficult financial market conditions, Endowus has continued to experience accelerated growth with group assets now crossing US$5 billion. In 2022, the firm delivered revenue growth of 80% organically, while tripling its group revenue as it completed the acquisition of one of Asia’s premier multi-family offices, Carret Private. It has continued to grow in the downturn, achieving peak assets and peak revenue every quarter throughout its history including a record-breaking 2Q 2023.

‍Endowus is the only digital wealth platform to serve both private wealth and public pension as the first digital advisor for Singapore’s CPF-IS (Central Provident Fund Investment Scheme) and announced it had crossed a meaningful milestone of over S$1 billion of pension assets managed through its platform in Singapore.

‍Endowus has also continually expanded its service offerings, including the launch of the lowest cost passive index funds in Singapore and CPF, as well as the launch of Endowus Private Wealth for high-net-worth clients, actively democratizing access to private market, hedge fund, and alternative investment solutions. Additionally, the firm had launched its services in Hong Kong this year as the only independent, commission-free, and conflict-free digital wealth advisor and low cost fund platform.

‍This latest investment underscores Endowus’ wealthtech leadership and its success in building a sustainable business to tap into the rapidly expanding, multi-trillion-dollar wealth market opportunity in the region. Endowus will use the new funds to continue scaling and dominate its core markets of Singapore and Hong Kong to bring fee-only, conflict-free wealth management to a broader segment with greater penetration.‍

“Endowus’ commitment to empowering individuals in their wealth journeys aligns strategically with MUFG’s vision of promoting greater financial inclusion across Asia, where MUFG has strong business footprint. Their unique fee-only, digital-first business model is an industry best practice that lowers the cost of investing for many, while delivering institutional-grade solutions to the retail investor. We are proud to be partnering with the Endowus team to accelerate the growth of this exceptional wealthtech company that will broaden access to investment opportunities for all, and we look forward to many potential collaboration opportunities,” said Takashi Sano, Chief Investment Officer of MUFG Innovation Partners.‍

‍Endowus was recently named a World Economic Forum Technology Pioneer, earning global recognition for being at the forefront of new technologies and innovation, poised to have a significant impact on business and society. Endowus also clinched Singapore’s Best Digital Wealth Management at The Asset Triple A Digital Awards 2023, as well as Asia Asset Management’s Best of the Best Awards 2023.

‍Headquartered in Singapore, Endowus is the first digital advisor in the region to span both private wealth and public pension savings, helping investors grow their money with expert advice and access to institutional investment solutions at low and fair fees. Apart from goals-based investing into automated portfolios professionally curated by Endowus’ Investment Office, clients can also build single and multi-funds portfolios via the Fund Smart solution, where over 300 curated strategies by over 50 global fund managers are accessible at low cost across major asset classes including cash & money market, fixed income, equity, multi-asset and commodities. Additionally, Endowus Private Wealth clients can gain access to hedge funds, private equity, private credit, private real estate and other alternatives at comparatively lower minimums, lower fees, and higher liquidity.

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