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Digital wealth management companySyfe announced on Wednesday that it has closed a SG$40 million Series B funding round.

The fundraise was led by the US-based Valar Ventures, the venture capital fund co-founded by Peter Thiel, which led Syfe’s Series A. Existing investors Presight Capital and Unbound also participated in the round.

This latest capital injection comes just nine months after Syfe’s Series A in September 2020. It brings Syfe’s total capital raise to SG$70.7 million since 2019, and more than triples the firm’s valuation.

The funds raised will be used to expand into new markets in Asia, invest in top talent and develop more high-quality investment products and services. Syfe has also pledged that everyone in the firm will become a shareholder, allowing all employees to benefit from future growth in the company.

“For our existing investors to follow up on their original investment in such a short timeframe demonstrates their confidence in our vision to make saving and investing more accessible. Managing wealth has become a necessity in this low interest rate environment, and we are seeing a significant increase in demand from customers looking for quality solutions. The closure of this round is also a testament to the hard work and commitment of our team. Everyone in the company has played a part in securing this latest funding, which is why we are making every employee in the company a shareholder,” added Dhruv Arora, founder and chief executive officer, Syfe.

Syfe’s assets under management have quadrupled since the start of the year, and June 2021 also marked the best month in terms of user and asset growth in the company’s history. Headcount in Singapore has doubled since the start of the year to 50, taking the total global headcount to over 100.  

“Syfe was our first investment in Asia, and we’ve been impressed by its rapid, sustained growth over the past couple of years. The opportunity for the company to meet the saving and investment needs of a burgeoning mass-affluent consumer population in Asia remains significant, and we are confident that Syfe will continue to expand at pace. We are looking forward to partnering with this talented, dynamic team in its next phase of growth,” added Andrew McCormack, founding partner, Valar Ventures.

Launched in July 2019, Syfe is licensed by the Monetary Authority of Singapore (MAS) under a Capital Markets Services (CMS) License for conducting retail and institutional fund management activities.