Endowus has raised greater than US$70 million in a spherical led by Illuminate Monetary, coinciding with the agency surpassing US$10 billion in shopper belongings throughout Singapore and Hong Kong.
The funding, which features a contemporary increase and the conversion of present notes, brings whole capital raised to over US$130 million.
Current traders, together with Prosus Ventures, Citi Ventures, and a number of other Asian household workplaces, additionally took half.
The corporate mentioned the funds will go towards growing retirement and pension platforms, increasing its use of AI via WealthWise AI, and rising its B2B choices for monetary advisors and exterior asset managers.
Endowus’ development has been pushed by high-net-worth shoppers and elevated demand for various investments in each markets.
Hong Kong, its second and latest market, noticed shopper numbers develop greater than 150% and belongings triple from a yr in the past.
Its non-public wealth division has expanded various funding choices, and its multi-family workplace arm Carret Personal has continued to develop in Asia.
Different investments on the Endowus platform have exceeded US$500 million, rising greater than threefold over the previous yr.
The agency companions with world managers together with Apollo, Blue Owl, Carlyle, CVC Capital Companions, EQT, Harbourvest, KKR, Macquarie Asset Administration, Oaktree, and Companions Group to offer institutional-level entry to personal credit score, non-public fairness, and hedge fund methods.
A non-public infrastructure portfolio can be within the pipeline.
Endowus mentioned it has generated over US$1 billion in web funding positive factors for shoppers since its inception and continues to report constant optimistic web inflows each week.
Samuel Rhee, Co-founder and Chairman of Endowus mentioned,
“Wealth administration is present process a generational transformation pushed by demand for aligned recommendation, higher transparency, and higher entry to options. We’re on the forefront of this transformation by aligning solely to one of the best pursuits of shoppers and leveraging expertise to allow higher experiences and obtain higher outcomes.
We wish to be the trusted companion journeying with our shoppers to assist them obtain their desired outcomes in assembly their long-term wealth targets. The super assist from our present and new traders permits us to speed up this mission, creating lasting influence for people whereas elevating the requirements of our trade.”
Gregory Van, Co-founder and CEO of Endowus, mentioned,
“Endowus’ battle free enterprise mannequin creates a win-win-win for shoppers, main fund managers, and the platform to scale and compound collectively.
It’s early days, however the influence to our shoppers is evident, from faculty grads investing their first paychecks, to stylish household workplace and charity endowment shoppers with over US$100 million on Endowus.”
