Category: robo-advisor

Investment app Syfe raises $30M Series B led by returning investor Valar Ventures

A photo of Syfe founder Dhruv Arora

Syfe founder Dhruv Arora

Investment apps in Southeast Asia are attracting a lot of funding, and now some are raising fast follow-on rounds, too. For example, Indonesian robo-advisor app Bibit raised $65 million in May just four months after a $30 million growth round. Now Singapore-based Syfe is announcing that it has closed a $30 million Series B, only nine months after its Series A. It also said all of Syfe’s full-time employees will receive equity in the company.

The latest round’s lead investor is Valar Ventures, which also led Syfe’s Series A, marking the fintech-focused venture capital firm’s first investment in an Asian startup. Returning investors Presight Capital and Unbound participated, too.

This brings Syfe’s total raised so far to $52.4 million since it was founded in 2019. The startup did not disclose its Series B post-money valuation, but founder and chief executive officer Dhruv Arora told TechCrunch it increased 3.6 times from its Series A. The company also hasn’t disclosed total user numbers, but assets under management have grown four times since January, thanks in large part to user referrals and the launch of new products like Syfe Cash+ and Core portfolios.

“To be honest, we weren’t really looking to raise a Series B,” Arora told TechCrunch. “We saw some of the positive outcomes of resources from our Series A. We really scaled up the team and started launching new products and options for our users.” Syfe probably could have waited another six months to a year (Read more...)

Robo-advisor StashAway gets $25M Series D led by Sequoia Capital India

Investment app StashAway has raised a $25 million Series D led by Sequoia Capital India, with participation from returning investors Eight Roads Ventures and Square Peg. After regulatory approvals for the funding are completed, Sequoia Capital India managing director Abheek Anand will join StashAway’s board of directors as part of the round.

StashAway does not disclose how many investors use its robo-advisor app, but it surpassed $1 billion assets under management in January. It currently has operations in in five markets: Singapore, Malayasia, the United Arab Emirates and Hong Kong, and is preparing to launch in Thailand.

Its Series D brings StashAway’s total paid-up capital to about $61.4 million. The new funding will be used on expanding StashAway’s product and engineering teams to continue feature and product development. Founded in September 2016, the company will also offer to buy back up to $3 million in stock options from its employees. Co-founder and chief executive officer Michele Ferrario told TechCrunch that many of StashAway’s employees have been with the company since the start, so this gives its team members a chance to cash out stock options that have vested while creating a more compelling compensation package for recruiting talent.

StashAway’s products include services for retail investors that focus on wealth-building or specific goals like retirement or buying a house and StashAway Simple, a cash account that can earn a projected rate of 1.2% per annum and allows funds be withdrawn within one to three business days. Its management fees are between (Read more...)