Wealthtech startup Syfe raises $27 million led by Peter Thiel's Valar Ventures, others

Singapore-based wealthtech startup Syfe has raised $27 million in a funding round led by existing backers, including Peter Thiel's Valar Ventures and London-based investment firm Unbound.

The round also saw participation from two UK-based family offices. The latest round brings Syfe’s all-time raise to $79 million.

What does Syfe do?

Founded in July 2019 by Dhruv Arora, Syfe caters to the different wealth needs of individuals with diversified proprietary portfolios, cash management solutions and brokerage.

The startup claims to serve customers from 60 countries, including Singapore, Hong Kong and Australia.

Purpose of fundraising

Syfe will use the raised capital to accelerate product development, bringing more innovative investment tools to market.

This will include launching new verticals in its newest markets, Hong Kong and Australia, to match the holistic offering of managed investment portfolios, cash management solutions and full-fledged brokerage already available to customers in Singapore.

The funding would also enable Syfe to consider strategic investment opportunities or acquisition targets.

Reportedly, the startup will also focus on investing significantly to expand its engineering and product team and capabilities at its technology centre in Gurugram.

“Securing quality investment in the current fundraising environment is not only a significant milestone for Syfe, but for consumer-facing digital wealth businesses across the region. The amount raised and the addition of new investors underscores the confidence in our vision and our ability to deliver remarkable and efficient growth, leading to profitability in Singapore," said Arora.

“This funding will enable us to reach more customers and help them grow their wealth for a better future. Through increased investment in development, we will bring even more innovative new products to market while continuously upgrading the Syfe user experience. We will also be assessing strategic investment opportunities or acquisition targets aligned with our mission and growth objectives," added Arora.

Is it profitable?

Syfe claims to have seen rapid growth, especially in Singapore, where it has been profitable since early 2024.

The average client assets under management have more than doubled since 2023, with Syfe managing multiple billions of dollars and serving over 5% of adult citizens in Singapore.