Singapore-based wealthtech platform Syfe has successfully raised $27 million in a new round of equity funding, bolstered by prominent investors including Peter Thiel’s Valar Ventures, London-based investment firm Unbound, and two UK-based family offices. This latest funding brings Syfe’s total capital raised to $79 million.
The company, founded in 2019 by Dhruv Arora—a former senior executive at Grofers (now Blinkit), which was acquired by Zomato—operates in Singapore, Hong Kong, and Australia, and serves customers in over 60 countries. Syfe’s technology center is based in India, and the company plans to utilize the fresh funds to bolster its engineering and product teams there.
Syfe is focused on expanding its offerings and entering new markets. The company aims to roll out new products and innovations, as well as continue enhancing its user experience.
“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 be able to invest further in Indian talent and grow our team here,” said Dhruv Arora, CEO and founder of Syfe.
The startup has been profitable in Singapore since early 2024, with average client assets more than doubling from the previous year. This achievement underscores the effectiveness of Syfe’s business model and its potential for further growth.
“In the current environment, the company’s ability to scale and reach profitability in a key market like Singapore is a testament to the strength of its business model and team. We are excited to continue supporting Syfe as it enters this next phase of growth and innovation,” remarked Shravin Bharti Mittal, founder and CEO of Unbound.