Singapore-based investment platform Syfe has secured $27 million in equity funding from existing investors, including Peter Thiel’s Valar Ventures, London-based Unbound, and two UK-based family offices.
Although Syfe operates in Singapore, Hong Kong, and Australia and serves customers from over 60 countries, its technology center is based in India. The new funds will enhance India’s engineering and product teams. The company aims to launch new products and explore innovations in additional markets.
With this round of funding, Syfe has raised $79 million.
Founded in 2019 by Dhruv Arora, a former senior executive at Grofers (now Blinkit), which Zomato acquired, the company offers a savings and investment platform. It provides diversified portfolios, cash management solutions, and brokerage services to meet individual wealth needs.
Arora mentioned that Syfe is dedicated to investing in Indian talent and expanding its team in the country.
“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 Arora, who is also its chief executive.
“Our technology team will be a crucial enabler of this expansion–without their skill and hard work, we would not have been able to achieve our success to date, nor would our future plans be able to take flight. As a proud Indian, I’m very pleased that we will be able to invest further in Indian talent and grow our team here,” he added.
Since early 2024, Syfe has been profitable in Singapore, with average client assets more than doubling from 2023.
“Syfe’s impressive growth and operational efficiency continue to make it stand out in the fintech space. 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,” added Shravin Bharti Mittal, Founder and CEO of Unbound.
“Since its inception in 2019, Syfe has expanded across Asia and added countless new user-focused innovations, fuelled by the team we have built in India. I’m proud of the impact engineering has had in building up Syfe over the years. The next phase of growth will see a significant expansion of our India team and we are excited for the challenge of taking Syfe to the next level,” added Mukesh Gupta, Chief Technical Officer, Syfe.
