$5 Billion Singapore Digital Wealth Platform Endowus Raised $35 Million from Citi Ventures, MUFG Innovation Partners & 4 Asia Families, Existing Investors Participating Include UBS Next, Prosus Ventures, Lightspeed Venture Partners, Singapore EDBI, Singtel Innov8 & Endowus Employees
9th August 2023 | Hong Kong
Singapore digital wealth platform Endowus with $5 billion AUM (Assets under Management) has raised $35 million from new investors Citi Ventures, MUFG Innovation Partners & 4 Asia families, with existing investors participating in the latest $35 million funding round include UBS Next, Prosus Ventures (Naspers), Lightspeed Venture Partners, Singapore EDBI, Singtel Innov8 & Endowus employees. Founded in 2017, Endowus has raised a total of $95 million in funding from investors including UBS Next, Citi Ventures, MUFG Innovation Partners, EDBI, Lightspeed Venture Partners, Prosus Ventures, Samsung Ventures, SBVA, Singtel Innov8, and Z Venture Capital. In 2022, Endowus reported revenue growth of 80% organically, tripling group revenue, and acquired Carret Private (multi-family office). Endowus is the only digital wealth platform to serve both private wealth and public pension (first digital advisor for Singapore’s CPF-IS, Central Provident Fund Investment Scheme), and has over S$1 billion of pension assets managed through its platform in Singapore. Endowus had also launched low cost passive index funds in Singapore, Endowus Private Wealth for high-net-worth clients, providing access to private market, hedge fund, and alternative investment solutions. In 2023, Endowus launched in Hong Kong. Endowus: “This latest investment underscores Endowus’ wealthtech leadership and its success in building a sustainable business to tap into the rapidly expanding, multi-trillion-dollar wealth market opportunity in the region. Endowus will use the new funds to continue scaling and dominate its core markets of Singapore and Hong Kong to bring fee-only, conflict-free wealth management to a broader segment with greater penetration. Headquartered in Singapore, Endowus is the first digital advisor in the region to span both private wealth and public pension savings, helping investors grow their money with expert advice and access to institutional investment solutions at low and fair fees. Apart from goals-based investing into automated portfolios professionally curated by Endowus’ Investment Office, clients can also build single and multi-funds portfolios via the Fund Smart solution, where over 300 curated strategies by over 50 global fund managers are accessible at low cost across major asset classes including cash & money market, fixed income, equity, multi-asset and commodities. Additionally, Endowus Private Wealth clients can gain access to hedge funds, private equity, private credit, private real estate and other alternatives at comparatively lower minimums, lower fees, and higher liquidity.”
“ $5 Billion Singapore Digital Wealth Platform Endowus Raised $35 Million from Citi Ventures, MUFG Innovation Partners & 4 Asia Families, Existing Investors Participating Include UBS Next, Prosus Ventures, Lightspeed Venture Partners, Singapore EDBI, Singtel Innov8 & Endowus Employees “
Samuel Rhee, Co-founder & Chairman of Endowus: “This successful fundraise at a critical time in the growth of the company is a validation of what we have built so far, and demonstrates the strong belief in the team’s ability to execute in building the digital wealth platform of the future. Endowus is today, one of the largest independent wealth managers and the fastest-growing digital wealth platform in Asia. It continues to pioneer the digitalisation of personal savings, private wealth, and public pension with an unwavering belief in our vision of solving the biggest problems of an individual’s future needs, such as retirement adequacy. We are ready to embark on the next stage of growth targeting exciting new opportunities that will propel Endowus into the dominant position in the digital wealth space across Asia.”
Gregory Van, Co-founder & CEO of Endowus: “The next stage of Endowus’ growth will hone in on the personalisation of a joyful and meaningful investing experience for all investors at scale. As Asia looks to take over as the biggest wealth market globally, embracing technology and artificial intelligence is critical in providing clients with consistent, transparent, better, and more efficient advice at scale. Endowus remains resolute in helping every individual take control of their wealth goals and achieve better outcomes by systematically fixing misaligned incentives and lack of transparency as a true fiduciary and fee-only advisor. Doing this right will result in a sustainable and generational business that will have a far-reaching socio-economic impact on the lives of our clients and society.”
Everett Leonidas, Asia-Pacific Head of Citi Ventures: “Today’s investors are seeking tailored, data-driven, and digital-first solutions to meet their lifestyles and long-term wealth needs. With its strong tech and product innovation, the Endowus team has built a top-tier digital total wealth platform, and have laid the groundwork for continued success in the future. We are excited to support their next phase of growth, leveraging Citi’s tremendous experience and expertise in the global wealth business.”
Takashi Sano, Chief Investment Officer of MUFG Innovation Partners: “Endowus’ commitment to empowering individuals in their wealth journeys aligns strategically with MUFG’s vision of promoting greater financial inclusion across Asia, where MUFG has strong business footprint. Their unique fee-only, digital-first business model is an industry best practice that lowers the cost of investing for many, while delivering institutional-grade solutions to the retail investor. We are proud to be partnering with the Endowus team to accelerate the growth of this exceptional wealthtech company that will broaden access to investment opportunities for all, and we look forward to many potential collaboration opportunities.”
About Endowus – Endowus is Asia’s leading independent digital wealth platform. With entities licensed by the Monetary Authority of Singapore, and Securities and Futures Commission of Hong Kong, Endowus is the first digital advisor in the region to span personal savings, private wealth and public pension (CPF & SRS in Singapore), helping investors grow their money with expert advice and access to institutional financial solutions at low and fair fees, through a personalised digital wealth experience. Founded in 2017, Endowus has raised a total of US$95 million in funding from investors including UBS Next, Citi Ventures, MUFG Innovation Partners, EDBI, Lightspeed Venture Partners, Prosus Ventures, Samsung Ventures, SBVA, Singtel Innov8, and Z Venture Capital. Other investors include some of the largest Family Offices in Asia, as well as the founders and employees of Endowus. The Endowus Group comprises Endowus’ licensed companies in Singapore and Hong Kong, as well as Hong Kong-based Carret Private. Endowus Group serves over a hundred thousand clients with content, advice and access. With group assets of over US$5 billion it is one of the largest independent wealth managers in Asia.
Digital Wealth Platform Endowus with $1.5 Billion AUM Buys Majority Stake in Hong Kong MFO Carret Private with $2.5 Billion AUM, Combined Group AUM of $4 Billion
17th October 2022 – Digital wealth platform Endowus ($1.5 billion AUM) has bought a majority stake in Hong Kong multi-family office Carret Private ($2.5 billion AUM), with combined group AUM of over $4 billion. The new Endowus Group, through Carret Private’s minority shareholding, will also have a strategic partnership with Singapore-based Lumen Capital Investors, a multi-family office founded by Wilfried Kofmehl who was the former CEO of Bank Julius Baer Singapore. In 2019, Carret Private & Lumen Capital Investors had announced a merger to become Asia’s leading multi-family office. Carret Private was founded in Hong Kong in 2016 by Carret Asset Management. (Carret Asset Management was founded in 1963 by Philip L. Carret, an investment legend who pioneered the concept of “value investing.” He founded Carret Asset Management to create a family office providing investment services for institutional clients and high net worth families.). Samuel Rhee is the Chairman & Chief Investment Officer of Endowus, has more than 28 years of experience in the wealth management industry, and was previously the CEO & Chief Investment Officer for Morgan Stanley Investment Management in Asia. Kenneth Ho is the Managing Partner of Carret Private, and was an integral member of Julius Baer’s core regional executive management team in establishing its Asian franchise in 2006.
Samuel Rhee, Chairman & Chief Investment Officer of Endowus:
“We are excited to announce the coming together of Endowus and Carret Private, two companies wholly focused on serving our clients as trusted independent wealth advisors. Endowus brings strength in technology and innovative WealthTech solutions that complement the deep trusted relationships Carret Private has built with its broad client base in Asia. Endowus is doubling down on the wealth business. The combination of Endowus, Carret Private and the partnership with Lumen will allow us to scale and grow faster, and lead the industry towards greater transparency and integrity in providing the highest quality wealth advisory services as fiduciaries and the lowest cost access to solutions that help our clients achieve better outcomes.”
Philip Carret
Philip Carret began his investment career in 1924 and founded the “Pioneer Fund” – one of the first mutual funds in America. Carret’s disciplined and effective approach to investing was applauded by noted value investor Warren Buffet who said Carret had established “the best long-term investment record of anyone in America. Carret Asset Management was founded in 1963 by Philip L. Carret, an investment legend who pioneered the concept of “value investing.” He founded Carret Asset Management to create a family office providing investment services for institutional clients and high net worth families.
Carret Private
Carret Private Capital is a Hong Kong based independent asset manager that focuses on holistic solutions for ultra-high-net-worth families. It is licensed Type 1, 4, and 9 with the Hong Kong Securities and Futures Commission.
Lumen Capital Investors
Lumen Capital Investors Pte. Ltd (LCI) is an independent Multi Family Office and Asset Manager established in Singapore since 2010.They base themselves in Singapore, the fast growing financial center in the center of Asia. LCI operates an open architecture model with a wide range of Private Banking Partners and a team of over 25 dedicated professionals. They are licensed by the Monetary Authority of Singapore.
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