Singapore-based Endowus, a Monetary Authority of Singapore (MAS)-approved and licensed digital wealth management platform, reveals that it has acquired an investment from strategic investors UBS AG, Samsung Ventures and Singtel Innov8. The size of the investment has not been disclosed.
Venture capital investors Lightspeed Venture Partners and SoftBank Ventures Asia also made contributions to support Endowus‘ business operations in Southeast Asia.
UBS will aim to serve as a key strategic partner as one of the largest, global wealth management platforms, meanwhile, Samsung and Singtel Innov8 aim to offer their mobile tech expertise as well as access to the Singtel Group, thus help to extend the reach and enhancing engagement in Singapore and across the wider Asian markets.
The bank has decided to make its investment via UBS Next, a $200 million strategic initiative to identify high-potential ventures and also channeling more investments into the vibrant fintech and wider technology sectors.
Samsung Venture Investment Corporation operates as the venture investment division of Samsung Group, which includes the Samsung Electronics global consumer technology brand and the Group’s financial subsidiary firms.
Singtel Innov8 is the VC division of the Singtel Group, which consistently makes strategic investments in innovative tech startups internationally and has a $250 million fund to back these projects.
Endowus’s management reports that its assets have now exceeded SGD 1 billion in the Singapore markets, in just a little over a year and a half after their full launch.
Gregory Van, CEO at Endowus, remarked:
“We are thrilled to count UBS, Samsung and Singtel Innov8 as our strategic investors, and are humbled by their recognition of Endowus as an innovator in wealthtech. Combining their expertise in wealth management, consumer technology, and venture scaling, we are confident in delivering on our promise to democratise wealth management through technology.”
Samuel Rhee, Chairman and Chief Investment Officer at Endowus, stated:
“We are excited to propel Endowus forward with our new strategic investors to enhance the leadership position Endowus has in the digital wealth industry. With the combined synergies, Endowus will continue to pioneer the path towards the best digital experience for individual investors to meet their growing needs in saving and investing for the future.”