Endowus has recently raised S$23 million in Series A funding which is a piece of big news! So much information was actually revealed in the article. Some of the key points are as follows:
- This is one of the largest amounts raised in Series A funding for a Singapore-based fintech firm
- Endowus has plans to expand in Asia, starting with Hong Kong
- It is on track to hit S$1 billion in assets under advice by the second quarter in Singapore
In comparison, StashAway raised USD $5.3 million in Series A, USD $12 million in Series B, and USD $16 million in Series C. Having said that, we do not have visibility into the shares/equity that were traded for the funding. Besides that, they have also launched Cash Smart Ultra (1.8%-2%) and ESG (Environmental, Social, and Governance) portfolios. Judging by all these, Endowus is doing pretty well and we do not have to worry about it closing down like Smartly.