Syfe Raises $27 Million for Expansion

Syfe, a Singapore-based savings and investment platform, has successfully closed a HK$210 million ($27 million) funding round, increasing its total capital raised to HK$615 million. The investment includes contributions from two UK family offices and existing investors Valar Ventures and Unbound, aimed at supporting expansion in Hong Kong and Australia. Syfe reported profitability in Singapore early in 2024, driven by a focus on efficient growth strategies and a significant increase in customer assets. CEO Dhruv Arora emphasized the importance of this funding as a milestone for digital wealth businesses in the region, highlighting the confidence it reflects in Syfe's business model. The raised capital will facilitate the introduction of innovative financial products and services, enhancing accessibility for retail investors in the Asia-Pacific market. Analysts note this funding reflects Hong Kong's appeal as a global financial hub, particularly for fintech firms.