Recents in Beach

Syfe has completed an SG$40 million Series B funding round

 Safe, a digital wealth management startup, announced the completion of an SG$40 million Series B fundraising round on Wednesday.


Valar Ventures, a venture capital fund co-founded by Peter Thiel and which sponsored Syfy's Series A, spearheaded the funding. Existing investors Presight Capital and Unbound joined the round as well.


This current round of funding comes just nine months after Syfy's Series A, which was announced in September 2020. It increases Syfy's total capital raised since 2019 to SG$70.7 million, more than double the company's worth.


The subsidies raised will be utilized to venture into new business sectors in Asia, put resources into top ability, and foster all the more top-notch speculation items and administrations. Safe has additionally sworn that everybody in the firm will turn into an investor, permitting all representatives to profit with future development in the organization. 


"For our current financial backers to circle back to their unique interest in a short time span shows their trust in our vision to make saving and contributing more available. Overseeing abundance has become a need in this low loan cost climate, and we are seeing a critical expansion sought after from clients searching for quality arrangements. The conclusion of this round is likewise a demonstration of the difficult work and responsibility of our group. Everybody in the organization has had an impact in getting this most recent financing, which is the reason we are making each worker in the organization an investor," added Dhruv Arora, author, and CEO, Safe. 


Syfy's resources under administration have quadrupled since the beginning of the year, and June 2021 additionally denoted the greatest month as far as client and resource development in the organization's set of experiences. Headcount in Singapore has multiplied since the beginning of the year to 50, taking the absolute worldwide headcount to more than 100. 


"Safe was our first interest in Asia, and we've been dazzled by its fast, supported development over the recent years. The chance for the organization to meet the saving and speculation needs of a prospering mass-wealthy customer populace in Asia stays critical, and we are sure that Safe will keep on extending at pace. We are anticipating banding together with this gifted, unique group in its next period of development," added Andrew McCormack, establishing accomplice, Valar Ventures. 


Dispatched in July 2019, Safe is authorized by the Monetary Authority of Singapore (MAS) under a Capital Markets Services (CMS) License for directing retail and institutional assets the board exercises.

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