Months After Its Series A, Singaporean Robo-Advisor Endowus Add $35M Sgd In New Funding

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The company recently surpassed 100 employees, and plans to double that over the next year.“While we can reach profitability today by cutting back on some costs, we do not think it is the right strategy. “To that end, we will continue to pursue accelerated growth, with profitability to follow as the company scales rapidly.” Endowus, which launched full service less than two years ago, says it currently has $1.5 billion SGD in total assets under advice. The new funding will be used to speed-up Endowus’ growth in Singapore, hiring for geographic expansion and product development. Endowus is the latest investment app in Southeast Asia to raise follow-on funding, adding $35 million SGD (about $25.6 million US) to its war chest. In terms of what stage Endowus is at now, Van said the new round “is between a Series A and B for us.”“Until our first external fundraise earlier this year, Endowus was 100% employee-owned and incubated, so we are a bit off the standard cycle.”