Singapore wealth platform Endowus gets backing from UBS, others

It will use the funds to expand in the country and in Hong Kong.

Singapore's digital wealth platform, Endowus, has received investments from UBS, Samsung Ventures, and Singtel Innov8 to fund its expansion in the Lion City and in Hong Kong, reports Bloomberg.

UBS is putting an unspecified amount into Endowus through UBS Next, a $200 million portfolio that targets fintech.

The additional capital brings the total size of the firm’s Series A funding round to $22 million, including earlier investments from Lightspeed Venture Partners and SoftBank Ventures Asia, the report said.

Since launching its full service in late 2019, Endowus’ total amount of assets under advice has surpassed $743 million (S$1 billion), according to the company.

Here’s more from Bloomberg.