2 days ago
- Business
- South China Morning Post
Robo financial adviser Syfe sinks teeth deeper into Hong Kong after US$80 million funding
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This round includes new all-equity financing worth US$53 million at a significantly higher valuation, according to the
fintech
start-up 's statement on Thursday. The latest financing brings the company's total funding to US$132 million since it was founded in 2019.
Syfe founder and CEO
Dhruv Arora said in a Post interview that the firm's latest fundraising transaction would help improve its services and onboarding process in Hong Kong and the broader Asia-Pacific wealth management sector.
A robo adviser is an online platform that provides automated financial planning and investment guidance to customers with no human involvement. It uses
artificial intelligence algorithms to match available products and services with users' needs.
'Private banking services are often not in reach, yet people want affordable, quality wealth advice and products,' Arora said. 'Syfe across the region, including in Hong Kong, is focused on solving the core needs of investors with simple and innovative products.'
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The expansion plans of Syfe in Hong Kong reflect the city's position as Asia's largest
hedge fund and cross-border wealth management hub.
The city's asset and wealth management market amounted to more than HK$31 trillion (US$4 trillion) as of end-2023, with 64 per cent of the funding sourced from non-Hong Kong investors, according to data from the Financial Services and the Treasury Bureau.
