Savings and investment platform Syfe raises $27M in latest funding round
The funding will accelerate Syfe’s growth across Asia with new products and innovations to be rolled out in each of Syfe’s markets.
Saving and investment platform has raised $27 million (Rs 226 crore) in funding, bringing the total funds raised to $79 million. The all-equity round saw investment from existing investors including Valar Ventures and Unbound, and new investment from two UK family offices.
The funding will accelerate Syfe’s growth across Asia, with new products and innovations to be rolled out in each of Syfe’s markets. To fuel this development, Syfe will also be investing significantly to expand its engineering and product team--the largest team within Syfe--and capabilities at its Gurugram tech headquarters.
“This funding will enable us to reach more customers and help them grow their wealth for a better future. Through increased investment in development, we will bring even more innovative new products to market while continuously upgrading the Syfe user experience," said Dhruv Arora, Founder and CEO of Syfe.
"Our technology team will be a crucial enabler of this expansion--without their skill and hard work we would not have been able to achieve our success to date, nor would our future plans be able to take flight. As a proud Indian, I’m very pleased that we will be able to invest further in Indian talent and grow our team here,” he added.
“Syfe’s impressive growth and operational efficiency continue to make it stand out in the fintech space. In the current environment, the company’s ability to scale and reach profitability in a key market like Singapore is a testament to the strength of its business model and team. We are excited to continue supporting Syfe as it enters this next phase of growth and innovation,” added Shravin Bharti Mittal, Founder and CEO of Unbound.
Syfe’s inception and development are firmly rooted in India, with serving customers in Singapore, Hong Kong, and Australia.
“Since its inception in 2019, Syfe has expanded across Asia and added countless new user focused innovations, fuelled by the team we have built in India. I'm proud of the impact engineering has had in building up Syfe over the years. The next phase of growth will see a significant expansion of our India team and we are excited for the challenge of taking Syfe to the next level,” added Mukesh Gupta, Chief Technical Officer, Syfe.
Edited by Megha Reddy