Endowus secures $70m in funding, to accelerate Hong Kong growth plans

Leading investor Illuminate Financial noted Endowus’ fee-only, conflict free model.

Endowus, a wealth advisory and investment platform, has closed a $70m (HK$540m), bringing its total funding to over $130m (HK$1b) since inception.

The new round is led by Illuminate Financial. Citi Ventures, Prosus Ventures, and unnamed Asian family offices also participated in this round.

Illuminate Financial is a fintech specialist firm that is backed by some of the world’s largest financial institutions. It invests in technology defining the future of financial services.

In a statement, Illuminate’s head of Asia and general partner, Luca Zorzino, said that they invest in companies that address structural inefficiencies in financial services.

“Endowus is doing this by combining transparent pricing with broad fund access, enabling them to tackle long-standing gaps in the way wealth and pensions are managed in Asia. Their fee-only, conflict-free model, together with its status as the first and only digital advisor for pension in Singapore, represents an important step forward for client-centric wealth management,” Zorzino said.

Endowus plans to use the capital In Hong Kong, the capital will further accelerate its growth plans in Hong Kong. Its team in the city had reportedly grown two times in the past year, expanding solutions and offerings and partnerships in the market.

Endowus said that it will also invest in deepening its technology edge in the application of artificial intelligence(AI), its new foray into solutions for external asset managers (EAM), and future geographic expansions across the region.
Hong Kong has been a particular bright spot for Endowus, achieving 150% client growth and a 3x growth in assets, whilst it solidified its dominant position in the Singapore market.

A key driver in both markets has been the expansion of Endowus Private Wealth, catering to affluent and high-net-worth clients, the company said.