Syfe targets expansion of workforce in India
FinTech BizNews Service
Mumbai, August 14, 2024: Syfe, Asia’s leading saving and investment platform, today announced that it has raised USD 27 million (INR 226 Crores) in funding, increasing its valuation and bringing the total funds raised to USD 79 million. The all-equity funding round drew investment from existing investors Valar Ventures and Unbound, and new investment from two UK family offices which have interests in the fintech and banking sectors.
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.
Commenting on the fundraise, Dhruv Arora, Founder and CEO of Syfe, says, “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. 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.”
Shravin Bharti Mittal, Founder and CEO of Unbound, who has supported Syfe in every investment round since the seed stage, commented, “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.”
Syfe’s inception and development are firmly rooted in India while serving customers in Singapore, Hong Kong and Australia. Syfe’s Founder and CEO, Dhruv Arora, was born in Mumbai and graduated from IIT Bombay. After an extensive career in finance, Dhruv had joined the early team which built Grofers (Blinkit) - a Softbank, Tiger Global and Sequoia-backed unicorn leader in quick-commerce - before launching Syfe in 2019.
Syfe’s Chief Technical Officer, Mukesh Gupta, has been with the company since its founding, and has built the engineering team in Gurugram and Syfe platform, from the ground up. Commenting on the funding and what it means to India tech headquarters, Mukesh Gupta, Chief Technical Officer, Syfe said, “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.”
Syfe has become profitable in its home market Singapore since early 2024, driven by a focus on efficient growth. This approach has led to a significant increase in both new customers and assets under management, with average client assets more than doubling since 2023.
