Singapore-based Syfe a robo-advisor with a human touch

#News(Startup) [ via IoTGroup ]

Syfe a Singapore-based startup that wants to make investing more accessible in Asia announced today that it has closed a SGD $25.2 million (USD $18.6 million) Series A led by Valar Ventures a fintech-focused investment firm. In a statement about Syfe founding partner Andrew McCormack said “The potential of Asia as a region with a fast-growing number of mass-affluent consumers aiming to grow their wealth combined with the pedigree of the team and strong traction makes Syfe a very compelling opportunity.”

Before starting Syfe Arora was an investment banker at UBS Investment Bank in Hong Kong before serving as vice president of product and growth at Grofers one of India’s largest online grocery delivery services. Syfe currently offers three investment products. Finally Syfe’s Equity100 portfolio consists of ETFs that include stocks from more than 1 500 companies around the world. Part of Syfe’s work is consumer education because “it was culturally ingrained in a lot of us myself included to keep your money in the bank.” Arora said most Syfe users talk to advisors when they first join the platform and about 20% of them continue using the service.

Questions have included if people should use a credit card to invest which Arora said advisors dissuade them from doing because of high interest rates. Some users have tried other investment products like investment-linked insurance plans but for many Arora says Syfe is their first introduction to investing in stocks bonds and ETFs. “We’ve realized that a fair number of them are quite well-to-do professionals in their field in their mid- to late 30s who amassed a significant amount of wealth but never really had a chance to invest or the right advice on how to invest ” said Arora. The platform manages its products with a mix of an investment team and algorithms that help avoid human bias said Arora. Arora said Syfe is currently in advanced talks with regulators in several countries and expects to be in at least two new markets

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