Endowus has raised more than US$70 million in a round led by Illuminate Financial, coinciding with the firm surpassing US$10 billion in client assets across Singapore and Hong Kong.
The funding, which includes a fresh raise and the conversion of existing notes, brings total capital raised to over US$130 million.
Existing investors, including Prosus Ventures, Citi Ventures, and several Asian family offices, also took part.
The company said the funds will go toward developing retirement and pension platforms, expanding its use of AI through WealthWise AI, and growing its B2B offerings for financial advisors and external asset managers.
Endowus’ growth has been driven by high-net-worth clients and increased demand for alternative investments in both markets.
Hong Kong, its second and newest market, saw client numbers grow more than 150% and assets triple from a year ago.
Its private wealth division has expanded alternative investment options, and its multi-family office arm Carret Private has continued to grow in Asia.
Alternative investments on the Endowus platform have exceeded US$500 million, growing more than threefold over the past year.
The firm partners with global managers including Apollo, Blue Owl, Carlyle, CVC Capital Partners, EQT, Harbourvest, KKR, Macquarie Asset Management, Oaktree, and Partners Group to provide institutional-level access to private credit, private equity, and hedge fund strategies.
A private infrastructure portfolio is also in the pipeline.
Endowus said it has generated over US$1 billion in net investment gains for clients since its inception and continues to record consistent positive net inflows every week.
Samuel Rhee, Co-founder and Chairman of Endowus said,
“Wealth management is undergoing a generational transformation driven by demand for aligned advice, greater transparency, and better access to solutions. We are at the forefront of this change by aligning only to the best interests of clients and leveraging technology to enable better experiences and achieve better outcomes.
We want to be the trusted partner journeying with our clients to help them achieve their desired outcomes in meeting their long-term wealth goals. The tremendous support from our existing and new investors enables us to accelerate this mission, creating lasting impact for individuals while raising the standards of our industry.”
Gregory Van, Co-founder and CEO of Endowus, said,
“Endowus’ conflict free business model creates a win-win-win for clients, leading fund managers, and the platform to scale and compound together.
It is early days, but the impact to our clients is clear, from college grads investing their first paychecks, to sophisticated family office and charity endowment clients with over US$100 million on Endowus.”
