The archive · Money & Fintech · Strategic decision · 2017–2025
Endowus bets fee-only advice wins Singapore; US$10B assets by 2025
Ex-UBS bankers built a low-cost digital wealth platform with no commissions; it crossed US$10B in client assets and raised $70M.
Endowus
What the business is
Endowus is a Singapore-based, MAS-licensed digital wealth platform that lets individuals invest in funds at institutional cost via cash, CPF pension savings, and SRS accounts, plus private-market and hedge fund portfolios.
Starting capital：Over US$130 million raised since inception, including a US$70 million+ round led by Illuminate Financial in October 2025
How it started
Co-founders Gregory Van and Samuel Rhee, both ex-UBS, started Endowus in 2017 and launched in Singapore in 2019, betting that wealth management was changing toward aligned, transparent advice and that technology could deliver institutional-grade access to ordinary savers.
What happened
Endowus grew through a conflict-free model: no subscription fees, no commissions from fund managers, with curated funds from over 100 global managers. It passed US$7 billion in client assets by November 2024, then expanded to Hong Kong, where assets tripled within a year. It also added a private wealth business offering hedge funds and private markets.
How it ended up
Still operating and scaling: in October 2025 Endowus closed a round of more than US$70 million led by Illuminate Financial with Prosus and Citi Ventures, bringing total funding above US$130 million, and said it would invest in retirement solutions, AI, and B2B advisory tools.
Background
Endowus was founded in 2017 by ex-UBS executives Gregory Van and Samuel Rhee on a simple bet: Asian wealth management was overcharging ordinary investors, and a digital platform that took no commissions and gave transparent, fee-only advice would win their trust.
The company launched in Singapore in 2019 and made its decisive wedge into CPF and SRS retirement accounts, becoming the first and only digital advisor allowed to manage Singapore pension money. That regulatory access, combined with curated funds at institutional cost, drove steady growth past US$7 billion in client assets by late 2024.
In 2025 Endowus crossed US$10 billion in client assets, with Hong Kong assets tripling year-on-year and client numbers up 150%, while delivering over US$1 billion in net investment gains for clients. It closed a US$70 million+ round led by Illuminate Financial with Prosus and Citi Ventures in October 2025, bringing total funding above US$130 million.
The company is still scaling, planning retirement platforms, AI tools, and B2B services for financial advisors — evidence that its bet on aligned, transparent wealth advice found a paying audience in Southeast Asia's most developed financial market.
What has to be true
- The fee-only, no-commission model directly attacked the trailer-fee structure of banks and brokers that dominated Asian wealth management.
- Being first to manage CPF and SRS pension money gave Endowus a regulated wedge competitors could not quickly replicate.
- The platform's fund access at institutional cost converted transparency into a concrete saving for customers.
- Crossing US$10 billion in assets and raising again in 2025 shows the model scaled past the early-adopter phase.
What can be applied
A conflict-free model is a moat when incumbents profit from the conflicts you refuse — but only with regulatory access to sticky pools like pension savings.
Aftermath
As of September 2026, Endowus continues to operate in Singapore and Hong Kong, expanding into alternatives, AI-assisted advice, and B2B tools for advisors and external asset managers. It is one of the few Southeast Asian wealthtechs to reach the US$10 billion asset mark while staying independent.
Sources
- Endowus client assets cross US$10 billion, and closes US$70 million fundraise to scale regional wealth technology leadership
- Singapore robo adviser Endowus raises US$70 million in new funding round
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