Singapore-based digital wealth platform Endowus has secured $35m in its latest funding round from several banks, existing investors, and wealthy families in Asia.

Investors including Citi Ventures and MUFG Innovation Partners, along with four wealthy families in Asia, participated in the funding round.

The wealthy families run several businesses, from banking to real estate, across Singapore, Southeast Asia, and Greater China, including Hong Kong.

In addition, the existing investors UBS, Singapore-based EDBI, Prosus Ventures, Lightspeed Venture Partners, Singtel Innov8, and Endowus employees, also participated in this round.

Endowus co-founder and chairman Samuel Rhee said: “Endowus is today, one of the largest independent wealth managers and the fastest-growing digital wealth platform in Asia.

“It continues to pioneer the digitalisation of personal savings, private wealth, and public pension with an unwavering belief in our vision of solving the biggest problems of an individual’s future needs, such as retirement adequacy.

“We are ready to embark on the next stage of growth targeting exciting new opportunities that will propel Endowus into the dominant position in the digital wealth space across Asia.”

Endowus has continued to advance its growth amid the difficult financial market conditions, with its assets currently reaching $5bn.

It is the only digital wealth platform to serve both private wealth and public pension, and the first digital advisor for Singapore’s Central Provident Fund Investment Scheme (CPF-IS).

The company intends to use the funding to scale its Singapore and Hong Kong markets to bring the conflict-free wealth management to a broader segment with greater penetration.

The investment would strengthen its wealth tech capabilities and help building a sustainable business that rapidly expands into wealth market in the region, said Endowus.

Endowus co-founder and CEO Gregory Van said: “The next stage of Endowus’ growth will hone in on the personalisation of a joyful and meaningful investing experience for all investors at scale.

“Endowus remains resolute in helping every individual take control of their wealth goals and achieve better outcomes by systematically fixing misaligned incentives and lack of transparency as a true fiduciary and fee-only advisor.

“Doing this right will result in a sustainable and generational business that will have a far-reaching socio-economic impact on the lives of our clients and society.”