Wealth adviser Endowus Group raises US$35 million to fund Hong Kong expansion, with an eye on Greater Bay Area potential

Singapore-based digital wealth adviser Endowus Group platform has raised HK$273 million (US$35 million) in its latest funding round, aiming to deploy the proceeds in Hong Kong as the city stakes its claim to being Asia’s wealth management centre.

“The funding will be invested in the Hong Kong market for client acquisition, product education and developing more solutions,” said co-founder and CEO Gregory Van in an interview after his platform drew investments from Citi Ventures, MUFG Innovation Partners and Asia-based family offices.

The asset and wealth management business in Hong Kong amounted to over HK$30.5 trillion (US$3.9 trillion) as of the end of 2022, with 64 per cent of the funding sourced from non-Hong Kong investors, according to Hong Kong’s Financial Services and the Treasury Bureau which said the city is Asia’s largest hedge fund hub and cross-border wealth management centre.

Endowus, founded in 2017, is a low-cost, digital, independent wealth adviser and fund platform offering a range of services to retail, high- net-worth and family office clients. It has over US$5 billion of assets under advice.

The company received a licence to operate in Hong Kong from the Securities and Futures Commission in 2022 and launched its services in Hong Kong this year in its first overseas expansion.

Hong Kong-based Van said the city is “very strategically important” for the firm.