Based in Singapore, investment app Syfe has completed a Series B funding round in which it raised US$30m. This new round comes on the heels of its Series A, which closed nine months ago. Syfe also announced that its full-time employees will be apportioned equity stakes in the firm.
The funding round was led by Valar Ventures, the same firm that led its Series A round. Also part of this round are existing investors Unbound and Presight Capital.
Valar Ventures is a venture capital firm that entirely focuses on fintech startups and Syfe is its debut investment in an Asia-based startup.
The latest funding brings the total capital acquired by Syfe to US$52.4m since it first launched in 2019. Though the firm has refused to disclose its post-money valuation after its latest round, the firm’s CEO indicated that its valuation rose by a 3.6 multiple.
“To be honest, we weren’t really looking to raise a Series B,” Arora said to TechCrunch. “We saw some of the positive outcomes of resources from our Series A. We really scaled up the team and started launching new products and options for our users.”
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