- Syfe’s revenue soared 140% to $3.1 million in FY2023.
- Syfe sees Singapore as core and profitability there this year.
- Syfe targets the mass affluent in APAC, competing with Endowus and StashAway.
Singapore-based investment platform Syfe posted $3.1 million in revenue for its 2023 financial year ending March 2023, representing over 140% growth. However, its adjusted losses widened by 27% to $15.4 million as it incurred expansion costs launching in Hong Kong and Australia.
Singapore is the core market
Syfe attributed its Singapore revenue growth and 92% gross profit rate to proprietary tech enabling scale while optimizing costs. However new market launches generated upfront losses.
Though targeting replica success abroad in the long term, Singapore remains Syfe’s core market, where it aims to reach profitability this year.
Targeting the mass affluent
With an eye on the mass affluent and $1 billion in assets under management, Syfe feels it can uniquely serve an underallocated demographic. But rivals like Endowus and StashAway have similarly targeted products.
Despite recent layoffs impacting 10% of staff for efficiency, Syfe maintains a comfortable cash position. But with household wealth in APAC forecast to grow 5.4% annually, Syfe requires continuous regional expansion and financial optimization to compete.
