Our Investment in Endowus: Powering the Future of Wealth Management in Asia
Illuminate Financial is excited to lead a $70 million investment round in Endowus, a leading digital wealth platform serving individual and institutional clients across Asia. We’re backing their mission to deliver transparent, tech-driven, and client-aligned wealth management at scale. The round includes participation from existing investors Prosus, Citi, UBS, MUFG, Lightspeed, EDBI, and several leading Asian family offices.
A Market in Transition: Wealth in Asia Is Growing, But the Model Is Broken
Asia is undergoing a generational shift in wealth creation, particularly in its leading financial hubs, Singapore and Hong Kong.
- Asia-Pacific is expected to add over US$12 trillion in new wealth between now and 2030, driven by strong economic growth, rising affluence, and a generational transfer of wealth.
- Hong Kong and Singapore are set to rival or surpass Switzerland as top destinations for cross-border wealth, with both jurisdictions seeing rapid growth in high-net-worth individuals (HNWIs) and a surge in family office activity.
However, while the numbers are growing, the experience and structure of wealth management remain fundamentally broken.
Most legacy wealth platforms in the region continue to operate on commission- and rebate-based models that misalign the interests of financial advisors and their clients. Investors are often sold complex, high-fee products that prioritize distributor incentives over performance or transparency. Meanwhile, digital-only platforms often lack the depth, regulatory compliance, or multi-channel integration required to serve serious investors or institutions.
This misalignment results in poor client outcomes, eroded trust, and limited access to high-quality investment opportunities — especially for retail and mass affluent investors seeking institutional-grade solutions.
Why We’re Backing Endowus
Endowus is fixing what’s broken. Founded in Singapore and expanding into Hong Kong, Endowus is the first digital advisor in the region to:
- Operate a fee-only, conflict-free model that prioritizes client outcomes over product commissions.
- Integrate directly with government-regulated pension and savings schemes (CPF and SRS in Singapore).
- Build a multi-market, MAS and SFC-regulated platform capable of serving both retail and institutional clients.
- Combine best-in-class investment access with modern advice, portfolio tools, and transparent pricing.
With its recent acquisition of Carret Private, a Hong Kong-based licensed multi-family office, Endowus now serves a broader institutional and HNWI base — further expanding its platform’s reach and deepening its regulated infrastructure.
We believe Endowus is building the operating system for modern wealth management in Asia — setting a new standard of transparency and trust across both traditional and digital channels.
The Results Speak For Themselves
Endowus’ growth underscores both the strength of its business model and the scale of the opportunity in Asian wealth management. Over the past year, the company has achieved remarkable milestones across its core markets:
- Client assets have surpassed US$10 billion (S$13 billion), marking a major milestone for the Endowus Group.
- Hong Kong has been a standout growth driver, with 150% growth in client numbers and a 3x increase in client assets year-on-year.
- Alternative investments on the platform have grown more than 3x to over US$500 million (S$650 million), as Endowus continues to democratize access to private market opportunities previously reserved for institutions.
This performance demonstrates not only Endowus’ ability to scale but also its commitment to delivering aligned, transparent, and technology-enabled wealth management. As the company continues to innovate — from integrating AI-driven tools like WealthWise AI to expanding its institutional offerings — Endowus is redefining what modern wealth management in Asia can look like.
The Team & What’s Next
Endowus is led by Samuel Rhee and Gregory Van, whose complementary backgrounds uniquely position them to build the next-generation wealth platform in Asia.
Samuel Rhee serves as Chairman and Chief Investment Officer, bringing over two decades of institutional investment experience. Prior to co-founding Endowus, he was CEO and CIO of Morgan Stanley Investment Management Asia, where he managed multi-billion-dollar portfolios and led investment teams across the region. His deep expertise in capital markets and portfolio construction underpins Endowus’ investment philosophy and its focus on long-term, client-aligned outcomes.
Gregory Van, CEO, brings a technology-first lens to the business. He began his career in investment banking at UBS, advising and fundraising for private equity and venture capital firms in the Asia Pacific region. He then joined Grab in its early days and was part of the pioneer team that launched the firm’s digital payments services across Southeast Asia. His experience building at the intersection of finance and technology has been instrumental in shaping Endowus into a trusted, digitally native platform.
To support this vision, Sam and Greg have built a world-class leadership team across key functions — from investment and product, to compliance, operations, and client experience. This includes experienced leaders from Goldman Sachs, UBS, JP Morgan, AWS, and top regional fintechs, each bringing the domain expertise required to scale a fully regulated platform across multiple jurisdictions.
Together, Sam and Greg combine institutional credibility with operational agility — exactly what’s required to scale a regulated, multi-market wealth platform across Asia. With this funding round, they will continue to deepen Endowus’ presence in Hong Kong, broaden its institutional capabilities, and enhance the platform’s core technology and advice offerings.
Looking Ahead
Endowus is more than a digital wealth manager — it’s a wealth infrastructure company built for Asia’s future. As the region’s financial centres continue to grow, the need for aligned, transparent, and scalable platforms has never been greater.
We’re excited to partner with the Endowus team to help reshape how wealth is managed, advised, and accessed across Asia.
References
Accenture (2024). The Future of Asia Wealth Management: Generative AI as a Catalyst.
Reuters (2025). Asia’s financial hubs set to outpace Switzerland in offshore wealth.
Financial Times (2024). Asia-Pacific on track to lead global wealth creation through 2030.