Syfe plots major Australian expansion

Syfe, which recently acquired Selfwealth, has raised more than $80 million to fund its Australian expansion which will focus on the mass affluent market.

Syfe has raised $81.5 million (US$53m) in support of its Australian strategy, the bulk of which will be immediately directed towards enhancing the now-rebranded Selfwealth by Syfe. It will also be used to increase its local team and develop new affordable and tech-enabled investment and wealth offerings.

Syfe said it wants to roll out a "hybrid advisory model" which supports customers and financial advisers, including self-managed super capabilities.

It said it wants to help close the advice gap, offering services to more of the 12 million Australians estimated to hold over $100,000 in investable assets but don't receive financial advice.

"Selfwealth by Syfe was built to support the millions of Australians who sit between DIY platforms and expensive private advice, and who are currently underserved," said Dhruv Arora, founder and chief executive of Syfe.

"This funding enables us to bring better products to market faster, make strategic local hires, and scale our offering to deliver real impact for everyday investors."

He added that Australia is a core growth market for Syfe.

"This is a long-term play, and we are here to build," he said.

"Our mission is to empower more Australians to be in control of their wealth and future, and this raise will help us deliver on that promise."

The money raised was part of the company's Series C round, which has so far hit $123 million (US$80m).