Singapore-based digital wealth management platform Endus Losses increased even as revenue more than doubled in 2023, according to a regulatory filing reviewed by the agency. deal street asia.
The company, licensed by the Monetary Authority of Singapore, recorded revenue of S$19.8 million (US$15.4 million) for the year ended December 31, 2023, 2.4 times the previous year’s revenue of S$8.3 million (US$6.6 million). There was an increase in .
Despite the increase in revenue, Endus’ net loss increased 10.5% year-on-year to S$30.6 million (US$23.8 million). This is primarily due to increased operating costs.
Employee compensation accounted for the bulk of the expenditure, increasing to S$35.2 million (US$27.4 million) from S$22.9 million (US$17.8 million) a year earlier.
In addition, management expenses increased from S$12.6 million (US$9.8 million) to S$16.1 million (US$12.5 million).
A company spokesperson told DealStreetAsia that the majority of the expense increase was due to non-cash accounting items such as employee stock ownership plan (ESOP) value adjustments and revaluation of convertible debt.
These items reflect increases in corporate value but do not affect cash flows.
Founded in 2017, Endowus provides digital wealth advisory and financial planning services to clients and expects revenue growth in 2023 driven by several trends.
Revenue from financial advisory services rose to S$9.4 million (US$7.3 million), while retroactive fees jumped to S$6.5 million (US$5.1 million), from S$1.2 million (US$1 million) in 2022. There was a noticeable increase.
Fund management fees also rose to S$3.1 million (US$2.4 million).
2023, Endus safe A US$35 million funding round was raised by Citigroup’s venture capital unit and MUFG Innovation Partners, with participation from prominent Asian families.
The company also expanded It will begin service to Hong Kong in 2022, marking its first expansion beyond Singapore.
Featured image credit: Edited from freepic
