Singapore-based online wealth services marketplace WEALTH has raised S$1 million (US$705,000) in a round led by Vulpes Innovative Technologies Investment Company and Privé Holdings.

WEALTH will use the newly-raised capital to enhance the technological capabilities of its platform. It is currently developing an intelligent profiling and recommendation engine algorithm that will enable investors to match with the right wealth experts, and also be notified in real-time of investment opportunities.

Additionally, this system will allow investors to retrieve tax and legal advice for deals and engage a banking or investment advisor to manage their financial portfolio.

“This will be a game-changer in the way wealth services are provided – a transparent and highly-efficient way for investors to access some of the best investment experts and opportunities in the region via one platform,” said Dominic Gamble, founder and CEO of WEALTH, in an official press release.

The fintech startup will also channel part of the funds for hiring efforts, as well as expansion into new markets including Hong Kong and Malaysia.

Launched in 2015, WEALTH targets ‘mass-affluent’ investors (US$250,000) to  ‘high-net-worth’ investors (US$2 million and above), as well as ‘ultra-high-net-worth’ investors (US$20 million and above).

It claims that over 1,000 users have made investments through its platform, resulting in over US$250 million transactions for its partners which include private banks, independent asset managers, financial advisors, lawyers, trust specialists and tax advisors.

In the near future, WEALTH plans to expand its offerings to include alternative investments including luxury assets such as property, art, wine, whisky, watches, and vintage cars.

To accelerate these efforts, WEALTH will be building an editorial team to produce relevant content such as investment news, wealth ideas and expert ideas.

“We are building a digital platform that empowers individuals to make informed decisions with greater transparency of information at their fingertips. This saves investors time and money and creates longer lasting professional relationships,” said Gamble.

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“The adoption of client acquisition technology is growing exponentially in the financial and wealth management space. As businesses pivot their focus from minimising costs to generating revenue, we believe that WEALTH is perfectly positioned to be the leading brand awareness and lead generation partner for luxury, investment and wealth services across the region,” commented Charles Wong, the CEO and co-founder of Privé Holdings, on the investment.

Image Credit: WEALTH