How Endowus Democratised Wealth Management in SEA, Supercharged by Aspire’s All-in-one Business Account

The Company: Singapore’s leading robo advisor for CPF and cash savings

With over S$1 billion in assets in just 20 months, Endowus has grown to become the leading digital advisory platform in Singapore. Specialising in making the investing experience simple and accessible to the everyday investor, they are also the first and only wealth platform that allows Singaporeans to invest their cash, Central Proivdent Fund (CPF) savings and Supplementary Retirement Scheme (SRS) contributions.

The Challenges: Keeping finance costs low as they scale across markets

With their sights set on new markets, Endowus needed an all-in-one business account that is both scalable as they expand across the region and has the capability to keep finance costs low as they continue to grow.

#1 Scattered financial service providers

In terms of scalability, Endowus’s financial service needs kept increasing as they grew and entered new markets. Hence, they required an all-in-one business account that will give them easy access to a wide range of financial services from borderless payments, to multi-user access and more.

Before Aspire, they would need to onboard individual financial service providers to cater to their exact needs. The team faced trouble keeping track of all the spending activities as it would be scattered across the different providers. This resulted in data that may not be consistent or accurate. Fortunately, Endowus is able to use Aspire’s all-in-one finance stack to consolidate all their financial software in one place.

#2 Business finance-related fees start to add up

On the other hand, as a fast-growing wealth management platform, keeping costs low is crucial. Leaning on traditional banks tends to be costly as they charge fees for business accounts, multiple users, corporate cards, etc.一racking up to a hefty sum. Moreover, perks from corporate card spend are not typically tailored to business expenses such as SaaS products and subscriptions, which results in fewer opportunities to save.

#3 Inability to streamline accounting workflows

In the past, using multiple accounting software would be a hindrance to the finance team’s productivity. They would have to juggle between keeping track of team’s growing finance activities such as employee claims and expenses on multiple softwares while also making sure it is kept updated with the bookkeeping software.

As Endowus’s headcount grows, this only adds more to the finance team’s workload, causing them to spend more time than necessary for their month-end close.