Digital wealth management company Syfe announced on Wednesday that it has closed a SG$40 million Series B funding round.

The fundraise was led by the US-based Valar Ventures, the venture capital fund co-founded by Peter Thiel, which led Syfe’s Series A. Existing investors Presight Capital and Unbound also participated in the round.

This latest capital injection comes just nine months after Syfe’s Series A in September 2020. It brings Syfe’s total capital raise to SG$70.7 million since 2019, and more than triples the firm’s valuation.

The funds raised will be used to expand into new markets in Asia, invest in top talent and develop more high-quality investment products and services. Syfe has also pledged that everyone in the firm will become a shareholder, allowing all employees to benefit from future growth in the company.