Name

Chocolate Finance

Legal name

Chocfin Pte. Ltd.

Website

https://chocolatefinance.com

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Consumer Cash Management

NAICS

Open-End Investment Funds (525910)

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

Keywords

• Cash management platform
• Savings account returns
• Fixed income investing
• Wealth management app
• Money market funds

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Performance/Outperformance Fees: Chocolate Finance only makes money after customers make their returns. If the portfolio outperforms the stated returns by more than 2% annually, the excess returns are retained as a fee of 0-2% depending on the level of outperformance. For balances below S$50k/US$50k, the Top-Up Programme ensures returns are met during the Qualifying Period, with no fees charged until returns are achieved.
2. FX Conversion Fees: A small Chocolate FX Guarantee fee is charged when customers convert between SGD and USD currencies. The fee is approximately 0.25% from Monday 5am to Friday 12:59pm SGT, and 0.50% from Friday 1pm to Monday 4:59am SGT. There is a minimum fee of S$0.01/US$0.01.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Chocolate Finance operates a managed account platform that invests customer funds into a curated portfolio of short-duration investment-grade fixed income funds and money market funds, delivering daily returns on SGD and USD balances. The offering is delivered through a direct-to-consumer mobile app with Singpass-based instant onboarding, no lock-in periods, no minimum balances, and no fees charged until customer returns are achieved. It is complemented by a free Visa debit card with miles-earning capability and a Top-Up Programme that guarantees stated returns on balances up to S$50k/US$50k during the qualifying period.

Product overview

Chocolate Finance offers a unified platform for spare cash management, anchored by the Chocolate Managed Account that invests user funds in diversified short-duration fixed income and money market funds to deliver daily returns. The platform supports both SGD (3% p.a. on first S$20k, 2.7% p.a. thereafter) and USD (4.3% p.a. on first US$20k, 4% p.a. thereafter) accounts. The product portfolio includes the core managed accounts, the Chocolate Visa Debit Card (which integrates with HeyMax for travel rewards), the Top-Up Programme (which guarantees returns on balances up to S$50k during the Qualifying Period), the Chocolate Business account for corporate users, and a Referral Programme. The platform differentiates through daily return visibility, no lock-in periods, no fees until returns are delivered, and regulatory oversight by MAS under CMS101452 license.

Differentiator

Problem solved

Functional benefit

Products and services

• Chocolate Managed Account Spare cash management account for individual consumers in Singapore that invests user funds in a diversified portfolio of short-duration investment-grade fixed income and money market funds to deliver daily returns on SGD balances. Returns are visible daily in the mobile app with no lock-in periods, no minimum balance, and no fees until returns are achieved.
• Chocolate USD Account USD-denominated savings account integrated with the SGD managed account, allowing users to earn tiered returns on US dollar balances and convert between SGD and USD instantly within the app at mid-market rates, or fund directly via USD bank transfers. Designed for individual consumers seeking USD diversification of spare cash.
• Chocolate Visa Debit Card Free Visa debit card linked to the Chocolate Managed Account that enables spending worldwide wherever Visa is accepted, with free FX on overseas spending, Google Wallet support for tap-and-pay, and Max Miles earning through the HeyMax partnership on card spend.
• Chocolate Business Business cash management account for Singapore-registered businesses and corporate entities, providing competitive returns on corporate spare cash balances through the same managed-account infrastructure as the consumer product, with daily returns visibility and full liquidity.

Quantifiable outcome

• S$22.7 million in customer returns delivered from July 2024 to June 2025
• +3 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability4 records

Feature5 records

Partnerships

13 partnerships are on record, tiered core and supporting.

• AllfundscoreTechnology or IntegrationGlobal fund distribution platform providing fund dealing and custody services to Chocolate. Allfunds ensures customer investments are securely custodised and safeguarded within Singapore's regulatory framework. Critical partner for fund custody and settlement operations.
• HeyMaxsupportingStrategic or Co-development PartnerCard rewards partnership enabling Chocolate Visa debit card users to earn Max Miles on every spend. Users earn 1 Max Mile per S$1 on first S$1,000 spend monthly, and 0.4 miles thereafter. Miles can be transferred to 27+ airline and hotel partners at 1:1 ratio.
• Dimensional Fund AdvisorssupportingOthersProvider of Dimensional Short-Term Investment Grade Fixed Income SGD Fund (DSF) and Dimensional Global Short-Term Investment Grade Fixed Income USD Fund (DSU) - key underlying funds in Chocolate's managed portfolio.
• UOB Asset ManagementsupportingOthersProvider of UOBAM United SGD Fund (USF) - one of the underlying funds in Chocolate's managed account portfolio.
• Fullerton Fund ManagementsupportingOthersProvider of Fullerton Short Term Interest Rate SGD Fund (FST) and Fullerton Short Term Interest Rate USD Fund - underlying funds in Chocolate's portfolio.
• LionGlobalsupportingOthersProvider of LionGlobal Short Duration Bond SGD Fund (LGF) and LionGlobal Short Duration Bond USD Fund - underlying fixed income funds.
• AmovasupportingOthersProvider of Amova Short Term Bond Fund (NST) and Amova Shenton Short Term Bond USD Fund - underlying funds in Chocolate's portfolio.
• AberdeensupportingOthersProvider of Aberdeen SICAV I Short Dated Enhanced Income USD Fund (ASF) - underlying USD fund in Chocolate's managed account.
• HSBCsupportingOthersLicensed custodian bank holding customer funds in segregated custody accounts. Funds are ringfenced in accordance with Singapore regulations.
• State StreetsupportingOthersLicensed custodian bank providing custody services for customer funds held in segregated accounts.
• BNP ParibassupportingOthersLicensed custodian bank providing custody services for customer funds held in segregated accounts.
• CitibanksupportingOthersLicensed custodian bank providing custody services for customer funds held in segregated accounts.
• DBS BanksupportingOthersPrimary banking partner for collection of customer funds. DBS is used for FAST transfers, and free USD transfers for DBS customers with up to 3 business day processing time.

Scale indicators8 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Syfe: Singapore-headquartered digital wealth platform offering managed portfolios, cash management, and brokerage across Singapore and Hong Kong. Most direct competitor to Chocolate in the same spare-cash/yield wrapper category with comparable target customer.
• StashAway: Singapore-founded robo-advisor operating across Singapore, Hong Kong, Malaysia, and the Middle East with cash management and diversified ETF portfolios. Closest peer in target customer, geography, and managed-fund wrapper model.
• Endowus: Singapore-based wealth platform offering cash, REIT, and portfolio solutions, including a flagship cash management product competing directly with Chocolate's SGD/USD yield accounts.
• MoneyLion: US consumer fintech offering high-yield spare-cash accounts, debit card, and rewards — the closest US analog to Chocolate's daily-returns, no-lock-in cash management plus card bundle.

Broad incumbents

• Wise: Global multi-currency account and FX transfer provider. Comparable on the multi-currency wallet and FX-conversion layer of Chocolate's offering, though without the managed cash-yield wrapper.
• Revolut: Multi-currency digital banking and wealth app with broad product surface. Comparable on multi-currency accounts, FX, and embedded card; broader incumbent without Chocolate's focused managed-fund yield proposition.
• Wealthsimple: Canada-based digital wealth and cash management platform with cash accounts, investing, and crypto. Comparable on consumer wealth UX and cash-yield wrapper, broader in product set.
• Betterment: US robo-advisor with a cash management product. Comparable on the automated managed-account wrapper for retail cash, though US-focused and broader in product scope.

Emerging players

• Acorns: US micro-investing and spare-cash app targeting mass-affluent consumers. Adjacent in the consumer-cash-to-investment funnel though focused on small recurring investments rather than yield maximization.

Regional players

• Bamboo: Nigeria-based fractional investing platform allowing consumers to buy US equities. Comparable in enabling retail consumer access to managed investments, but operating in a distinct African geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/chocolate-finance
• Instagraminstagram.com/chocolatefinance

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds2 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Chocolate Finance