Singaporean Robo Advisor Bambu Raises US$10 Million in Series B Funding
by Fintech News Singapore July 31, 2019Bambu, a Singapore-based provider of digital wealth technology, today announced the close of a US$10 million in a Series B funding round. Third-time investor Franklin Templeton co-led the investment along with new investor PEAK6 Strategic Capital LLC, which is headquartered in Chicago.
The digital wealth space in Singapore is heating up as investment dollars are flowing into start-ups in this space, in the same week as Bambu’s announcement, another robo advisor, Stashaway has also raised $US 12 Million in its Series B Round.
With the fresh funding, Bambu can take on new opportunities and reach a wider B2B audience through scalable software-as-a-service solutions. In the past three years, Bambu has established product market fit as a robo-advisor technology provider to more than 15 financial institutions globally.
Bambu plans to expand the product offering to target new segments within financial services, as well as build up delivery and support teams in key global markets.
Ned Phillips, CEO and founder of Bambu, remarked,
Ned Phillips
“We are committed to working with a global client base to digitize saving and investing so it’s easier and more accessible to investors everywhere. We welcome PEAK6 together with the continued support from Franklin Templeton, in this round. This is a strong confirmation that we have built a unique business and platform for the global market. We see growing demand across all markets, and we are increasing our ability to serve clients globally.”
“As the future of digital wealth grows exponentially, we are delighted to be part of a scalable company that has shown potential in delivering results. We are pleased to support continuously their business growth and partnership in 2019 and beyond,”
According to their statement the team has grown over the last three years to 70 employees. The company has expanded to have offices in Singapore, London, Hong Kong and representatives in San Francisco, and Johannesburg, with clients in the USA, Europe, UAE and across Asia.
