Digital-wealth technology firm Bambu raises US$10M Series B funding

Wed Jul 31, 2019 - 8:44am UTC
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31/07/2019 – Singapore based Bambu today announced the closing of its US$10M Series B fund co-led by Franklin Templeton Investments and PEAK6 Strategic Capital LLC.

This funding round sees the third-time investment from American financial services giant Franklin Templeton while also welcoming a new investor, Chicago headquartered PEAK6.

“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,” Harshendu Bindal, Managing Director, Head of Digital Strategy and Wealth Management at Franklin Templeton commented.

“We are excited to partner with Bambu,” said Jenny Just, Co-Founder of PEAK6. “Through our subsidiary Apex Clearing, which has a complementary solution suite in custody and clearing services, we know the digital wealth space well and believe that the team at Bambu is building a tech solution that will continue to empower the next generation of investors and improve overall financial wellness in the markets that we serve.”

Founded in 2016 by Ned Phillips and Aki Ranin, the Singaporean firm has subsidiaries in Hong Kong, Malaysia, and the United Kingdom. Since its founding, the company has established product market fit as a robo-advisor technology provider to more than 15 financial institutions.

Following the injection of fresh funds, Bambu will be expanding its product offering targeting new segments within the financial services industry. Following their goal to establish working relationships with a global client base, the firm will also be building delivery and support teams in key global markets.

Ned Phillips, CEO and co-founder of Bambu, said, “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.”

Bambu is a B2B business providing cloud-based wealth management platforms and has grown its business to a 70 employees team in the past 3 years.

This news is published on Reuters.

Lo Jia Thong is a writer that writes about the latest announcements on venture capitals and startups from Southeast Asian countries.