Singapore-based B2B fintech startup Bambu today announced that it has raised a US$400,000 from undisclosed Singapore-based angel investors and mobile tech company Tigerspike.
Bambu is a robo advisory platform –an online wealth management platform– founded by fintech industry veteran Ned Phillips, who has been working in the industry since 1999 and was previously Managing Director for E*TRADE in Asia. He has worked in the continent for the past 25 years.
It creates framework for all companies –not limited to fintech– that are looking to improve their digital offering in the savings and wealth space.
The startup plans to use the funds for talent acquisition, product development, and regional expansion to new markets that have not been disclosed.
“It’s been a great journey so far in the five months since launch,” said Phillips in a press statement.
“We have built the product, signed customers, billed revenue and now to secure seed funding confirms our belief that robo advisory has significant growth potential across Asia and confidence in our product/market fit,” he further explained.
Bambu was launched in February, and it has secured partnerships with Tigerspike (for UI and UX) and Thomson Reuters (for data).
The company is set to deliver its products to the market in Q4 2016. Its product range consists of solutions for the “mass retail, to mass affluent to high net worth.”