Bambu, a provider of robo-advisory solutions for investors and HNIs, has raised US$3 million in Series A funding, led by Franklin Templeton Investments, with participation from Singapore’s family ofﬁce Octava and prominent Japanese fintech investor Mamoru Taniya.
For the uninitiated, robo-advisors are digital platforms that provide automated, algorithm-driven financial planning services with little to no human supervision. As per Investopedia, a typical robo-advisor collects information from clients about their financial situation and future goals through an online survey, and then uses the data to offer advice and/or automatically invest client assets.
The fintech startup will use the funds for hiring talent to its AI research team.
Founded in 2016, Bambu is an “intelligent advisor for high net-worth investors and white-label robo for affluent and retail investors”. Headquartered in Singapore, the company has subsidiaries in Hong Kong and the UK. It recently opened an office in Kuala Lumpur as well.
The company has clients in Asia, North America and South America.
“We are incredibly grateful for the support of all our existing and new investors and customers in helping us to build a leading global robo~advisory technology company. Early this year, we already surpassed the growth targets we had set for 2018, with seven new clients preparing to go live between the Asian and US markets. This proves our B2B business model is working, as there is real global scalability without large capital requirements. Our next ambitious goal is to get a million end users on the platform by 2019,” Bambu CEO and Founder Ned Phillips said in a statement.