Bambu, a Singapore-based startup providing digital wealth technology for B2B businesses across the globe, announced today it has closed US$10 million in a Series B round of funding, co-led by third-time investor Franklin Templeton, along with new investor Chicago-based PEAK6 Strategic Capital.
With this funding, the SaaS startup looks to reach a wider B2B audience. Bambu also 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.
In the past three years, Bambu has established product market fit as a robo-advisor technology provider to more than 15 financial institutions globally, the company said in a statement.
Ned Phillips, CEO and Founder of Bambu, said: “We see growing demand across all markets, and we are increasing our ability to serve clients globally.”
Started around three year sago, Bambu provides digital wealth technology services for businesses of every size and industry, from finance to commercial or even new disruptors. The firm uses Machine Learning tools to enable companies to make saving and investing simple for their clients.
With 70 employees, Bambu has expanded to have offices in London and Hong Kong, besides Singapore. It also has representatives in San Francisco and Johannesburg, with clients in the US, Europe, the UAE and across Asia.
“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,” said Harshendu Bindal, Managing Director, Head of Digital Strategy and Wealth Management at Franklin Templeton.
Jenny Just, Co-founder of PEAK6, commented: “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.”
In 2018, Bambu received 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. Prior to this, it raised US$400,000 from in funding from unnamed angels and mobile tech company Tigerspike in 2016.
Recently, StashAway, a robo-advisor for both retail and accredited investors, completed a US$12 million Series B round of funding led by Eight Roads Ventures, the proprietary investment arm of Fidelity International.