BAMBU, a Singapore-based provider of digital wealth technology, has raised US$10 million in Series B funding to build up its delivery and support teams in key global markets and expand its product offering to target new segments within financial services.
The funding round was co-led by asset manager Franklin Templeton as a third-time investor, as well as Chicago-headquartered capital investment firm Peak6 Strategic Capital as a new investor, Bambu said on Wednesday.
Bambu develops robo-adviser technology, providing it to more than 15 financial institutions worldwide.
Its scalable software-as-a-service (SaaS) solutions enable companies to digitise savings and investing for their clients. The cloud-based platform is powered by the startup’s proprietary algorithms and machine-learning tools.
Harshendu Bindal, Franklin Templeton’s managing director and head of digital strategy and wealth management, said: “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.”
Jenny Just, co-founder of Peak6, said: “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.”
Ms Just said that Peak6 is familiar with the digital wealth space, through its subsidiary Apex Clearing, a US-based clearing and custody house.
Bambu’s team has grown to 70 employees over the last three years. The company has offices in Singapore, London and Hong Kong, as well as representatives in San Francisco and Johannesburg. Its clients are mainly in the US, Europe, the United Arab Emirates and across Asia.