Bambu, a Singapore-based startup that provides digital wealth technology, has raised $10 million in a Series B funding round that will finance the further expansion of its product offering to target new segments within financial services.
In a statement, Bambu said its latest funding round was co-led by third-time investor Franklin Templeton and new investor, the Chicago-headquartered PEAK6 Strategic Capital LLC.
Founded in 2016 by Ned Phillips and Aki Ranin, Bambu provides digital wealth technology for businesses of every size and industry, from finance to commercial or even new disruptors.
In the past three years, Bambu has established product-market fit as a robo-advisor technology provider to more than 15 financial institutions globally.
“Our digital platform allows businesses to offer their customers automated and technology-augmented investment services. Bambu’s technology and product solutions enable our clients to deliver superior customer experience through the digitisation of services,” the startup said.
From its inception, the Bambu team has grown over the last three years to 70 employees. The startup has subsidiaries in Hong Kong, Malaysia, and the United Kingdom, as well as representatives in the Middle East, Africa, and the Americas.
The Series B funding brings Bambu’s total funding to date to $13.4 million. According to Crunchbase, the startup raised $3 million from Franklin Templeton, Octave, and fintech investor Mamoru Taniya in a Series A round in 2018. It also secured $400,000 in a seed round from angel investor Tigerspike.
With the fresh funding, Bambu said it can now take on new opportunities and reach a wider B2B audience through scalable software-as-a-service solutions.
“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,” Phillips said.
He added that the investment of Franklin Templeton and PEAK6 “is a strong confirmation that we have built a unique business and platform for the global market”.
Bambu plans to expand its product offering to target new segments within financial services, as well as build up delivery and support teams in key global markets.
“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.
Franklin Templeton is a global investment management organisation listed on the New Yor Stock Exchange. Its goal is to deliver better outcomes by providing global and domestic investment management to retail, institutional and sovereign wealth clients in over 170 countries.
PEAK6, on the other hand, is a Chicago-based private investment and technology firm that invests in a diverse group of public and private companies, with multiple investments in the fintech industry, including Apex Clearing, Robinhood, Trizic and MoneyLion.