Singapore tech startup Bambu raises $10 million in Series B funding to accelerate geographical expansion and scale its technology
Bambu, a Singapore-based global provider of digital wealth technology, has raised $10 million in a Series B funding round to accelerate the company’s geographical expansion and scalability of technology. The round was co-lded by third-time investor Franklin Templeton along with new investor PEAK6 Strategic Capital LLC.
Founded in 2016 by Ned Phillips, Luke Janssen, and Aki Ranin, Bambu is a robo-advisor solution provider offering financial and consumer brands. The startup provides robo-advisory technology, proprietary algorithms and machine learning tools, for businesses of every size and industry, from finance to commercial or new disruptors. The team has grown over the last three years to 70 employees. The company has expanded to have offices in Singapore, London, Hong Kong and representatives in San Francisco, and Johannesburg, with clients in the USA, Europe, UAE and across Asia.
With the fresh funding, Bambu can take on new opportunities and reach a wider B2B audience through scalable software-as-a-service solutions. In the past three years, Bambu has established product market fit as a robo-advisor technology provider to more than 15 financial institutions globally. Bambu 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.
Ned Phillips, CEO and founder of Bambu, remarked, “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. We welcome PEAK6 together with the continued support from Franklin Templeton, in this round. This is a strong confirmation that we have built a unique business and platform for the global market. We see growing demand across all markets, and we are increasing our ability to serve clients globally.”
“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. We are pleased to support continuously their business growth and partnership in 2019 and beyond,” Harshendu Bindal, Managing Director, Head of Digital Strategy and Wealth Management at Franklin Templeton commented.
“We are excited to partner with Bambu,” said Jenny Just, Co-Founder of PEAK6. “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.”