Magnum Research, the company behind digital wealth management platform Aqumon, on Friday announced that it has raised USD 30 million in a follow-on of its pre-Series B round. Zheng He Capital Management, Lenovo Capital, and Alibaba’s Hong Kong Entrepreneurs Fund contributed to the funding, among others.
The Hong Kong-based company plans to use the investment for expansion to other Asian countries, according to Aqumon CEO Kelvin Lei. It will also increase research and development spending, especially on software engineering and AI. Aqumon intends to have more product offerings in its thematic stock portfolios and alpha-seeking investment strategies.
During the pandemic, Aqumon has grown more than 300% compared the same period last year, in key metrics such as app downloads, account openings, and fund injections. Since its conception in 2016, the platform has partnered with more than 70 financial institutions across the region including AIA Hong Kong and Bank of China International.
The app, which has been downloaded 100,000 times, offers access to low-cost exchange-traded fund (ETF) portfolios. It uses an algorithm that makes investing simpler and more transparent for both institutional and individual investors. The portfolio is customized based on the chosen risk levels and market conditions. The platform automatically selects suitable assets and portfolios while monitoring and offering immediate rebalancing when needed, the company says.
Magnum Research is licensed by the Securities and Futures Commission (SFC) of Hong Kong.