Singapore-based digital wealthtech startup, Bambu has closed a USD 10 million series B funding round co-led by third-time investor Franklin Templeton and PEAK6 Strategic Capital LLC, the company said in a statement.
Founded in 2016, Bambu has been providing robo-advisor technology to more than 15 financial institutions worldwide.
The company said it would use the fresh funds to expand its product offerings and to reach new segments within the financial sector. It also planned to build up its delivery and support teams to service clients in key global markets such as the USA, Europe, UAE, and across Asia.
This series B round is the largest Bambu has raised. It secured USD 3 million in a Series A round led by Franklin Templeton last year and another USD 400,000 in a seed round from angel investor Tigerspike.
The digital wealth space in Singapore is heating up as an increasing amount of money flows into this space, resulting in the Monetary Authority of Singapore to release a set of guidelines for the provision of digital advisory services.
Just this week, another local-based robo-advisory startup StashAway announced it had raised USD 12 million Series B funding round led by Eight Roads Ventures.