Digital wealth technology company Bambu is bringing home the bacon today in the form of Series B funding. The $10 million round comes courtesy of three-time investor Franklin Templeton and new investor PEAK6 Strategic Capital, both of which co-led the round.
The Singapore-based company will use the funds to expand its reach of B2B clients, an audience Bambu sought out while a multitude of players in the space were taking a direct-to-consumer approach. And during the four years since launch, Bambu has made sizable gains in this market. Originally limited to Asia– the company marketed itself as Asia’s Premier B2B Roboadvisory– the company has since grown its client base into international markets. Bambu landed its first U.S.-based client and opened a new London office in March of last year.
As part of its B2B expansion, Bambu will target new segments in the financial services vertical and build teams in offices across the globe. As a part of that effort, the company will demo its technology at this year’s FinovateFall conference in New York, which kicks off September 23. Today, Bambu provides solutions to more than 15 financial institutions across the U.S., Europe, UAE and Asia including Standard Chartered, Refinitiv, and Connect by Crossroads.
“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,” said Bambu founder and CEO Ned Phillips. He added, “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.”
Bambu’s cloud-based technology helps wealth managers bring automated investment services to their clients. The three-tiered approach includes the company’s Intelligent Advisor, a private banking product that creates efficiencies for relationship managers; White Label Robo, a white-labeled solution that helps asset managers create a personalized portfolio and risk profile for clients; and the BambuAPI developer hub, which offers developers their choice of modules to integrate into their own solutions.
With 70 employees working across Singapore, London, Hong Kong, San Francisco, and Johannesburg, Bambu has raised a total of $13.4 million in funding. The company won Best of Show for its demo at FinovateAfrica last year. Earlier this year, Bambu earned a spot on Fintech News Singapore’s list of 29 Hottest Fintechs in Singapore 2019.