Singapore based Robo-advisor Bambu has secured $400,000 in seed funding. The investment round was led by Tigerspike and also saw participation of various angel investors. The funding will utilized for talent acquisition, product development, and regional expansion to new markets.
It will also be used to develop robo-advisors, that offer automated, low-cost, investment advisory services through web-based and/or mobile platforms, and lease its tools to companies.
Ned Phillips, founder and CEO of Bambu, formerly worked as an Asian managing director of E-Trade Financial Corporation, which in June launched a robo-advisor service coupled with an investment team.
Phillips told that his company has generated an estimated $300,000 in revenue since commencing operation for its first two clients, with significant potential for growth. He explained that Bambu has created a range of solutions from mass retail, to mass affluent to high net worth.
We have built the product, signed customers, billed revenue and now to secure seed funding confirms our belief that Robo Advisory has significant growth potential across Asia and confidence in our product/market fit. We see a huge and growing demand for Robo Advisory services from all sectors of the market and we are determined to be the best of breed.
Bambu is an advisor that offers companies the ability to integrate and leverage the shift from analog management to digital wealth services. Having begun its operations earlier in February 2016, it has partnered with Thomson Reuters and Tigerspike and plans on releasing their product in Q4 of this year. The product will be deployed in the Asia Pacific financial centres of Singapore, Hong Kong, and Tokyo.
Currently, it has three separate robo-advisory products targeted at savings, investments, and private banking. Bambu began its operations earlier in February 2016.
Luke Janssen, Founder and Executive Chairman of Tigerspike said that Bambu has established itself as an innovative player in less time. He said,
We see our investment and partnership with Bambu as further commitment to our belief in the growth in FinTech.