After raising $10m from its series B funding last year, Singapore-based robo-advisory Bambu announced today that it will be expanding its services outside of Asia, including the Americas, Europe and the Middle East, according to a statement from the firm.
“Previously known as a fintech startup company focusing on the Asia markets, Bambu aims to be classified as a growth stage company with our recent series B funding,” the firm said.
In Europe, Bambu opened its London office in 2018, according to a separate statement. At the time, the firm also announced that it landed a US client, which it did not name. “We are looking forward to working with them on building a robo solution for their region,” the firm said.
It has offices in New York, San Francisco and Johannesburg in South Africa, according to the firm’s website.
Founded in 2016, Bambu is a B2B firm providing robo-advisory services to banks and other financial institutions.
Heavy-weight partnerships
The robo-advisor has partnered with several banks in the region, including HSBC.
Bambu powers the online “HSBC Wealth Planner” platform in Singapore, according to the bank’s website. The platform simulates how customers can achieve their financial goals.
FSA sought more information from Bambu and HSBC, but they were not able to reply in time for publication.
The online platform asks for information from users, including age, investing experience and life goals – such as retirement or wealth creation. Other steps include setting investment target amounts as well as answering questions for risk assessment. The platform then provides an asset allocation recommendation for the user.
Another bank that the robo firm has partnered with is Standard Chartered, according to Bambu’s website. The relationship started in 2017, when Standard Chartered initiated a “proof of concept project” with Bambu.
Franklin Templeton also made a strategic investment in Bambu in 2017, according to a statement from the robo firm at the time. Templeton has continued to invest in Bambu and was part of the series B funding last year.
Other robo-advisors
Other robo-advisors operating in the region have also been partnering with banks and fund managers.
For example, Hong Kong-based Magnum Research, the firm behind the B2C robo-advisory platform Aqumon, has signed several clients including BOC International, CMB Wing Lung Bank, Guodo Securities and China Asset Management in Hong Kong, as well as China Resources Bank in Shenzhen.
Quantifeed, which is a B2B robo-advisory platform based in Hong Kong, has partnerships with Taipei-based Cathay United to launch a robo platform, Cathayrobo, according to Quantifeed’s website. The firm has also partnered with DBS in Singapore to launch a robo-advisory platform, DBS Digiportfolio.
