Singapore-based digital wealth technology startup Bambu has raised $10 million in a Series B funding round from third-time investor Franklin Templeton and new backer Chicago-headquartered PEAK6 Strategic Capital LLC.
With the fresh funding, Bambu targets to look at new opportunities and reach a wider B2B audience through scalable software-as-a-service solutions, the startup announced on Wednesday.
The fresh funds, also the largest tranche raised ever by Bambu, will take its total external capital to $13.4 million, a Bambu executive told DealStreetAsia in an email.
Last year, it had raised $3 million from Franklin Templeton, Octave and fintech investor Mamoru Taniya in a Series A round. Earlier in 2017, it bagged $400,000 in a seed round from angel investor Tigerspike, the executive added.
In the past three years, the company has been a robo-advisor technology provider to more than 15 financial institutions globally.
The cloud-based platform is powered by its own proprietary algorithms and machine learning tools.
With the latest funding, the company plans to expand the product offering to target new segments within financial services, as well as build up delivery and support teams in key global markets, it said.
The team has grown over the last three years to 70 employees.
Founded in 2016 by Ned Phillips and Aki Ranin, the company has expanded to have offices in Singapore, London, Hong Kong and representatives in San Francisco, and Johannesburg, with clients in the USA, Europe, UAE and across Asia.